Contemporary issues in accounting-anz bank PDF

ANZ BANK 1
CONTEMPORARY ISSUES IN ACCOUNTING-ANZ BANK
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ANZ BANK 2
Introduction
Ethics is one of the most important aspects of organization modern organizations.
Organization ethics define the standards and principles governing the operation of organizations.
Ethical organizations are therefore those which demonstrate acts of responsibility, honor,
integrity, compassion and fairness (Robertson, 2017). Organization ethics can be analyzed using
a couple of theories including utilitarian and deontological theories. This report will analyze
ANZ Bank using the Utilitarian theory.
Utilitarian Theory has its central focus on the consequences of an action taken by an
organization on its stakeholders (Robertson,2017). According to this ethics theory, an
organization is considered ethical if its actions promote the interests of all its stakeholders. It
emphasizes making decisions that maximize benefits and minimize harm for all stakeholders. It
is based on the principle of the greatest good for the greatest number (Valentinov, 2017). Central
to the Focus of ANZ Bank is ensuring that it takes account of economic, environmental and
social opportunities and Risks. Through these the bank is able to create value for their
surrounding communities, the environment its employees, customers and other stakeholders
(Australia and New Zealand Banking Group,2017). ANZ Bank can therefore be considered as
ethical. This is supported by various actions by the company and its employees.
According to its sustainability report 2017, the company has backed numerous
businesses, financed multiple homes and invested more than $131 million in community based
projects for communities in which they operate. In addition the Bank has also had its employees
volunteer over 113, 000 hours in community based organizations (Australia and New Zealand
Banking Group,2017).

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Secondly, the organization has also offered employment opportunities to more than 250
people from the minority groups including people living with disabilities, refugees Torres Strait
Islanders and Aboriginals. This action according to utilitarian theory is ethical in that it
advocates for the rights of the minorities and seeks to maximize benefits for these under-
represented groups. In addition, the company has improved the financial wellbeing of over half a
million individuals through Saver Plus, Matched Savings program and MoneyMinded Financial
education program. Through these programs, more than 4000 people from low income families
have been able to save over $2 Million (Australia and New Zealand Banking Group,2017).
Through its seeds of Renewal grant program ANZ Bank has played a significant role in
enhancing sustainability and vibrancy among the Australian rural communities. Through this
program the organization has provided grants worth thousands of dollars to chosen community
organizations to support employment and educational programs. In 2017 only its total spending
on these grants amounted to $275,000 used to support 29 projects in different parts of Australia.
Some of the community based organizations and projects supported by its Staff grant foundation
program include a Social service Charity organization named Aviva which supports family
violence victims, majorly women. The organization also plays a role in supporting men to stop
committing violence against women and children. Aviva provides support to more 1500 people
in New Zealand Annually (Australia and New Zealand Banking Group,2017).
Tax compliance is one of the actions by the company that shows it is ethical. The
company is committed to paying taxes fairly. By paying its taxes the company looks forward to
promoting the well being of the community in which it operates. Through its taxes it able to
contribute to the economy in the countries in which it operates and facilitates the government to
provide services and amenities to its populace. In 2017 for example, The Company paid tax