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 public figure the core of bodied accessible reporting feature less(prenominal) prominently in the friendship s annual reportThis social move however , counterchanged in the 1990s where many companies started to incorporate corporate social reports in their annual reports Environmental and social reports started to twine a common feature in the accompany reportsOne of the of meaning reasons why companies never bothered to report on their socioeconomic engagements is the fact that they made company reports to the sh atomic number 18holders and not to the s upshotholders . Shareholders are the owners of the company w hile stakeholders are the parties that are change by the actions of the companyCorporate social responsibility is where companies go beyond their statutory order and take into consideration the welfare of the other stakeholders of the company . These stakeholders complicate employees customers , shareholders , suppliers and even government . Under CSR companies are basically pertain with the well up being of the residential area as well as its employees . Environment saving and sustainability is also part of the CSR (Josephine 2005The whizz part of the CSR that has gained puffiness is the environmental reporting . Environmental conservation and preservation is the conference of the world today . Terms give care going green carbon footprints etc are common . Concerns about environment abasement , green provide gas emissions and the use of renewable aught pose a great challenge to many a companyMany companies have perpetrate themselves to promoting sustainable d evelopment . These companies have write su! stainable development chartersEnvironmental reporting has been the one feature of CSR that companies were touch with , although this seems to have spread out .

Triple shtup string 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 public presentation apart from the statutory reporting environments . TBL is largely concerned with the meter of the development of the company and the society in general i .e . the economic social and environmental successIn the Triple Botto m controversy approach , companies extend their reporting obligation beyond the tralatitious shareholder . The interest extends beyond the shareholders to cover all the stakeholders touched by the actions of the companyTriple Bottom line explainedAs seen earlier ,TBL encompass race , 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 familiarity as a whole . It basically involves promoting attractive change over practices through sufficient salaries to its workers , avoiding the use of child comminute , community participation through contributions to schools , health care , water etc . The company whitethorn also take a passel of its profits back to support the suppliers e .g . the company may assist the use of environmentally friendly inputs and ensure that they energize 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: BestEssayCheap.com

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