Sustainable Development Goals and Their Impacts on Business and Accounting
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Significance of the Project1 SIGNIFICANCE OF THE PROJECT: SUSTAINABLE DEVELOPMENT GOALS AND THEIR IMPACTS ON BUSINESS AND ACCOUNTING Author Course Professor City Date
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Significance of the Project2 Significance of the Project; Sustainable Development Goals and Their Impacts on Business and Accounting The project is very significant to both academic, and in business practice and policy Contribution to Business Practice The project would help Wesfarmers in coming up with high-quality corporate reporting which would in turn assist the company achieve financial stability as well as sustainable development and in particular achieve the SDGs (Ruggie, 2016, pg. 3). Additionally, the project would be significant to and would contribute greatly to business practice since it would help the business such as Wesfarmers minimize any information asymmetry and be able to examining investment risks. Basically, the project on “sustainable development goals” has significant impact on the business and accounting practices. This is due to the fact that the SDGs aims for more active engagement of business community, investment potential and its innovations to overcame any environmental, social and governance challenges by including all such issues in the business priorities (Bebbington & Unerman 2017, pg. 1). Furthermore, the project would enable the company enhance financial stability as well as sustainable development in particular and in general accomplishment of SDGs. It would also help in dealing with accounting issues since it help accountants reduce information asymmetry and examine investment risks, through creation of integrated audit and integrated reporting, provide as well as test the standards of sustainability accounting within the business (Bebbington & Unerman 2017, pg. 3). Contribution to Business Policy As such, the company would be able to create integrated audit and integrated reporting, giving and testing standards of the sustainability accounting, auditing and reporting within the required business models (Kharas, 2014, pg. 12).
Significance of the Project3 It would help an organization like Wesfarmers in detecting future business opportunities and in enhancing values of the corporate sustainability. The project would also help companies such as Wesfarmers create, inform, report and enhance on its strategies, activities and objectives which would in turn help in improving its communication with its chief stakeholder’s (Bebbington & Unerman 2017, pg. 6). It would also help Wesfarmers increase its transparency and loyalty of business environment as well as quality management as framework for the corporate sustainability in growth of the legal, volatility of the financial markets, reputational risk as well as access to the finance. Furthermore, it would help in understanding and activating importance of accounting policies in Wesfarmers. Contribution to Academic The project would help academia in measuring, assessing and disclosing progress made by Wesfarmers in the SDGs accomplishment. Besides, the project would contribute so much to academia in terms of how to ensure corporate transparency, and how to deal with risks management in their jobs. The project is significant since it would help academia in creating stable economic market and societies. This is because it calls for business-led innovations in resolving sustainable development issues (Bebbington & Unerman 2017, pg. 9). Target Journal identified The target journal identified in this case is those starting with the key word sustainability practices as well as performance (Ruggie 2016, pg. 34). These are identified through a thorough analysis of the issue being discussed. Is Collaboration necessary? There is need for collaboration between the firm and stakeholders in order to enhance better and successful operations. In essence, collaboration is necessary in this case since it enhances
Significance of the Project4 strong relationship between the accountants and business practices and help in boosting better business policies (Bebbington & Unerman 2017, pg. 13). Risk Assessment In case research accessibility is unsuccessful, there is need to have better alternative research plan. In this case, the alternative research plan would entails enhancement of mixed research plan where both qualitative and quantitative approaches are utilized or employed (Ruggie 2016, pg. 45). Conclusion To sum it up, this project is very significant and plays a crucial role to both academia and business practices. This is based on the fact that the project would help business in strengthening their relationship with their stakeholders and in keeping pace with the set policies. It would also help businesses and in particular the academia in ensuring that better practices are carried out in the business to enhance sustainability in the market.
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Significance of the Project5 References Bebbington, J & Unerman, J (2017), ‘Achieving the United Nations Sustainable Development Goals: an enabling role for accounting research,’Accounting, Auditing & Accountability Journal, (just-accepted), 00-00. https://www.emeraldinsight.com/doi/abs/10.1108/AAAJ-05-2017-2929(accessed 5thJune 2018). Kharas, H (2014), ‘Financing for Development: International Financial Flows after 2015,’Briefing Note. Washington DC: Brookings Institution. https://www.irforum.org/sites/default/files/publications/Retreat %20%234_BP_1_Brookings_draft.pdf(accessed 5thJune 2018). Ruggie, J (2016), ‘The Sustainable Development Goals and the Guiding Principles,’Open letter authored by Shift Chair John Ruggie and sent to the heads of the Global Commission on Business and Sustainable Development: https://www.shiftproject.org/resources/viewpoints/sustainable-development-goals-guiding- principles/(accessed 5thJune 2018).