Foundations in Accounting Report 2022

Running Head: FOUNDATIONS IN ACCOUNTING
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FOUNDATIONS IN ACCOUNTING

Running Head: FOUNDATIONS IN ACCOUNTING
Contents
Overview.................................................................................................................. 3
About Woolworths Group.......................................................................................... 3
About Coles........................................................................................................ 3
Literature Review.................................................................................................. 4
What is CSR (Corporate Social Responsibility)...................................................................4
Positive and Negative Impact of CSR............................................................................ 5
Woolworths and Coles CSR comparison...........................................................................5
CSR of Woolworths Group......................................................................................... 5
CSR of Coles.......................................................................................................... 7
Critical Evaluation.................................................................................................. 8
Literature Review on Positive Impacts and negative impacts...................................................8
Negative Impacts........................................................................................................ 9
Conclusion.............................................................................................................. 10
References.............................................................................................................. 11

Running Head: FOUNDATIONS IN ACCOUNTING
Overview
About Woolworths Group
Woolworths Group, founded in 1924, is one of Australia and New Zealand’s leading
retail groups, supporting renowned brands such as Woolworths, Big W, BWS, Dan Murphy’s
and Countdown. Having a headcount of approximately 205000, It is the second largest
company in Australia and New Zealand by revenue. The focus of the company lies in
creating better experiences by working together, for their customers, their communities and
for everyone. “People” are at the heart of everything they do. They believe in compassion,
empathy and harmony amongst their employees. The company shares a strong sense of
belongingness towards its employees and strives to attain their goal through continuous team
work (Woolworth’s Group, 2018).
About Coles
Coles founded in 1914 in Australia and today has 2,386 outlets and employed 100,000
employees all that contribute approximately 80% of Australian market in supermarket
segment. The company provides fresh food, groceries, fuel, financial services and liquor to
20 million customers on weekly basis. The main objective or aim of the company is to deliver
quality products to customers that add value to the company image in Australian market. The
focus of the company is on delivering value to their customer at minimum waste and by
valuing each and every aspect of the community. Coles to minimize its negative impact on
the community and society ensure to conduct various corporate social responsibility activities
(Coles, 2018).

Running Head: FOUNDATIONS IN ACCOUNTING
Literature Review
What is CSR (Corporate Social Responsibility)
According to (Costanza, et al 2016) an organization grows bigger and better, it
employs more and more resources of the society. In order to maintain the balance and to
achieve sustainable development a CSR model is implemented by the corporates and the
organizations. CSR policy is a self-regulated model that helps the firms to be accountable on
the social grounds.
In opinion of Batty Cuskelly & Toohey (2016), CSR is important for the community;
it is also valuable for the company as well as the entire industry. In the year 2010, the
International Organization for Standardization published a set of benchmarks in order to help
in implementing the Corporate Social responsibility. On the other hand in opinion of Hafez
(2016), business runs in society and use resources of society so it is their key responsibility to
take accountability of their negative actions and for that companies conduct CSR activities.
“It is a regulatory mechanism that monitors the operations of the firm and ensures that every
activity is conducted according to the rules and regulations of the authorized bodies”
(WECU, 2017).
In the perception of Wang Hsieh & Sarkis (2018), corporate social responsibility
(CSR) is a strategy that helps the companies to build competitive advantage in the market
against its competitors. Companies conduct CSR activities to achieve the goal of positive
impact on the society and for maximizing the value of shareholders wealth and improve the
value of owners, business, shareholders, employees and stakeholders. The concept of
corporate social responsibility is based on some theories that are stakeholder theory, rights
theory, deontological theory and theory of trusteeship. Stakeholder’s theory state that all the
people who are affected by the company’s action are needed to be take care of and that