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Contemporary Issues in Accounting (Doc) | Assignment
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Added on 2020-03-23
Contemporary Issues in Accounting (Doc) | Assignment
Added on 2020-03-23
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Running head: CONTEMPORARY ISSUES IN ACCOUNTINGCONTEMPORARY ISSUES IN ACCOUNTINGName of Student:Name of University:Author’s Note:
1CONTEMPORARY ISSUES IN ACCOUNTINGTable of ContentsIntroduction......................................................................................................................................3Purpose of the Sustainability Report...............................................................................................3Wesfarmers Sustainability Report...............................................................................................3Woolworths Limited....................................................................................................................3Judgement as to the purpose of the Sustainability Report...............................................................4Wesfarmers Sustainability Report...............................................................................................4Woolworths Limited....................................................................................................................4Key stakeholders interested in each entity's Sustainability Report.................................................4Wesfarmers Sustainability Report...............................................................................................4Woolworths Limited....................................................................................................................4Judgement as to the key stakeholders interested in each entity's Sustainability Report..................5Wesfarmers Sustainability Report...............................................................................................5Woolworths Limited....................................................................................................................5Significant differences between the two Sustainability Reports.....................................................5Wesfarmers Sustainability Report...............................................................................................5Woolworths Limited....................................................................................................................6Judgement for the significant differences between the two sustainability Reports.........................6Wesfarmers Sustainability Report...............................................................................................6Woolworths Limited....................................................................................................................7Conclusion.......................................................................................................................................7List of References............................................................................................................................9
2CONTEMPORARY ISSUES IN ACCOUNTINGIntroductionWesfarmers Limited was seen to be formed in the year 1914 as one of the WesternAustralian farmers' cooperative. Since then the company has grown as one of the largest listedcompanies. The private sector company is seen to be among the largest private sector entity inAustralia. The products include retail, coal mining, fertilisers and chemicals(Wesfarmers.com.au. 2017).Woolworths Limited is recognised as one of the major entities in Australia and secondlargest in terms of the revenue. The supermarket chain is seen to deal in products such as liquorand retailing products (Woolworthsgroup.com.au. 2017).Purpose of the Sustainability ReportWesfarmers Sustainability ReportThe main purpose of the sustainability reporting has been seen to create long term valuecreation and contributing to a positive role in the communities. The company has acknowledgedthat the changing weather volatility, higher temperatures and henceforth established solutionswhich will be based help the company reduce its own footprint while serving its customers(Wesfarmers.com.au. 2017).Woolworths LimitedWoolworth has been seen to be committed contribute to report the sustainability aspectsby the initiatives taken with gender, culture and encouraging the diversity in team. It has shownthe various initiatives for encouraging women in the workplace and showcasing the efforts takenfor indigenous employment (Wow2016cr.qreports.com.au. 2017).
3CONTEMPORARY ISSUES IN ACCOUNTINGJudgement as to the purpose of the Sustainability ReportWesfarmers Sustainability ReportThe main rationale for the sustainability reporting has been seen with the use ofinitiatives with has been used to reduce the carbon footprints and various types of theenvironmental aspects. The rationale of the CSR reporting of the company has been further seenwith the reporting elements which are associated to indigenous engagement of the people(Global Reporting Initiative-GRI 2015).Woolworths LimitedThee main aspect of the reporting elements has been further seen to be based on the useof diversity as the main component for CSR recognition. The various types of the other elementsof the reporting aspects have been further able to focus on engaging and valuing people(Lähtinen and Myllyviita 2015). Key stakeholders interested in each entity's Sustainability Report Wesfarmers Sustainability ReportThe ethical sourcing team has been able to include the consideration of regular discussionand stakeholders such as retailers. The main stakeholders have included non-governmentorganisations, third-party audit firms, industry associations and retailers (Legendre and Coderre2013).Woolworths LimitedThe stakeholder of the company has been seen with the engagement of communities,shareholders, employees and suppliers. The main involvement is identified with managing the
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