Importance of Corporate Social Responsibility and Sustainability Reporting in Contemporary Accounting

Running head: CONTEMPORARY ACCOUNTING
Contemporary accounting
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1CONTEMPORARY ACCOUNTING
Table of Contents
1. Executive summary.............................................................................................................2
2. Introduction.........................................................................................................................3
3. Part A..................................................................................................................................3
i. Importance of corporate social responsibility (CSR) for the firms operating with the
financial objectives.................................................................................................................3
ii. Sustainability reporting in contrast with relevant other reporting concepts represents a
holistic view of corporate social responsibility......................................................................4
iii. Theories on sustainability reporting............................................................................5
Part B..........................................................................................................................................7
iv. An overview of Nearmap Limited Company:.............................................................7
v. Sustainability report scoring index................................................................................10
vi. Sustainability report of Nearmap...............................................................................11
Conclusion................................................................................................................................13
4. Reference..........................................................................................................................14

2CONTEMPORARY ACCOUNTING
1. Executive summary
Establishment of CSR strategy is considered as crucial component for the
competitiveness of the entity and it plays an important role for improving brand image,
retaining top and saving operational costs. Sustainability report means a report that gives an
overview of economic conditions, environmental utility and social background of a country.
One of the most important aspects of the sustainability reporting is stakeholder theory
whereas Green economy theory plays a pivotal role in preparing sustainability report of the
organization.

3CONTEMPORARY ACCOUNTING
2. Introduction
Objective of the task is to state the importance of corporate social responsibility for
the entities in fulfilling their operating as well as financial objectives. The report will further
provide explanation regarding whether sustainability reporting against other concepts of
reporting offers holistic view. It will further recognise and provide 2 theories to explain the
spirit of sustainability reporting in better way. In the next part of the report it will focus on
the overview of ASX listed company Nearmap and sustainability reporting of the entity based
on the sustainability reporting scoring index (Deegan& Islam, 2012).
3. Part A
i. Importance of corporate social responsibility (CSR) for the firms operating
with the financial objectives
CSR has become the major standard in context of business practice and the entities
those are committed towards CSR can enhance their overall reputation. Establishment of
CSR strategy is considered as crucial component for the competitiveness of the entity. It
represents the procedures and policies are as per requirement that integrates the
environmental, social, ethical, consumer concerns or human rights into the core strategy and
business operations (Eizenberg & Jabareen, 2017). For the entities with financial objective,
CSR plays an important role for the below mentioned purposes –
 Improving brand image – being socially responsible the entity can boost its image and
build the brand. Through projecting positive image the entity can enhance its brand
value that will in turn not only make the company financially profitable but also
socially conscious (Tai & Chuang, 2014)