Woolworths IR: Suitability, Developments, and Implementation Guide

This essay provides an analysis of the suitability and applicability of Integrated Reporting (IR) for Woolworths, an Australian supermarket chain. It justifies the use of an IR template for the company, highlighting its value to shareholders, corporate governance practices, and social responsibility efforts. The essay also advises on new developments in IR practices, including policies related to environmental concerns, social issues, and anti-corruption measures, emphasizing the importance of sustainability and informed decision-making. The conclusion underscores the significance of corporate governance and social responsibility, advocating for insightful analysis to effectively implement these principles within the organization. This document also contains a list of references used for the purpose of research.

Financial accounting
theory

TABLE OF CONTENTS
• Introduction
• Main body
• Justifying the suitability and applicability of IR
• New developments in IR practices
• Conclusion
• References

Justifying the suitability and applicability of IR
• Woolworth is an Australian company which is the supermarkets and grocery stores chain.
• It is established in the year 1924 and has became one of the biggest chain of Australian
supermarket.
• The Integrated report (IR) is applicable by Woolworth and they are providing value to their
shareholders in various ways.

Cont..
• Company is making strategies in favour of stakeholders and also performing corporate governance.
• This report has been prepared so that benefit can be given to the stakeholders.
• Social responsibility is the most important thing which every company should have performed.
• Woolworth carry their corporate social responsibility so that they can satisfy their stakeholders.

New developments in IR practices
• • Integrated report is developed in response to various number of drivers that are leading to
continuous changes while evolving in recent years.
• • It has developed from different number of corporate reporting and related trends that takes place
across the globe.
• • It is created to develop and enhance the accountability while having trust to be used for the
purpose of harnessing the flow of information.

Cont..
• • It includes policies and various outcomes that are related with different environmental
concerns, social issues and other matter related to rights and corruption.
• • It will promote the development of active considerations between different operational
and functional units that the company can use.
• • It encourages sustainability, that will improve the decision- making process.

Conclusion
• • It can be concluded that there are corporate governance and social responsibility is some
very important aspects for an organization.
• • It requires some insightful analysis regarding that will help in implementing these in the
business operations.
• • Integrated reporting is one such framework that helps in producing many benefits for the
company.

REFERENCE
Books and Journals
• Stubbs, W. and Higgins, C., 2020. Future of environmental, social and governance reporting:
Sustainable Development Goals, Integrated Reporting and Global Reporting Initiative.
• van Hulst, K., 2021. The influence of integrated thinking on corporate performance: the mediating
role of publishing an integrated report.