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Risk Management Systems of Coca-Cola

   

Added on  2021-02-19

12 Pages3207 Words41 Views
COMPANIES'COMPARISON

Table of ContentsINTRODUCTION...........................................................................................................................3SECTION 3: PART A.....................................................................................................................3Employing widely used accounting theories and comparison for accounting............................7SECTION 4: PART B......................................................................................................................8Coca-Cola Amatil 's governance mechanism to address sustainability......................................8How risk management systems of Coca-Cola Amatil are addressed and incorporated..............8Guidance used by Coca-Cola Amatil to implement social and environmental performance andreporting systems........................................................................................................................9How CSR voluntary disclosure varies across different companies............................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONAccounting refers to the practice which is adopted by organisations to ensure effectivemeasurement, processing as well as communication of certain crucial financial informationwithin a company (Hussain, Rigoni and Orij, 2018). On the other hand, sustainability is anothereffective and essential practice which allow an organisation to conduct its operations in wayswhich contributes maximum to preserving, protecting and improving the state of environment,social as well as sustainable aspects of a firm. The report below is based on Coca-Cola Amatiland Treasury Wine Estate, which are effective companies dealing in consumer staples, especiallybeverages. It includes description of recognition and measurement components of policy foraccounting for each class of property, plant and equipment. It also covers comparing accountingpolicies and governance mechanisms to address sustainability. The report also includesaddressing and incorporation systems within the firm and guidance used by Coca-Cola Amatil inimplementing environmental and social performance and reporting systems (Bouten and Hoozée,2015).SECTION 3: PART AAccounting policies and standard are set by Australian Accounting standard Board(AASB), which is independent Australian Government agency (Khan and Gray, 2016). Thestandards are the legislative requirements for companies that need to be apply for run a business.Such as Coca- Cola Amatil and Treasure wine Estate corporation use accounting standard andpolicies to run a business. Financial reporting help both companies to prepare the financial reportand compare the profits from past years. Every organisation should follow the rules andregulation which is governed by government. CCA uses financial report framework to prepare the financial report as per Accountingstandard that help to identify the policies. By following Australian accounting standard boardCCA get relevant information and statutory which is required to prepare financial reports. TWE is also uses Australian accounting standard to prepare and maintain the financialreports. By following accounting standard TWE gets relevancy and reliability of informationwhich is most important within organisation. Recognition and measurement

CCA and TWE states the assets, liabilities, equity, revenues and expenses which isdefined in the accounting concepts SAC4. It uses the accounting standard to evaluate theperformance of organisation. It follows AASB 116 which help to maintain the plant andequipment and selling of assets. Australian accounting standard framework in plant andmachinery is defined as probable useful life of plant and equipment and the warranty numberwhich help to calculate accurately. Its shows in the financial statement after depreciating value.Additionally, it shown in foot note of balance sheet which helps to understand the actual value ofplant and equipment. CCA prepares annual report every year that help to define the turn over andprofitability situation of the company (Boiral, 2016). It contains all income and expenditure datain financial report which is shown end of the year. The plant and equipment information of CCAis described as-The annual report of Coca Cola Amatil ending of year

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