Impact of Laws and Ethics on Accounting : Case Study on Giordano
Added on 2020-06-04
37 Pages10809 Words127 Views
Dissertation
TABLE OF CONTENTSCHAPTER 1: INTRODUCTION ...................................................................................................11.1 Background of the study .......................................................................................................11.2 Research aims and objectives ...............................................................................................11.3 Rationale of the study............................................................................................................21.4 Significance of the study .......................................................................................................21.5 Dissertation structure ...........................................................................................................2CHAPTER 2: LITERATURE REVIEW ........................................................................................3Theme 1: Relationship between law and ethics ..........................................................................4Theme 2: History of sustainability reporting in Hong Kong ......................................................4Theme 3: Guidelines for sustainability reporting .......................................................................6Theme 4: Impact of laws and ethics on sustainability reporting ...............................................8CHAPTER 3: RESEARCH METHODOLOGY ..........................................................................113.1 Research Type ....................................................................................................................113.2 Research approach .............................................................................................................123.3 Research philosophy ...........................................................................................................123.4 Research design .................................................................................................................133.5 Data collection ...................................................................................................................133.6 Data analysis........................................................................................................................143.7 Research limitations ............................................................................................................143.8 Ethical considerations .........................................................................................................153.9 Reliability and validity ........................................................................................................15CHAPTER 4: DATA ANALYSIS AND FINDINGS...................................................................17CHAPTER 5 RECOMMENDATION...........................................................................................28CONCLUSION..............................................................................................................................29REFERENCES..............................................................................................................................30
CHAPTER 1: INTRODUCTION Topic:To analyze the impact of laws and ethics on accounting as well as reporting ofcorporate social responsibility- A study on Giordano1.1 Background of the study In the present era, with the motive to provide stakeholders with the fair informationpertaining to accounting and sustainability reporting several standards have been introduced.Financial reporting standards are highly significant which in turn helps in developingstandardization and thereby facilitates comparison. This aspect shows that role of standards inaccounting are highly significant and helps stakeholders in decision making. Hong Kongfinancial reporting standards include HKFRS, HKAS and related interpretations (Financialreporting, 2017). Now, there are several companies in Hong Kong which follow accountingstandards and legislation with the motive to present fair view. Along with this, now investors and other customers prefer to invest in the companywhich performs CSR activities. In addition to this, government is also highly interested inassessing the extent to which CSR initiatives undertaken by different types of businessorganization. Hence, with the motive to show the ethical responsibilities and attract large numberof people now firm publishes sustainability report at the end of accounting year. Such reportclearly presents the strategies undertaken by the firm for social contribution and environmentsustainability. In this, report will shed light on the impact of laws and ethical aspects onaccounting as well as sustainability reporting. The research will reflect lights over the Giordanoand the organisational structure of this company. The reason behind choosing such company isthat of this firm is listed in the top most retail brands of Hong Kong as well as have good marketvalue in the Hong Kong stock exchange.1.2 Research aims and objectives In order to conduct study in a highly effectual way it is highly required for the researcherto set specific aims and objectives by considering the research issue. Hence, research aims andobjectives related to the present study are enumerated below: Aim: The aim of the present study is to assess the positive and negative influence of lawsand ethics on accounting and CSR or sustainability reporting.1
Objectives: To evaluate the relationship takes place between laws and ethics.To identify the laws and ethical aspects related to CSR and sustainability reporting. To assess the impact of law on accounting on the sustainability reporting of CT.To recommend the ways through which companies can comply with the regulatoryaspects.1.3 Rationale of the studyThe rationale behind conducting present investigation is determining the impact of lawsand ethics on accounting as well as sustainability reporting. In the recent times, it is one of themain issues now because as per laws and ethics business unit has to give report to thestakeholders about the initiatives undertaken by them. Now, with the motive to enhance brandimage and market share every company performs CSR activity. Moreover, sustainability reportclearly shows the initiatives undertaken by the firm for the well –being of society. In this regard,the present report will shed light on the manner in varied laws and ethical aspects have an impacton accounting & sustainability reporting. 1.4 Significance of the study In the present era, interest of students and other individuals towards the field of researchincreased significantly. Hence, the present study and assessed outcome will provide high level ofassistance to the researchers who are interested in the area of finance. Hence, results of thepresent research will give input to the scholars who willing to conduct study on similar topic.Besides this, investigation outcome will help company in understanding the extent to which lawsand ethics have positive or negative impact on accounting as well as sustainability reporting.Hence, by considering such study other scholars can find out gap and would become abledevelop hypothesis for further research. On the basis of overall aspects or evaluation it can besaid that study related to laws as well as ethics in accounting is highly important in the recenttimes. 1.5 Dissertation structure Chapter 1: Introduction 2
In the first chapter of dissertation, scholar has depicted background and reasons behindconducting the present investigation. On the basis of research issue, aims and objectives for thewhole study has been drafted by the researcher. Along with this, investigator has also mentionedinformation about the significance of the present study and its outcome for stakeholders. Chapter 2: Literature review Second chapter of dissertation contains findings presented by different researcherregarding laws and its association with ethics and CSR. Hence, in the literature review sectionbrief thesis has been prepared by the scholar through evaluating books, journals and scholarlyarticles. Chapter 3: Research methodology Under third chapter, scholar has selected tools and techniques to assess whether lawshave positive or negative impact on the CSR reporting. Hence, by considering the research issueand objectives type, approach, philosophy, data collection and analysis technique has beendetermined. Researcher has followed tools selected in this section during whole study with themotive to conduct investigation in the best possible way.Chapter 4: Data analysis and findings In the 4th chapter, data gathered from various sources have been analysed by theresearcher through the means of thematic analysis technique. Hence, by preparing several themesregarding the influence of laws and ethical aspects on accounting & sustainability reportingsolution has been presented by the researcher. Chapter 5: Conclusion and recommendations Final chapter of dissertation includes summary of the findings which in turn shows thatobjectives of research has been attained to the full extent. Besides this, investigator has alsorecommended the ways through which business unit can comply with the legal aspects andenhance its brand image. CHAPTER 2: LITERATURE REVIEW Literature review is the process which in turn lays high level of emphasis on theevaluation of books, journals and scholarly articles. For analysing collected data in anappropriate manner researcher must have proper understanding about the issue which is going to3
be investigated. Hence, several articles related to laws and ethical aspects have been evaluated toascertain the level to which they affect the aspect of sustainability reporting. This section ofdissertation is highly significant which in turn assists in deriving suitable solution of issue. Itmay be served as a brief investigation in which high level of emphasis is laid on the achievementof goals. Hence, in this chapter, several themes have been framed by the scholar pertaining tolaws and ethics in accounting as per the aims and objectives. Theme 1: Relationship between law and ethics As per the views of Gillers, (2014) law includes rules and guidelines that can be enforcedby social institutions for governing the behaviour. Hence, law contains universally accepted rulesand regulations which are created and introduced by an appropriate authority such asgovernment. Thus, law implies for the rules which govern the whole society as well as actions ofthe individual members. On the other side, ethics is the philosophical study of morality which inturn presents the aspects that people ought to do and not. Hence, ethics presents rational andsystematic analysis of conduct that may cause of benefit or harm to other people (DifferenceBetween Law and Ethics, 2017). Uyar, Gungormus and Kuzey, (2017), depicted that laws andethics differ from each other to a great extent. Moreover, law is the set of rules and regulations,whereas ethics account for the set guidelines. Along with this, laws are governed by governmentauthority, whereas ethics are administered through individual, legal and professional norms. Byconsidering this it can be presented that laws and ethics are not similar. There has been lawsrelevant with the CSR reporting are listed in the HKBSI which promotes the use of sustainabilityaccounting. There has been influence of ethics which are facilitated by ICAC which in turn helpsthe business in following the ethics in the operational activities of the entity.However, on the critical note, Serour and Dickens, (2017), presented that the mainobjectives of both law and ethics is to contribute in the wellbeing of others. The main objectivesof both are to provide members of the society with more benefits. However, Gillers, (2014)criticized that as per law individual is compelled to perform specific activities. In contrast to this,in the case of ethical aspects business units or other people willingly perform activities for otherswelfare. In other words, law has a legal binding, whereas ethics is free from such aspect. Inaccordance with such aspect, differences take place between the laws and ethics to some extent.On the critical note, Greene (2015) said that motives of both law and ethics are highly similar4
because the focus is on offering protection to others. Thus, by considering the overall evaluation,it can be entailed that law and ethics contain both similarities as well as differences. Theme 2: History of sustainability reporting in Hong Kong As per the views of Adams and McNicholas, (2017), in Hong Kong, CPL Holdingproduced and published sustainability report in 1997. In this report, information pertaining toenvironment, health and safety was covered by the company. Further, for the sustainabledisclosure environmental reporting initiative was introduced by chief executive in year1998Accordingly, from 1998, all the government owned organizations and bureau are obliged toproduce as well as disclose report in relation to environmental performance. Kolk, Hong and VanDolen, (2010) stated that global reporting initiative has placed significant impact on 87departments; bureau as well as semi-government organizations which in turn started to produceenvironmental reports. However, Hills and Barron, (2012) argued that in Hong Kong it is notmandatory for the private business units to produce or publish sustainability report. This in turnplaces direct impact on the standardization aspect of reporting. On the other side, Yi and Yu,(2017), said that in the period of 2002, 17 private organizations reported about theirenvironmental performance. Further, 13 organizations furnished social information and 2prepared sustainability reports. Thus, by considering all such aspects it can be presented that stillthere are several private organizations in Hong Kong which do not prepare and disclosesustainability reports. In accordance with Singh Sethuraman and Lam, (2017), sustainability reporting in HongKong are being used by various MNCs as well as governmental agencies as they see theimportance of such reporting helps in reducing the environmental issues. Thus, it includedvarious accounting information such as CSR reports, Co2 emission, NOx as well as Soxemission which are being produced by manufacturing unit of an organisation. However, LawHills and Hau, (2017) stated that, such reporting will help in making the good healthyenvironment as well as it will reduce the level of wastage occurred in industry. Thus, Tan andet.al., (2017) suggested that, such reporting bring transparency in the financial statement as allinformation are provided are clear and authenticated so one could make the reliable trust oversuch reports. There can be use of various soft wares while preparing such data set, which will bebenefiting firms to get the favourable numbers of stakeholders. It will be fruitful in analysingdata or records of previous year in context with having the beneficial planning. Thus,5
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