Report Contemporary Accounting Theory 2022

Running head: CONTEMPORARY ACCOUNTING THEORY
Report on the sustainability reporting of crown resort limited
Student’s name
Name of the university
Authors note

CONTEMPORARY ACCOUNTING THEORY 2
Table of Contents
Executive summary.............................................................................................................3
Introduction..........................................................................................................................3
PART A: THEORETICAL UNDERSTANDING OF THE CONCEPTS..........................4
i). Why CSR is increasing among financial firms...........................................................4
ii). whether sustainability reporting represents a holistic view of CSR...........................6
iii). Theories that explain the essence of sustainability reporting....................................7
PART B: APPLICATION OF THEORETICAL KNOWLEDGE......................................9
iv). Company overview....................................................................................................9
v). sustainability scoring index according to the GRI guidelines..................................11
vi). Extent and quality of Crown Resort limited sustainability reporting......................14
Conclusions........................................................................................................................16
References..........................................................................................................................17

CONTEMPORARY ACCOUNTING THEORY 3
Executive summary
This report contains information regarding the different aspects of sustainability reporting
and contemporary accounting in general. Crown Resort Company limited was used as the major
company and therefore part of the information that was used was obtained from the company’s
annual reports. This report is however presented in about two subsections and these include part
one (A) and part two (B). The first part mainly provides explanations relating to the theoretical
understanding of the GRI framework of accounting. The second part (B) of the report, on the
other hand, emphasizes the practical concerns of the framework. Therefore, in this particular part
of the report, the relevant company information is used to make the required sustainability
company assessments.
Introduction
This report will contain an analysis regarding the various concepts of sustainability
reporting framework of accounting. Therefore, information such as that which is related to the
sustainability reporting standards will be highly vital and required. To obtain al such
information, a review of the existing literature will be carried out. This will be done to gain an
understanding of the different benefits that are associated with sustainability reporting. A
contrast between sustainability reporting and other conventional accounting methods will also be
conducted. At the same time, a few theories regarding sustainability reporting will be explained
to provide a better understanding of the concepts.
In the second part of the report however, the focus will be drawn towards assessing the
historical background of the chosen company of interest. Additionally, the report will also

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contain data regarding sustainability scoring index. This type of data will, however, be collected
from a variety of published information sources.
PART A: THEORETICAL UNDERSTANDING OF THE CONCEPTS
i). Why CSR is increasing among financial firms
Whereas a universally acceptable definition of corporate social responsibility may not be
available, CSR can be defined in several ways. For instance, the concept can be referred to as
the activities and processes that a firm can undertake to achieve a positive societal image. Such
activities may include carrying out ethical activities, economic duties, and acceptable legal
behaviours and so on (Vitolla and Rubino, 2018). However, financial entities and firms have
increasingly embraced corporate social responsibility for different reasons and these are
explained below:
In this part of the report, emphasis will be drawn to specifically three aspects of
assessment. These will include relationships between CSR and employee turnover, CSR
customer satisfaction and lastly CSR contribution towards a company's public image. Therefore,
these will be the major points of discussion as to why firms are increasingly adopting CSR (Carp
et al, 2019). To begin with, almost all corporate entities consider their manpower as the most
valuable resource. Therefore, there is a need to preserve and retain such human resource for the
longest time possible. It is out of such concerns that a company's top management executives
will strive to undertake activities to ensure that there is a low labour turnover. If a company can
retain its employees and workers, it brings an impression in the general public that such a
company is effectively performing well. In summary, ensuring that low labour turnovers within

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the company is one of way facilitating organizational growth, productivity and performance in
the long run.
The second reason as to why corporate entities are turning towards social corporate
responsibility is the need for better customer satisfaction. Because customer satisfaction is a
continuous process, it plays a significant role in the past, present and future performance of the
business entity (Hahn, 2013). Therefore, to determine a company’s profitability close attention
must be paid to the number of customers served. . Therefore, to ensure that customers are fully
satisfied, corporate social responsibility is a vital tool for the firms. Corporate social
responsibility operates in a way that promotes equity for the customer. For instance, if an entity
conducts environmental duties, the surrounding community of such an entity will feel justified.
With such a close relationship benefits such as customer, royalty is some of the advantages that
the firm would obtain (Camilleri, 2017).
Lastly, the need to create a reputable societal image of the company which would imply
that a company or firm is highly recognized. Recognition on the other can be defined as the
external assessment that outsiders can attribute to any given business or corporate entity having a
positive image would imply an increase in sales, profitability and so on (Glover et al, 2014). On
the other, however, a negative public image or reputation would result in continued losses and
the worst-cases collapse. Therefore, besides the financial determinants of a company's
performance, other social aspects such as public image and reputation have a vital role in a
company's existence and success.

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ii). whether sustainability reporting represents a holistic view of CSR
Unlike in the past trends of business operations, the present environment calls for a
variety of stakeholder requirements (Crane, Matten and Spence, 2013). The vast range of
stakeholder categories such as employees, shareholders, investors, authorities and so on demands
for a wide range of business assessment. It is notably evident that each of these of the entity
stakeholders has specific interests and desires that must be fulfilled if an organization is to be
considered socially viable. Therefore, organizations and corporate entities had to consider the
aspect of sustainability reporting if all such needs were to be effectively met. For instance,
applying sustainability reporting implies that corporate entities had to ensure transparency at the
highest level. This includes reporting for reputation, legitimacy and competitiveness.
With shifts towards a more environmentally related type of reporting, traditional western
approaches became increasingly unrepresentative. It is such a trend that facilitated the
development of frameworks such as the GRI which are considered as the de-facto global
reporting standards of sustainability reporting (Gauthier, 2013). Questions regarding
sustainability reporting and CSR can be answered through sustainability concepts such as social,
environmental, ethical and human rights among others. For instance, sustainability reporting
considers the social aspect of reporting as the duty of corporate entities to assess the impacts of
the decisions taken on the environment and the entire community. This should, however, be done
through aspects such as ethical transparency socially acceptable behaviour. Additionally, the
increasing change of reporting for corporate entities represents a holistic relationship between
CSR and sustainability reporting. This is identified through the multidimensional reporting
standards and other integrated report of organizations. These integrated reports are an
illustration of both the traditional financial information together with the sustainability