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Management Accounting - Essay Example

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Management Accounting

Well whatever the reason is, it is surely time that we sit down, assess and analyse the system as a whole and try coming out with both, a reason and a solution for all this happening. Arguably the main reason of reaching such a unpleasant situation is that, major stakeholders, whether it’s the big companies or the government, they have mainly focussed on short term achievement and plans rather than analysing, assessing and planning for longer term success. Hence before we consider entering in a developing country for investment purposes I would like to reflect some light on different aspect of sustainability reporting, the differences between sustainability reporting and traditional reporting and the benefits of sustainability reporting. Introduction A sustainability report mainly focuses, in fact constitutes, three elements or dimension, namely, social, economic and environmental. Due to this fact is often known as triple bottom line or 3BL. Some even regards is as a planet, profit, people principle. While discussing this aspect, sustainability reporting is often substituted for environmental social and governance reporting and corporate social responsibility as the whole idea is almost the same. The framework of sustainability is set up by GRI (Global Reporting initiative), a non-profit organisation. Difference between sustainability reporting and traditional reporting Sustainability reports differs from traditional reporting in a few important ways. Sustainability reports stress on the fact of maximising stakeholder value rather than only shareholder value. Stakeholder in this context refers to someone in fact anyone that is affected by the organisations actions whether it be directly or indirectly. Customers, civil societies, employees, financers and the community as a whole are all included in the list of stakeholders. Another crucial difference is that sustainability reports do not require each aspect to be in monetary term. That is some indicators may just be included as a comparison as the previous years to help analyse how the company is performing. In traditional reporting all reported data is produced in monetary terms. Sustainability reports produce comparison data due to the fact that some performance indicators may not be valued accurately in monetary terms, thus, are better off used as a mean of comparison. An example may be that of the pollution waste produce by the organisation. This may be reported as number of tons of wastage produced or even waste per unit of production. Both can be compared with that of other organisations depending on what indicator the other organisation has preferred. The sorts of information that they will need to include in a sustainability report of why they should be included The main reason to produce a sustainability report is to provide a true representation of the sustainable performance of an entity, that is, a reasonable and balanced presentation of the entity performance that includes both its positive contributions and negative contributions. Sustainability reporting helps organisations produce sustainable information of an ...Show more

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REPORT ON SUSTAINABILITY REPORTING Contents Introduction 3 Difference between sustainability reporting and traditional reporting 3 The sorts of information that they will need to include in a sustainability report of why they should be included 4 What benefits they should expect from preparing sustainability reports 5 My opinion on the future of sustainability reporting and how what they might report now, may change in the foreseeable future 6 Conclusion 6 REFERENCES 7 Board of directors ABC Company United Kingdom Today’s world is facing many challenges especially with regards to economy…
Author : aiden34
Management Accounting essay example
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