ACCG950-Contemporary Accounting Practice
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Performance Measurement Issues (ACCG950)
Added on 2020-05-01
ACCG950-Contemporary Accounting Practice
Performance Measurement Issues (ACCG950)
Added on 2020-05-01
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Running head: SUSTAINABILITY REPORTINGSustainability ReportingUniversity NameStudent NameAuthors’ Note
2SUSTAINABILITY REPORTINGTable of ContentsIntroduction................................................................................................................................2Purpose.......................................................................................................................................3Stakeholders...............................................................................................................................5Comparison of the sustainability reporting................................................................................5Debate regarding mandatory reporting......................................................................................8References..................................................................................................................................9
3SUSTAINABILITY REPORTINGIntroductionSustainability reporting exercise by corporations can help in generation of transparency,assist the entire market to operate effectually, reflect the overall health of the nation, assist indriving organization’s progress towards achievement of smooth, sustainable and the sametime inclusive rate of growth. The present study examines the primary purpose ofsustainability reporting from the perspective of each and every business entity, taking intoconsideration compliance with the guidelines of GRI Reporting. In addition to this, currentreport also identifies the stakeholders having an interest in the sustainability reports of eachbusiness entity. Moving further, the study elucidates in detail the stark differences betweenthe sustainability reports of the two different companies. The current report explicates indetail about sustainability reporting practice with special reference to the operations of AGLand ANZ. The Australian Accounting Standards Board necessarily does not indicate towards specificaccountabilities associated to the management of sustainability regulation (Child 2015).However, features of various action schedules of AASB controls the functionalities of AASBon the environment on the whole. In this regard, AASB spells out policies along withmeasures for minimization of environmental influences by conforming with diversegovernment policies associated to reduction of waste, energy conservation and many others.Micheli and Mari (2014) mentions that according to the AASB regulations of annual report,appropriate reporting on specifically sustainability in the long term on particularly finances ofpublic organizations adhere to the directives as well as guidelines laid down by the IPSASBissued by suggested practice directives of RPG1 reporting practice. These was declared bythe “Recommended Practice Guideline RPG 1 Reporting” on the finances (Hahn and Lülfs2014). Thus, sustainability reporting can be considered as a procedure of presenting
4SUSTAINABILITY REPORTINGinformation by means of which diverse stakeholders can analyse economic, social as well asenvironmental aspects of business concerns that is referred to as the triple bottom lineprocedure of reporting. Business concerns utilize sustainability practices for enhancing valuesof the overall functionalities of the business. In addition to this the Code of Ethics for theprofessional and expert accountants introduced during 2006 and modified during 2008 waspronounced by the “Accounting Professional and Ethical Standards Board”. This code ofethics presents diverse necessities of corporations to adhere to the directives of GlobalReporting Initiative (GRI). PurposePurpose of sustainability reporting of ANZ is to inform their stakeholders regarding the waythey are managing and expecting current as well as future risks and opportunities associatedto economic, social as well as environmental factors. In addition to this, the company ANZalso reports regarding their performance against targets of sustainability that are set for theyears and the way by which the management of the firm recognize and manage diverse issuesthat can considered to be most material to the business as well as stakeholders of the firm(Rinaldi et al. 2014). It can be hereby mentioned that ANZ is essentially a gold communitymember of the GRI and uses framework of GRI for over a decade. The purpose of the sustainability reporting of AGL is to present the way they operate anddeal with customers, engage with community and people and manage environment and at thesame time economic performance. In addition to this, the sustainability reporting of the firmalso reflects the adherence of the firm to the AGL Ethical Code of Conduct that aims toreduction in the overall rate of diverse substantiated issues associated to unacceptablebehaviour. Furthermore, the purpose of this reporting practice is also to make the
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