Assignment | Contemporary Accounting

Running head: CONTEMPORARY ACCOUNTING
Contemporary accounting
Name of the student
Name of the university
Authors note

CONTEMPORARY ACCOUNTING1
Executive summary
The study report has two parts. In the first part the importance of corporate social
responsibility towards the firms have been explained with reference to the contrast of other
theories. Further the institutionary theory and legitimacy theory related to the CSR activity is
also explained in this context. In the second part the history, governance, and financial
performance of galaxy resource limited is provided. Furthermore the sustainability reporting
related to the GRI standards are provided towards the GRI guidelines are also provided here.
However the sustainability reporting standard is maintained in relation to the galaxy resource
limited. Through this statement the corporate social responsibility issue has been highlighted.
Moreover the company share price have been analysed in order to see the current business
performance of the company. This report is supported by a suitable conclusion at the end.

CONTEMPORARY ACCOUNTING2
Table of Contents
Introduction....................................................................................................................3
Discussion......................................................................................................................3
Part A: THEORITICAL KNOWLEDGE......................................................................3
Importance of CSR to the firm’s financial objectives................................................3
Contrasting the sustainability reporting with other relevant reporting......................4
Theories related to the sustainability accounting.......................................................6
Part B: APPLICATION OF THEORETICAL KNOWLEDGE TO EXPLAIN
REPORTING PRACTICE.........................................................................................................7
Overview....................................................................................................................7
History........................................................................................................................7
Company ownership...................................................................................................8
Governance................................................................................................................9
Financial performance................................................................................................9
GRI standards related to the sustainability accounting............................................10
Social responsibility of galaxy resource limited......................................................11
Conclusion....................................................................................................................13
References....................................................................................................................14
Appendices...................................................................................................................17

CONTEMPORARY ACCOUNTING3
Introduction
The study task discusses on why the corporate social responsibility have gathered
utmost importance to the firms in gaining certain financial advantages. The corporate social
responsibility is a hot topic in the current business scenario and almost all the companies
implies CSR activities towards doing the business effectively. On the other hand the overall
sustainability accounting contrasting with the other accounting techniques have been used to
provide an essential view. Furthermore two business theories have also been provided to
incorporate the CSR activity. Furthermore in the second part the sustainability reporting of
the galaxy resource limited is prepared in order to implement effective CSR process within
the organisation.
Discussion
Part A: THEORITICAL KNOWLEDGE
Importance of CSR to the firm’s financial objectives
The corporate social responsibility is an effective business strategy. However it is seen
that basically all the business, be it family or non-family lacks the use of CSR activities. The
study article had described the difference between the familiar and non-corporative
organisations related to the practise of CSR. However it is also viewed that most of these
business are likely to behave ethically to identify the reasons like reputation, image and
identity (Pérez & Rodríguez del Bosque 2014). On the other hand the familiar firms are very
much concerned about protecting their self-interest while the corporate entities are likely
trying to do something for the society also. Furthermore in both the cases the corporate social
responsibility should be defined in integrating the social, environmental, ethical, consumer
and the human stakeholder’s rights and duties are highly concerned with the effective
business decisions. Therefore the companies are related to the CSR achievements. On the