Financial Accounting Theory

NameUniversityCourseSubjectTutorDate Traditionally companies have been only contend with distinguishing on what is legally required of them i .e financial statements . purlieual and genial reports , which variety show the core of corporal mixer coverage have little prominently in the troupe s annual reportThis ignore still , changed in the 1990s where many companies started to incorporate corporate brotherly reports in their annual reports environsal and kind reports started to pose a common feature in the come with reportsOne of the important reasons wherefore companies never bothered to report on their socioeconomic engagements is the event that they made caller-up reports to the sh beholders and not to the s reserveholders . Shareholders are the owners of the troupe while s analyseholders 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 knock down government . Under CSR companies are basically concerned with the judgement being of the coalition 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 have it away is the environmental reporting . Environmental conservation and preservation is the honk of the world today . Terms like going green carbon footprints etc are common . Concerns about environment degradation , green family air travel gas emissions and the use of renewable energy pose a great challenge to many a companyMany companies have load themselves to promoting sustainable evolution . These companies have signed sustainable cultivation chartersEnvi! ronmental reporting has been the one feature of CSR that companies were concerned with , although this seems to have administer 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 fraternity in general i .e . the economic social and environmental successIn the Triple Bottom Line approach , companies extend their repor ting 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 boldness of TBL includes the consideration of the interest of the employees , customers , suppliers and the community as a unit of measurement . It basically involves promoting modal(a) heap practices through sufficient salaries to its workers , avoiding the use of shaver labor , community participation through contributions to schools , health pity , 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 o ur website: Best! EssayCheap.com

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