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 fix the core of corporeal accessible reporting feature little prominently in the friendship s annual reportThis social tendency however , transmuted in the 1990s where many companies started to incorporate corporate social reports in their annual reports Environmental and social reports started to injure a common feature in the accompany reportsOne of the of effect reasons why companies never bothered to report on their socioeconomic engagements is the fact that they made company reports to the sh arholders and not to the s upshotholders . Shareholders are the owners of the company while stakeholders are the part ies that are change by the actions of the companyCorporate social responsibility is where companies go beyond their statutory command and take into consideration the welfare of the other stakeholders of the company . These stakeholders allow employees customers , shareholders , suppliers and even government . Under CSR companies are basically bear on with the rise up being of the residential area as well as its employees . Environment conservation and sustainability is also part of the CSR (Josephine 2005The oneness part of the CSR that has gained puffiness is the environmental reporting . Environmental conservation and preservation is the conference of the world today . Terms alike going green carbon footprints etc are common . Concerns about environment debasement , green provide gas emissions and the use of renewable muscle pose a great challenge to many a companyMany companies have perpetrate themselves to promoting sustainable development . These companie s have write sustainable development charte! rsEnvironmental reporting has been the one feature of CSR that companies were touch on with , although this seems to have spread out .

Triple tail assembly product line 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 cognitive process apart from the statutory reporting environments . TBL is largely concerned with the sum of money of the development of the company and the society in general i .e . the economic social and environmental successIn the Triple Bottom com munication channel approach , companies extend their reporting obligation beyond the handed-down shareholder . The interest extends beyond the shareholders to cover all the stakeholders unnatural by the actions of the companyTriple Bottom line explainedAs seen earlier ,TBL encompass community , 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 potbelly stove as a whole . It basically involves promoting attractive change over practices through sufficient salaries to its workers , avoiding the use of child dig out , community participation through contributions to schools , health care , piddle etc . The company may also take a set apart of its profits back to support the suppliers e .g . the company may assist the use of environmentally friendly inputs and ensure that they demand 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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