Report on Stakeholder Engagement in Business Accounting

Added on -2020-02-24

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ACCOUNTING THEORY1
ContentsIntroduction................................................................................................................................3Requirement 1............................................................................................................................4Discussion of terms................................................................................................................4Requirement 2............................................................................................................................5Concept of Stakeholder Engagement.....................................................................................5Stakeholders of the firm.........................................................................................................5Requirement 3............................................................................................................................7Accounting theories................................................................................................................7Requirement 4............................................................................................................................9Adequacy of Data...................................................................................................................9Requirement 5..........................................................................................................................10Research Proposal................................................................................................................10Conclusion................................................................................................................................14References................................................................................................................................152
IntroductionThis report embarks on the stakeholder’s engagement. As the stakeholders are related to thebusiness and organization. There are five important parts of the report. The first requirementof the report includes the description of some important terms used in the report. The secondrequirement of the project describes the concept of the stakeholder’s management and thedifferent stakeholders of the firm. The third requirement of the report includes the differentaccounting theories in perspective to the stakeholder’s engagement. The requirementcritically reflects the adequacy of different data i.e. primary and secondary to support thestudy. In the fifth requirement of the report is related to the research. A proposal for theresearch is being made which includes the research question, objective, importance, literaturereview, methodology and the steps for ethical approval to undertake the research project.3
Requirement 1Discussion of termsSome of the important terms are discussed below:Stakeholder- The term stakeholder means a person or group of person or any organizationhas an interest in investing in an organization or have a stake in the company for earning aprofit or we can say a person or an organization having an interest in a start-up of a newproject in the organization[ CITATION Man13 \l 1033 ].Internal stakeholder- Internal stakeholder is the owner's managers and employees of theorganization these are responsible for the organization growth, owners, managers, andemployees perform the operation by helping them in making the strategy and plans and alsomake the decision for the success of the organization[ CITATION Lor12 \l 1033 ]. External stakeholder- External stakeholders are those such as customers, suppliers andcreditors these are the outside persons who take the interest in company forinvestment[ CITATION Lor12 \l 1033 ]. Customers are those which purchase the products of thecompany and the suppliers are those which purchase the product form the company for thesociety and the creditors are those such as banks, government from which company takes themoney for the business these all are the external stakeholders.Stakeholder Engagement- Stakeholder engagement is the process in which people areinvolved from the outside in the organization in the decision-making process, as thestakeholder's activities can affect the decision of the organization or the decision taken by theorganization can affect the stakeholder's interests. Stakeholders are the most important part ofthe company which helps in the organization to find out the social and environmental issue ofthe company which is going on outside[ CITATION Kau142 \l 1033 ]. The responsibility ofstakeholder engagement is to find out the solution for these issues and help the company forimproving their performance and help in achieving the objectives of the company.Accounting theory- Accounting theory can be described as a process, which examines themethodologies of the accounting, it is a set of accounting rules and the principle of thefinancial accounting. Accounting theory is set of principle by which company accounts canbe properly managed by the company.4

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