Significance of the Project: SDGs and Business and Accounting Analysis

This project report delves into the significance of Sustainable Development Goals (SDGs) on business and accounting practices, focusing on how businesses like Wesfarmers can leverage SDGs to enhance corporate reporting, achieve financial stability, and minimize information asymmetry. The report highlights the contributions to business practice by improving corporate reporting quality, investment risk assessment, and the integration of environmental, social, and governance (ESG) factors into business priorities. It also outlines the project's impact on business policy by enabling integrated auditing, reporting, and the establishment of sustainability accounting standards. Furthermore, the project's academic contribution involves measuring and disclosing progress in SDGs and fostering innovations in addressing sustainable development issues. The report identifies key stakeholders and emphasizes the need for collaboration and risk assessment, concluding with the project's crucial role in both academia and business to ensure sustainable market practices.

Significance of the Project 1
SIGNIFICANCE OF THE PROJECT: SUSTAINABLE DEVELOPMENT GOALS AND
THEIR IMPACTS ON BUSINESS AND ACCOUNTING
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Significance of the Project 2
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 Project 3
 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 Project 4
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.

Significance of the Project 5
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 5th June
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 5th June 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 5th June 2018).