Financial Accounting Theory

NameUniversityCourseSubjectTutorDate Traditionally companies have been only contend with reporting on what is legally required of them i .e financial statements . purlieual and genial reports , which form the core of corporal mixer reporting have less prominently in the troupe s annual reportThis ignore however , changed in the 1990s where many companies started to incorporate corporate social reports in their annual reports Environmental and social 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 fact that they made company reports to the sh areholders and not to the s reserveholders . Shareholders are the owners of the company while stakeholders 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 raze government . Under CSR companies are basically concerned with the head being of the alliance 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 hump is the environmental reporting . Environmental conservation and preservation is the spill of the world today . Terms like going green carbon footprints etc are common . Concerns about environment degradation , green kinsperson gas emissions and the use of renewable energy pose a great challenge to many a companyMany companies have commit themselves to promoting sustainable evolution . These companies have signed sustainable development chartersEnvironmental reporting has been the one feature of CSR that companies were concerned with , although this seems to have spread 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 society in general i .e . the economic social and environmental successIn the Triple Bottom Line approach , companies extend their reporting obligation beyond the conventional 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 aspect of TBL includes the consideration of the interest of the employees , customers , suppliers and the community as a whole . It basically involves promoting modal(a) heap practices through sufficient 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 support the suppliers e .g . the company may bear on the use of environmentally friendly inputs and ensure that they get fair price for their produce (Norman , W Mac Donald , C April 2004The...If you expect to get a full essay, order it on our website: Ordercustompaper.com

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