Finance, Accounting And Banking>>
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What is Corporate Social Responsibility It is a business model that helps a company to be socially accountable by self-regulating business regulations to itself, its stakeholders, and the public.
Sustainability is approach to management of organisation, which is focused on social, economic and environmental values. The role of the organisations is to maximise the profit.
Environmental issues focused on Protecting the environment, business preventing pollution and keep carbon emission low, climate change where is no humans impact.
Social issues focused on human rights and, protecting people of harmful activities of business and other organizations.
Economic issues based on employees, consumers, and investors.
Corporation, it is a legal structure organised under the state law and owned by the shareholders also it is separated legal entity.
Source of capital by selling of shares and improving the standard of leaving.
Accountability considering the companys impact on society and the environment creating long-term sustainable value for the shareholders.
Corporate profit charged higher overall taxes.
Forming corporation requires more time and money for forming the corporation than the other business structures.
The aim of the social responsibility to consumers workers and shareholders is to prevent better standards of living through maximising the profitability of the corporations.
Sustainability and Accounting function used to manage the organisation to become more sustainable.
Stakeholders can be member or a group of the organization involved in operation with benefit outcome and ownership and rights in a corporation.
Stakeholders of corporations
Stakeholders theory is conceptual framework of organisation management through addressed morals and ethical values in the management of organisations or a business
Stakeholders Management is a process of monitoring and improving relationship with the stakeholders also working on a management planning to create and starting a project.
Stakeholder engagement is a process where stakeholders are involved in activities, products or services of the organisation also organisation have many levels of involvement and each stakeholder is differently affected of those activities.
The relation of Accountability in sustainability accounting and reporting, accountability is concept of responsibility by organisations for decisions and actions undertaken with providing reports those are provided by the corporations and received by the stakeholders also important for the societal corporation to be accountable in relation to environmental and society issues.
The AA 1000 are principals and standards where every organisation follows those rules for assessing quality of an organisations social environmental and economic reporting.
Theory of sustainability accounting there are three theories Managerialist defined as looking at the organisation behaviour from the managers point of view.
Critical theory provides theoretical critical approach of the stakeholder accountability to CSR and SEA.
Middle of the road theory approach list between the two above mentioned theorise with discussions what should be changed and work on.
Historical trends in CSR
The roots of concept of CSR have a long history which indicate that business people have paid attention to the concerns of society.
The very first book published in 1953 by Howard Bowen dealt directly with the concept of Social Responsibility
Social Accounting movements 1970 based on corporation in society and environmental awareness
Environmental Accounting 1990 applying environmental accounting methods and techniques.
Sustainability accounting triple bottom line 1990s measures the concept of sustainability performance.
Increasing reporting social, environmental and social media reports of social media
Climate change and carbon
Global/ local issues
External social audit
CSR in Australian mineral industry
Corporate sustainability reporting becoming a part of mining businesses issuing reports, stakeholders have kept increasing pressure on the mining industry regarding accountability and social and, environmental responsibility.
Sustainability reports involve all the organisations and companies to demonstrate corporate responsibility through publishing reports of their social, economic and environmental impact and performance delivered via companies annual reports.
Benefits of Sustainability reporting
Reports help companies and organisation to keep track the sustainability performance and accountability (Burritt, et al, 2011). The process of reporting defines long-term vision and awareness of sustainability performance also operational and management improvements, control of environmental disclosure and gain stakeholder confidence.
UNEP five stage of reporting stages
Green glossies newsletters
Annual reports linked to environmental system
Corporate and side reports
Reports of environmental economic and social aspects
The global reporting inactive current priorities
Provides framework of sustainability reporting and the topics are climate change, human rights sustainability guideline and integrated reporting.
Internal organisational context and environmental management
Identifying the internal factors together with corporate characteristic explain the complexity of the social and sustainability reporting and need to be considered in the processes are
Corporate social reporting committee
Corporate governance producers
Environmental management system is system designed to help and organise the improvement of environmental performance caused by their activities, services and products most common environmental standards ISO 14001, AA1000 and EMAS.
EMA represent transactions of data to manage and support organisation their sustainability performance
Compliance, Eco efficiency and strategic position
Carbon management Accounting
The purpose is to measure, monitor and report an organisation green house emission there are carbon reduction methods as reducing electricity usage.
It represents organisational performance on the basis of financial and information regarding value creation. This way of reporting helps companies in many ways for example improved relationships between the organization and employees, stakeholders and investors are encouraged.
International Integrated Reporting Committee (IIRC)
In August 2010 IIRC was formed and was designed to improve and consolidate existing reports providing the important information needed and help business to take more sustainable decision and provides what really organisation is performing all information are useful for the investors and the stakeholders.
Why integrated reporting
The aim is to improve the quality of the information to gain trust of stakeholders. Furthermore, integrated reporting gives better understanding of current and future challenges to create value of long term helping the companies themselves also the stakeholders and investors.
Principals of integrated reporting
Strategic and future operations
Connectivity of information
Corporate Social Responsibility or corporations have degree of responsibility for the economic, social and economic activities also considers that corporate social responsibility is an evolving business practice that develop sustainability into companies business model. Those developments have positive impact on social, environmental and economic factors. The organization should work on reducing operational effect on things such as the external environment. This way profit will also be maximised with no harmful effect to the external environment. A corporation can be defined as a legal entity under state law with a separate entity from its owners the shareholders. The advantage of this type of business is that capital can be source using shares. This also has higher level of accountability in terms its effects on the external environment. Whereas, they incur higher taxes and its creation takes time and money. Other than all this a corporation should implement the concept of sustainability and accountability in its operation. Other than the shareholders, stakeholders are another integral part of a corporation. They are directly affected by the operations of a corporation. They range from employees to the government with a wide variety of people in between. Stake holder engagement, Stakeholder management are all processes that stress on the importance of stakeholders in a corporation. These two processes stem from the stakeholder theory given by Edward Freeman, which emphasizes on moral and ethical values for a corporations. Accountability is a concept that has immense importance in sustainability, accounting and reporting as requires corporations to take responsibility of the actions and consequences the corporation undertakes. This should be done in the form of a report under the AA 1000 principals, which should be given to stakeholders. This way they can be held accountable for the environmental and social issues caused by the actions of the corporations. The implementation of these policies will able to assess the quality of reporting. Corporate social responsibility has had a long history and has been implemented into the workings of corporations for a long time. This is visible by the books and movements that had that had occurred in the 1900s. Currently, CSR is very popular and is implemented widely to report on issues that affect the internal and external environment of a corporation. Furthermore, CSR has seen a further rise in the mining industry of Australia. This helps in increasing accountability and responsibility of corporations. In order to demonstrate corporate responsibility, sustainability reporting is used. This involves organisational company reports. Sustainability reporting help in tracking the progress of sustainability and accounting in the corporations actions by defining long term vision and awareness. The UNEP has given five stages of reporting that are imperative for sustainability reporting in promoting accountability. Furthermore, the global reporting provides framework for sustainability reporting on topics such as climate change, human rights, integrated reporting and sustainability guidelines. The identification of the internal factors in congruence with the corporate characteristic is imperative for sustainability reporting. Furthermore, environment management system helps in improving environment effects of the corporations actions under multiple standards. Moreover, it helps in managing and supporting organisations with their sustainability performance and its use involves compliance, Eco-efficiency and strategic position. Furthermore, another part of EMA is carbon management accounting, which helps in measurement of greenhouse emissions by corporations. Finally, through integrated reporting the performance evaluation of a corporation occurs in context of both financial and value creation. This is helpful for corporations in multiple ways. In order to implement this IIRC was established, which helps in promoting sustainable decision making. Furthermore, integrated reporting improves the trust of the stakeholder by providing quality information. Also, through integrated reporting a corporation can have a better understanding of the current and future challenges it will and is facing in terms of value creation.
Burritt, R. L., Schaltegger, S., Zvezdov, D. (2011). Carbon management accounting explaining practice in leading German companies.Australian Accounting Review,21(1), 80-98.
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