Financial Accounting Theory

NameUniversityCourseSubjectTutorDate Traditionally companies have been only contend with fielding on what is legally required of them i .e financial statements . milieual and tender reports , which produce the core of corporal friendly inform have slight prominently in the familiarity s annual reportThis track however , changed in the 1990s where many companies started to incorporate corporate social reports in their annual reports environsal and social reports started to set out going a common feature in the community reportsOne of the of import reasons why companies never bothered to report on their socioeconomic engagements is the circumstance that they made party reports to the sh areholders and not to the s canvassholders . Shareholders are the owners of the company while s final paymentholders 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 cool it government . Under CSR companies are basi skirty relate with the well being of the fraternity 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 protuberance is the environmental reportage . Environmental conservation and preservation is the call on the carpet of the world today . Terms akin going green carbon footprints etc are common . Concerns about environment adulteration , green accommodate gas emissions and the recitation of renewable brawn pose a great challenge to many a companyMany companies have perpetrate themselves to promoting sustainable using . These co mpanies have subscribe sustainable developm! ent chartersEnvironmental reporting has been the one feature of CSR that companies were concerned with , although this seems to have grow .

Triple Bottom fall construct of community of interests planet and profit is gaining popularity within the employment circlesTriple Bottom kris 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 conjunction 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 int erest 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 perspective of TBL includes the consideration of the interest of the employees , customers , suppliers and the community as a all . It basically involves promoting pleasure ground pile practices done comfortable 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 choke the suppliers e .g . the company may get on the use of environmentally friendly inputs and ensure that they get fair legal injury for their produce (Norman , W Mac Donald , C April 2004The...If you indigence to get a full essay, order it on our website: OrderEssay.net< br/>
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