Contemporary Accounting Theory

Running head: CONTEMPORARY ACCOUNTING THEORY
Contemporary Accounting Theory
Name of the Student
Name of the University
Author’s Note

CONTEMPORARY ACCOUNTING THEORY1
Executive Summary
This current report has focused on the contemporary accounting theory which mainly points out
the importance of corporate social responsibility along with other financial objectives of the
company. Sustainability reporting is gaining more importance than any other form of reporting
as it includes the effective measurement of social responsibility as well as financial performance
of the company in their normal course of business. The study also includes the theories of
sustainability development along with considering the OZ minerals which mainly operates with
disclosing their sustainability reporting. The sustainability reporting has been included with the
scoring index according to Global Reporting Initiatives.

CONTEMPORARY ACCOUNTING THEORY2
Table of Contents
Introduction......................................................................................................................................3
Part A...............................................................................................................................................3
Review of literature for explaining corporate social responsibility and importance of firms for
operating with financial objectives..................................................................................................3
Explaining sustainability reporting with other reporting concepts that represents holistic view of
corporate social responsibility.........................................................................................................5
Identifying and explaining two theories that points out essence of sustainability reporting...........6
Part B...............................................................................................................................................7
Introduction of the selected company with its overview of history, ownership, governance and
financial performance......................................................................................................................7
Introduction of the company........................................................................................................7
History of OZ minerals................................................................................................................8
Ownership and Governance.........................................................................................................9
Financial performance.................................................................................................................9
Sustainability reporting with scoring index as per Global Reporting Initiative guidelines...........10
Explaining the extent and quality of sustainability reporting of the company against scoring of
index..............................................................................................................................................10
Conclusion.....................................................................................................................................12
References......................................................................................................................................13

CONTEMPORARY ACCOUNTING THEORY3
Introduction
Theory of accounting that is contemporary in nature is important for an organisation as it
includes the set of assumptions and framework along with methodologies that helps in studying
and applying the principles of financial reporting. Corporate social responsibility is important as
it boosts the image of the company along with leveraging the corporate resources. The
involvement of accounting theory involves the practice of accounting that has changed their
regulatory framework that governs the financial statement of the company. In this study,
corporate social responsibility along with sustainability reporting has been included along with
pointing two theories of sustainability reporting. In this particular study, OZ minerals has been
taken into consideration that mainly deals with mining activities and the company has the aim to
improve the comparability of accounting information. It also includes the comparability of
sustainability reporting that is associated with Global Reporting Initiative for better outcome of
the report.
Part A
Review of literature for explaining corporate social responsibility and importance of firms
for operating with financial objectives
Corporate social responsibility is associated within an organisation as it is a self-
regulating model for the business that mainly assist the company in maintaining the
accountability of social concepts. Socially accountable items of the company includes the
stakeholders and public association that points out the practice of corporate social responsibility
(Carnegie, 2014). The morale can also be boosted with the help of employees and employers as
they are connected with different peoples around the world. Corporate social responsibility is