ACCT207: Analysis of Global Reporting Initiative and Stewardship

This assignment analyzes the Global Reporting Initiative (GRI) report, discussing the reasons for and against its preparation. It explores the role of accountants in identifying and promoting stewardship within the context of GRI reporting. The essay highlights the importance of sustainable development and the standards set by GRI to manage sustainability. It examines the benefits, such as economic and social advantages, and drawbacks, including potential incompleteness and barriers to implementation. Furthermore, the assignment delves into the ethical responsibilities of accountants, emphasizing their role as stewards in providing complete and accurate financial reporting to stakeholders, ensuring compliance with GRI standards, and protecting the interests of the business. The conclusion summarizes the need for GRI reports and the significance of the accountant's role in promoting sustainability.

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ACCT207 Financial Accounting

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Table of Contents
Introduction................................................................................................................................3
Preparation of Global Reporting initiative report......................................................................3
Role of accountants in identifying and promoting stewardship.................................................4
Conclusion..................................................................................................................................5
References..................................................................................................................................6

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Introduction
Global reporting is an important aspect and it is required to be taken into account. There is
the global reporting initiative report which is prepared and all the reasons which are involved
in relation to its preparation and against it will be discussed in the report. The accountants are
involved in the process of accounting and there is an ethical and fundamental role that is
required to be followed by them. The manner in which the stewardship will be promoted and
identified by them will be considered and for that, the global reporting initiative reporting
will be explored.
Preparation of Global Reporting initiative report
Global reporting initiative is carried in order to manage sustainability and all the
organizations can understand the impact which will be made on the various issues to
sustainability. With the help of GRI, there will be positive results that will be availed such as
economic and social benefits (Hąbek, 2014). There are various aspects that are in favor of
this reporting and according to them, the process will be creative positive impacts.
Sustainable development is the main requirement for all and in order to advance this process,
there are various guidelines and standards which are created under the GRI. To deal with the
sustainability issues the stakeholders are also incorporated and consistent disclosures are
made.
There are various views that support the GRI report as according to them the principles shall
be followed and by that it will be ensured that balanced views will be presented in respect of
social, environmental and economic performance. By this, there will be a contribution by the
entity in the development of sustainability. With the help of the reports, the comparison will
be made by the readers among various companies (Simmons et al., 2018). This will ensure
that all the credibility issues which are involved and are of concern will be eliminated. With
the help of GRI, there are set standards that are required to be followed and by that such
reporting will be made on which assurance can be made.
In addition to the benefits which are attained by the report, there are several aspects that vote
against the GRI report. It is said that in most cases the companies do not have complete
information in relation to the activities which have been performed. Many critics argue that
the GRI reports are of the little benefit for only the experts who have a complete

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understanding in respect of environmental and social standards. According to the GRI rules,
there is the option with the companies in which they can omit various aspects in the report
and this makes the reports incomplete (Calu et al., 2016). It is done to attract the companies
to follow the rules and become familiar with them but this also leads to the omission of
several important aspects in the report which might be important and necessary.
There are several motivational and general barriers that are involved by which the complete
process is suffering. The application system which is involved also acts as the barrier and
they are all in the path of implementation of GRI standards and report.
Role of accountants in identifying and promoting stewardship
Accounting is an important requirement of any business and it is necessary that the same
shall be carried in an effective manner. In this, the main role is played by an accountant who
is responsible for various duties and responsibilities. There is the need to become the steward
in this process among the interested parties and owners of the company (Milne and Gray,
2013). The various roles are involved which are to be played by the accountant and they are
required to determine all the parties which are involved in the transactions which are carried.
All the information which is required will be provided so that complete reporting is made.
There are several GRI standards which are prescribed and required to be incorporated in the
process of accounting. The accountant will be required to be acting as the stewards towards
the business owners as they will be providing the complete reporting to them in relation to the
financial position of the company (Owen, 2013). In doing so, there will be the use of the GRI
reports which will ensure the correct compliance of the rules. If the condition will not be
fulfilled then the users of the reports will be suffering.
The accountant will be required to undertake such actions by which the interest of the
business will be protected. This will be made possible when all the data which is relevant will
be properly provided and the business will be able to fulfill all of the requirements and
obligations (Joseph, 2012). The real position of the business will be ascertained with the help
of this. The consideration of the resources is made and that helps the accountant is projecting
the future position of the business. Under the process of the stewardship, the roles and
responsibilities of the internal management, as well as that of the investors, is specified.

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All of these roles are fulfilled by the accountant in an ethical manner so that the correct
reporting is made and the implementation of the GRI standards is ensured. With the help of
this, all the requirements will be fulfilled and the benefit of the same will be provided to the
organization in the long run by establishing sustainability.
Conclusion
From the report, the need for the preparation of the global reporting initiative report has been
identified and in that, all the aspects have been covered. The requirements of the same are
identified which makes it necessary to comply with the standards and with that the arguments
which have been made against this initiative have also been identified. There are accountants
who are involved n the process of accounting and the role which is played by them
considering the GRI standards have been identified and described in an appropriate manner.

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References
Calu, A., Negrei, C., Calu, D.A.S. and Viorel, A. (2016) Reporting of Non-Financial
Performance Indicators‒A Useful Tool for a Sustainable Marketing Strategy. Calu, A.,
Negrei, C., Calu, DA and Avram, 2015, pp.977-993.
Hąbek, P. (2014) Evaluation of sustainability reporting practices in Poland. Quality &
Quantity, 48(3), pp.1739-1752.
Joseph, G. (2012) Ambiguous but tethered: An accounting basis for sustainability
reporting. Critical perspectives on Accounting, 23(2), pp.93-106.
Milne, M. and Gray, R. (2013) "W(h)ither Ecology? The Triple Bottom Line, the Global
Reporting Initiative, and Corporate Sustainability Reporting, Journal of Business Ethics,
Springer, 118(1), pp.13-29.
Owen, G. (2013) Integrated reporting: A review of developments and their implications for
the accounting curriculum. Accounting Education, 22(4), pp.340-356.
Simmons, James Michael, Jr; Crittenden, Victoria L; Schlegelmilch, Bodo B. Social
Responsibility Journal; Bingley Vol. 14, Iss. 3, (2018): 527-541. DOI:10.1108/SRJ-12-2016-
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