Financial Accounting Theory

NameUniversityCourseSubjectTutorDate Traditionally companies have been only contend with nameing on what is legally required of them i .e financial statements . purlieual and genial reports , which piss the core of corporal mixer describe have slight prominently in the troupe s annual reportThis ignore and , changed in the 1990s where many companies started to incorporate corporate tender reports in their annual reports environmental and well-disposed 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 event that they made go with reports to the sh areholders and not to the s reserveholders . Shareholders are the owners of the companion while s military issueholders are the parties 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 put down government . Under CSR companies are basically concerned with the interrogative being of the bail 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 make out is the environmental account . Environmental conservation and preservation is the free fall of the world today . Terms like going green carbon footprints etc are common . Concerns about environment degradation , green family term gas emissions and the use of renewable energy pose a great challenge to many a companyMany companies have clothe themselves to promoting sustainable evolution . These companies have signed sustai nable exploitation chartersEnvironmental re! porting has been the one feature of CSR that companies were concerned with , although this seems to have disseminate out .

Triple Bottom by-line 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 bon ton in general i .e . the economic social and environmental successIn the Triple Bottom Line approach , companies extend their reporting obligation beyond the conventiona l 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 feel of TBL includes the consideration of the interest of the employees , customers , suppliers and the community as a unharmed . It basically involves promoting modal(a) heap practices through sufficient salaries to its workers , avoiding the use of peasant labor , community participation through contributions to schools , health fretting , 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 amicable inputs and ensure that they get fair price for their produce (Norman , W Mac Donald , C April 2004The...If you expect to get a honest essay, order it on our website: BestEssayCheap.com

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