Cost and Management Accounting Assignment 2022

Accounting 1
COST AND MANAGEMENT ACCOUNTING
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Accounting 2
Discuss the stance and initiatives of the Australian accounting profession on corporate
social responsibility (CSR) and sustainability
Professional accountants are on high demand in Australia, by both small scale
entrepreneurs and the large business firms. The accountants in Australia are considered as one of
the most professional services providers on the side of small scale entrepreneurs. The small scale
entrepreneurs have started employing professional accountants because these accountants are
considered to be trustworthy advisers as well as good planners for the organizations they work
for (Moore, B. 2018). Small scale entrepreneurs have employed accountants to help them shift
their business in accordance to the rules set the government of Australia. The accountants have
helped these small business to operate without releasing poisonous substances into the
environment. These accountants have also helped small scale entrepreneurs to know how to
budget for their funds. The budgets prepared by the accountants have aimed at setting aside some
money which can be used in development of the communities in which the small scale
businesses operate.
Most of the businesses are using professional services providers. These professional
workers have been employed in the sections of accounting and finance, Information Technology
as well as in the legal department (Imran, 2014). The professional workers in the accounting
department are producing financial documents are required by the Australian Accounting
Profession. The financial documents are clearly showing how the organization is planning to use
its money. Much emphasis has been put in procuringtechnology machinery and equipment which
are friendly to the environment. Therefore it is the role of the organization to employ

Accounting 3
professional staff who can help it in finding out which innovations have to be made on the
existing technology so as to create a safe working environment.
Most organization in Australia are providing information based on performance measure
but not financial status. These organizations are producing their annual reports based on
sustainability performance which ensures that best decisions are made putting into consideration
of economic, social and environmental factors (Lemus, 2016). This has been used as a strategy
to gain confidence from the stakeholders in the ways through which organizations operate. The
organizations have also chosen to report transparently on matters related to non-financial
measures. The non-financial measures signify how important they are to the organization itself,
the communities they serve as well as the future generation to come.
Furthermore, organizations are employing accountants as strategic business leaders since
accountants have the extra knowledge and skill on how to prepare reports. The accountants are
representing the organization's performance in terms of financial as well as non-financial results
(Street et al., 2018). This method of representing the performance of an organization in two ways
is one of the best tools which can be used to integrate sustainability into different organizations.
The accountants have also been vital in determining which information must be included in the
annual reports of every organization. The information published in the annual reports has not
created panic among the people which the different organizations serve.
According to the annual report published by CPA Australia, sustainability can be
achieved if the world's resources are respected. This has prompted the management team of CPA
to make good resource allocation decisions. CPA has carried out a thorough research so as to
understand the meaning of sustainability and how sustainability can affect its activities. CPA is
working with the accounting profession and the community so as to build a sustainability

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capacity. CPA is providing employment training on the topic of Global Reporting Index
principles. This training is aimed at helping the members of CPA acquire knowledge in relation
to how sustainability influences present as well as future economic conditions.
In order to monitor sustainability progress and performance on a frequent basis, some
organizations like CPA have introduced half a year sustainability reports which are internal. The
information captured in the half a year report have to be used to carry out risk assessment. The
results from CPA show that, its performance on matters of gender diversity, public advocacy and
staff turnover being the most material issues in terms of risk assessment.
The Australian accounting profession is welcoming feedback from its stakeholders. It is
known that through feedback, better outcomes can be reached during the sustainability journey
(Wiley, 2017). The feedback which has been welcomed has been in terms of the corporate social
responsibility policies as well as other operating guidelines. Most of the organization lying under
the Australian accounting profession are non-profit making organizations. These organizations
are providing a variety of services to their members which are aimed at enhancing professional
knowledge and support to career development. Therefore these organizations aim aiming at
helping the people they serve and those who they employ, other driving much of their attention
towards making profits.
CPA itself as an accounting organization has set up an online portal to allow communities
communicate with it directly. The information available on the online portal has helped different
citizens acquire leadership skills. At least 10,000 people have been helped via the online portal
(CPA Australia 2017). CPA has continued to fund the Global Reporting Initiative. The Global
Reporting Initiative being an independent international organization has helped people,
governments and businesses understand as well as communicate their findings on matters related