Financial Accounting Theory

NameUniversityCourseSubjectTutorDate Traditionally companies have been only contend with reporting on what is legally required of them i .e financial statements . surroundingsal and cordial reports , which earn the core of embodied accessible reporting feature little prominently in the friendship s annual reportThis social effort however , pitchd in the 1990s where many companies started to incorporate corporate social reports in their annual reports Environmental and social reports started to plow a common feature in the accompany reportsOne of the of substance reasons why companies never bothered to report on their socioeconomic engagements is the fact that they made company reports to the sh beholders and not to the s upshotholders . Shareholders are the owners of the company while stakeholders are the parties th at are change by the actions of the companyCorporate social responsibility is where companies go beyond their statutory authority and take into consideration the welfare of the other stakeholders of the company . These stakeholders imply employees customers , shareholders , suppliers and even government . Under CSR companies are basically relate with the sound being of the residential area as well as its employees . Environment preservation and sustainability is also part of the CSR (Josephine 2005The wholeness part of the CSR that has gained puffiness is the environmental reporting . Environmental conservation and preservation is the conference of the world today . Terms equivalent going green carbon footprints etc are common . Concerns about environment debasement , green provide gas emissions and the use of renewable cipher pose a great challenge to many a companyMany companies have perpetrate themselves to promoting sustainable development . These companie s have sign(a) sustainable development char! tersEnvironmental reporting has been the one feature of CSR that companies were concerned with , although this seems to have spread out .

Triple rear end pains of descent concept of populate planet and profit is gaining popularity within the calling circlesTriple Bottom line ensures that companies report the social and environmental mathematical operating room apart from the statutory reporting environments . TBL is largely concerned with the sum of money of the development of the company and the society in general i .e . the economic social and environmental successIn the Triple Bottom linage approach , compani es extend their reporting obligation beyond the traditional shareholder . The interest extends beyond the shareholders to cover all the stakeholders unnatural by the actions of the companyTriple Bottom line explainedAs seen earlier ,TBL encompass mint , planet and wampum as a means of achieving sustainable development . The people aspect of TBL includes the consideration of the interest of the employees , customers , suppliers and the green goddess as a whole . It basically involves promoting attractive change over practices through sufficient salaries to its workers , avoiding the use of child toil , community participation through contributions to schools , health care , peeing etc . The company whitethorn also take a instalment of its profits back to support the suppliers e .g . the company may assist the use of environmentally friendly inputs and ensure that they accept fair price for their produce (Norman , W Mac Donald , C April 2004The...If you take to get a full essay, order it on our website: OrderCustomPaper.com

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