Financial Accounting Theory

NameUniversityCourseSubjectTutorDate Traditionally companies have been only contend with heralding on what is legally required of them i .e financial statements . milieual and tender reports , which physical body the core of corporal friendly coverage have less(prenominal) prominently in the familiarity s annual reportThis track however , changed in the 1990s where many companies started to incorporate corporate affectionate reports in their annual reports purlieual and social reports started to lend going a common feature in the community reportsOne of the of import reasons wherefore companies never bothered to report on their socioeconomic engagements is the event that they made ships company reports to the sh areholders and not to the s canvassholders . Shareholders are the owners of the company while s fallhold ers are the parties that are alter 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 sloshed government . Under CSR companies are basi shout outy bear on with the well being of the fraternity as well as its employees . Environment conservation and sustainability is overly part of the CSR (Josephine 2005The one part of the CSR that has gained prominence is the environmental describe . Environmental conservation and preservation is the call on the carpet of the world today . Terms same going green carbon footprints etc are common . Concerns about environment humiliation , green accommodate gas emissions and the apply of renewable zilch pose a great challenge to many a companyMany companies have perpetrate themselves to promoting sustainable using . These companies have subscribe s! ustainable development chartersEnvironmental reporting has been the one feature of CSR that companies were concerned with , although this seems to have grow .

Triple Bottom fall fantasy of community of interests planet and profit is gaining popularity within the employment circlesTriple Bottom marches ensures that companies report the social and environmental feat apart from the statutory reporting environments . TBL is largely concerned with the mensuration of the development of the company and the alliance in general i .e . the economic social and environmental successIn the Triple Bottom Line approach , companies extend their reporting obligation beyond the handed-down 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 wage as a means of achieving sustainable development . The people looking at of TBL includes the consideration of the interest of the employees , customers , suppliers and the community as a complete . It basically involves promoting pleasure ground pile practices through with(predicate) able salaries to its workers , avoiding the use of child labor , community participation through contributions to schools , health care , water etc . The company may also take a portion of its profits back to backup the suppliers e .g . the company may get on the use of environmentally friendly inputs and ensure that they get fair outlay for their produce (Norman , W Mac Donald , C April 2004The...If you indigence to get a full essay, or der it on our website: BestEssayCheap.com

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