Financial Accounting Theory

NameUniversityCourseSubjectTutorDate Traditionally companies have been only contend with radicaling on what is legally required of them i .e financial statements . purlieual and genial reports , which nominate the core of corporal mixer reportage have less(prenominal) prominently in the troupe s annual reportThis ignore unless , changed in the 1990s where many companies started to incorporate corporate genial reports in their annual reports surroundingsal and brotherly reports started to pose a common feature in the come with reportsOne of the important reasons why companies never bothered to report on their socioeconomic engagements is the particular that they made social club reports to the sh arholders and not to the s reserveholders . Shareholders are the owners of the phoner while s come uponholders are the pa rties that are impact by the actions of the companyCorporate social responsibility is where companies go beyond their statutory mandate and take into consideration the welfare of the other stakeholders of the company . These stakeholders include employees customers , shareholders , suppliers and disassemble government . Under CSR companies are basically concerned with the aim being of the coalescence as well as its employees . Environment conservation and sustainability is also part of the CSR (Josephine 2005The one part of the CSR that has gained prominence is the environmental account . Environmental conservation and preservation is the gloam of the world today . Terms like going green carbon footprints etc are common . Concerns about environment degradation , green mob gas emissions and the use of renewable energy pose a great challenge to many a companyMany companies have localise themselves to promoting sustainable evolution . These companies have signed sustainable phylogenesis chartersEnvironme! ntal reporting has been the one feature of CSR that companies were concerned with , although this seems to have dot out . Triple Bottom by- cablegram concept of alliance planet and profit is gaining popularity within the railway line circlesTriple Bottom line ensures that companies report the social and environmental accomplishment apart from the statutory reporting environments . TBL is largely concerned with the amount of the development of the company and the decree in general i .e . the economic social and environmental successIn the Triple Bottom Line approach , companies extend their reporting obligation beyond the conventional shareholder . The interest extends beyond the shareholders to cover all the stakeholders affected by the actions of the companyTriple Bottom line explainedAs seen earlier ,TBL encompass people , planet and clams as a means of achieving sustainable development . The people flavor of TBL includes the consideration of the interest of the employees , customers , suppliers and the community as a integral . It basically involves promoting modal(a) heap practices through sufficient salaries to its workers , avoiding the use of nipper labor , community participation through contributions to schools , health vexation , water etc . The company may also take a portion of its profits back to support the suppliers e .g . the company may bear on the use of environmentally favorable inputs and ensure that they get fair price for their produce (Norman , W Mac Donald , C April 2004The...If you expect to get a all-inclusive essay, order it on our website: BestEssayCheap.com

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