This report provides an analysis of contemporary accounting issues, specifically focusing on the adoption of Integrated Reporting (IR) and the Global Reporting Initiative (GRI) by Australian companies. The report examines the reporting practices of two major Australian companies, Wesfarmers Limited and Telstra Corporation, evaluating their adherence to conceptual frameworks, identification of key stakeholders, and comparisons of their reporting approaches. The analysis explores the purpose and objectives of these companies in providing GRI and IR, the interests of various stakeholders (internal and external), and the similarities and differences between their reports. The report also evaluates the sustainability reports of these companies and concludes whether they are consistent with standards and laws. The report emphasizes the importance of transparency, sustainability, and stakeholder engagement in contemporary accounting practices. The report concludes that both companies have provided sufficient disclosures on the social, cultural, and environmental engagements they have been involved in.
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