Incorporation of Social Accountability in AASB and Its Importance in Australian Business Practice

Running head: FINANCIAL REPORTING
Financial Reporting
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FINANCIAL REPORTING
Executive Summary
The have included social accountability concept incorporated in AASB and covered the several
types of the other aspects of GPFR. Incorporation of Social Accountability in AASB is identified
with the general level of the public accountability which is expected that the community and the
social accounting disclosures are present for government. Importance of AASB in the Australian
business practice with the interpretations which are stated as per the definitive ideas considered
as per IASB guidelines. Furthermore, the important of such a conceptual framework is also seen
to eb based on the several types of the other aspects of the reporting which first time adoption,
share based payment and presentation of the financial statement as per the general compliance of
the accounting standards. The inclusion of the various types of the specific information
pertaining to social accounting is seen to form the base form the basis of the information for
enhancing the interest of the investors.

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FINANCIAL REPORTING
Table of Contents
Introduction......................................................................................................................................3
Incorporation of Social Accountability in AASB............................................................................3
Importance of AASB in the Australian business practice...............................................................4
Types of information provided in the annual report of Amcor Limited..........................................4
Benefits to the managers for disclosure of specific types of the information in Amcor.................5
Response of the investors for the disclosure of specific information in their financial report........5
Effective communication by presentation of information...............................................................6
Conclusion.......................................................................................................................................6
References........................................................................................................................................8
List of Appendix..............................................................................................................................9

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FINANCIAL REPORTING
Introduction
Amcor is considered as the global leader in terms of the delivering the services which are
seen to be depicted as per producing and developing high quality of packaging solutions for
personal-care, pharmaceutical and medical-device. The operational leadership of the company is
depicted with the excellence in the field of procurement and manufacturing by developing
various types of the cost advantages for the customers. The innovation aspect of the company
needs to be identified as per developing of products, processes and services which are
differentiated in nature. The main discussions of the study have included social accountability
concept incorporated in AASB and covered the several types of the other aspects of GPFR
(Amcor.com 2018).
Incorporation of Social Accountability in AASB
As per AASB 1053, the conceptual framework of AASB has suggested several
disclosures for profit making entities in the public sector. The board has declared that the nature
of social accounting in profit making entities among the public sector is different from the
private sectors pertaining to the social policy obligations. In addition to this, under the different
tiers of reporting there may be several types of complexities which relate to the changing
requirements for different sizes of the entities. This is further seen to vary in terms of the
political, social and economic requirements across the wide range of economic sectors. In order
to avoid such inconsistencies, it needs to be identified that the various types of the companies are
seen to be implement and facilitate the social reporting in an effective and efficient manner. As
per the statement under the general level of the public accountability it is expected that the