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Accounting Concepts in Corporate Integrated Reporting System

   

Added on  2020-07-22

7 Pages1534 Words38 Views
ACCOUNTING
Accounting Concepts in Corporate Integrated Reporting System_1
Table of ContentsINTRODUCTION...........................................................................................................................1Purpose and Necessity of corporate integrated reporting and the theories.................................1CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
Accounting Concepts in Corporate Integrated Reporting System_2
INTRODUCTIONAccounting is a concept or subject which is used as a measurement tool in variousstreams as per their needs and requirements. This is a process of retaining records andtransactions, evaluating and a way of communicating information about economical structure oforganisation. In this essay, concept of accounting is elaborated in respect of corporate social andenvironmental disclosures (van Bommel, 2014). Corporate social responsibility defines dutiesand liabilities of organisations in terms of society, stakeholders and the environment. This isconsidered as a business approach suitable to assist organisational structure more flexible andconvenient to society and stakeholder welfare.CSR makes operations and management of organisation more viable and ethical andhelps to attain economic, social and environmental benefits. This is also one of the essentialaspect subject to building credibility and faith among stakeholders, society and environment.There is a specific board formed in organisations for monitoring CSR activities. These activitiesremain associated with awareness about human rights, corporate governance, environmentaleffects, working conditions, health and safety and economical aspects. Purpose and Necessity of corporate integrated reporting and the theoriesIt is seen that last two decades, corporate social and environmental disclosures areincreasing in separate stand alone reports in addition to types of other media. That organisationsare not adapting the basic structure of integrated accounting process. Stand-alone reports arerapidly used by organisations for presenting information and details to stakeholders and theexternal parties. Stand-alone reports remain more complex and critical to understand andelaborate the dimensions of use. These reports increased the level of complexity in respect ofmaking financial reports and analysing financial plans. Moreover, these reports also createproblems for stakeholders to understand the corporate governance and dimensions of business.Stakeholders, government and environmental aspects are considered important elements whichremain essential in terms of accounting. A proper disclosure is required in terms of analysing thestructure and compliance and financial reporting (Lodhia, 2015). Corporate integrated reporting remain involved in analysing and evaluation of corporategovernance structure, analysis of basic needs and requirement to maintain financialsustainability, creation of values and standards to make ethical and environmental friendly1
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