The benefits and challenges of this reporting is looked into and the need to adopt in corporations. Woolworth, a categorical large corporation is analysed in regards to the extent it has adopted integrated accounting. Guidelines for integrated reporting are set out globally through various bodies like the International integration reporting committee amongst others. The meaning of sustainability In the business context, sustainability can be defined as an approach that attempts to achieve long-term shareholder value by taking opportunities and managing risks emanating from economic, social and environmental development, but at the same time cutting back sustainability costs and risks (Michalski et al, 2002, 6). To achieve sustainability the business presents itself an opportunity to grow economically while attaining social fairness and environmental protection for its stakeholders. Apparently Woolworth considers sustainability in its business operations. The success of sustainability is high returns to the business and benefits to the community at large. Woolworth is presented with an opportunity to do good to the various stakeholders in turn earn returns on investments made towards sustainability. Woolworth’s policy on the Destination Zero clearly depicts a responsible employer in safety measures. This indicates no harm to people, property and the community. Reduction of potential harm is a social responsibility to Woolworth and thus maintaining the lead in retailing. People and Culture are the two main aspects which give Woolworth a competitive edge. To maintain this, the Retailer has to extend the benefits of social welfare by spending $63 million for staff focused initiatives. This is the key to sustainability in order to maintain satisfied employees to undertake the economic business responsibility. This is the central resource to be mobilized as the driver of sustainability. Corporate stakeholders of Woolworths and Woolworth’s engagement about sustainability issues Community and the customers Plastic bags, GM foods, Responsible sale of alcohol are among the cited examples that Woolworth has had in its target. Recycling of plastic bags was improved through the elimination of the blue plastic bags that were used for bananas. New display methods have allowed them and their supplies to save on costs. This overall helps in creating a safe environment for the community. Responsible food retailer has had its way through educating the community on key issues on genetically modified foods, Foodbank, fresh food kids program etc. Government Compliance with government regulations is seen in aspects of selling alcohol responsibly and responsible serving of gaming. To attain liquor licenses, it had to acquire pubs that engaged in gaming activities. Woolworth has had the responsibility in producing the alcohol range expected before sale. It has encouraged honesty in gambling among its staff. Woolworth has also been working with suppliers in compliance with organisations ethical supply
Sustainability and Integrated Reporting Name: Institution: Instructor: Subject: Date: Table of contents Executive Summary 3 The meaning of sustainability 3 Corporate stakeholders of Woolworths and Woolworth’s engagement about sustainability issues 4 The main drivers 5 Integrated reporting 6 The current position of Woolworths regarding integrated reporting 7 Integrated reporting and initial focus on large companies 8 Bibliography 9 Executive Summary Sustainability is a managerial approach that attempts to achieve long-term shareholder value by taking opportunities and managing risks emanating from economic, social and environmental aspects, at the same time mitigating sustainability risks an…
These have not just appeared over night. They are the result of various problems that have plagued the accounting profession in various countries – especially the United States and the UK. The International Accounting Standards Board (IASC) which was later renamed the International Accounting Standards Board (IASB) published a document – ‘Framework of the Preparation and Presentation of Financial Statements in 1989.
If only the social and economic development is taking place, that is referred to as “equitable”, whereas, if only the environmental and economic development takes places, that is referred to as “viable” (Chick & Micklethwaite, 2011). Sustainability occurs only when all three dimensions develop simultaneously; that is, it is bearable, equitable and viable.
The aim of this report would be to evaluate the sustainability reporting guidelines that has been designed by GRI and different facets of assurance engagement in order to analyse and compare whether the sustainability reports of companies follow these guidelines while preparing the report or not.
m is that an integrated approach derived from a comprehensive understanding of domestic violence by various partners, at different levels is likely to be more effective than other fragmented approaches in dealing with this topic. Women suffering violence and abuse face many
mpanies can be easily obtained from the annual reports, a separate sustainability report or an environmental or social impact report (Commonwealth of Australia, 2010).
Most of the organisations consider sustainability reporting as a significant part of their performance
espite the fact that most companies need to give proper detail of their business in audited financial reports and other separate reports on sustainability, such efforts had failed to provide a detailed account of the performance of the companies (Everingham & Kana, 2008). It is
Corporate reporting can be regarded as the primary means through which the corporate entities can provide the details of their corporate performances to the stakeholders of the company (PwC, 2012). It has the ability to motivate the stakeholders to committee for
The essay will also evaluate the various options and procedures for the conduct of environmental reporting throughout the world. The research will focus on the case of British Airways and their reporting systems and their reporting tradition. This will guide and provide a basis for the evaluation and analysis of their most recent environmental report.
Integrated reporting was selected for assessment because it is an emerging concept and the underlying scope of research is relatively broad. Integrated reporting was primarily developed post corporate scandals in 2010 by
12 pages (3000 words)Essay
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