BUSN7005 Contemporary Issues in Accounting Assignment

Groups are to research the current state of Sustainability Reporting. As a result of their research groups need to develop a video presentation detailing the current state of sustainability reporting including the issues, practices, etc using higher order analysis and explaining the implications for various stakeholders in relation to financial decision making. The video presentation should conclude with supported specific recommendations as to how organisations and their accounting advisors should proceed in light of the analysis.

Research Students need to support their analysis with reference from the text and requirements: minimum of ten (10) suitable, reliable, current and academically acceptable sources – check with your tutor if unsure of the validity of sources. Groups seeking Credit or above grades should support their analysis with increased number of reference sources comparable to the grade they are seeking.

Answer:

Introduction:

The sustainable world economy can be attained by the organization by maintaining proper sustainability reporting and in the businesses of the 21^st century; it has become a customary practice. The process of sustainability reporting can enhance the overall accountability of business procedure. This will help in development of trust and enables the value sharing process and this can be lead to development of organized community. Furthermore, the sustainability accounting reporting also illuminates accounting standard that helps in the explanation of sustainability reporting directives. In the report, the selected organization for the analysis of sustainability reporting accounting is the Wesfarmers limited. Sustainability reporting of Wesfarmers has been evaluated in relation to the identified sustainability issues, practices and explanation of implication of various stakeholders concerning financial decision-making (Bebbington and Larrinaga 2014).

Discussion:

Sustainability recording in itself helps in bringing rough draft specific doctrines of corporation along with morals and values. Sustainability announcement can be perceived as a development of distributing important info that can help clients to estimate environmental, financial in aggregation with social value of a business e

ntity. Sustainability at Wesfarmers is about understanding and managing the impact of their operation of environment and community and this will leads to creation of value in future.

Current state of sustainability reporting:

The sustainability report of Wesfarmers limited give the summary of activities and sustainability operations. All the operations are covered in the report and the disclosure extends to supply chain. Report has been prepared in accordance with guideline of Global Reporting initiatives and the impact of operations of organization against the core elements of guideline such as environmental, economic and social performance have been described. The approach of Wesfarmers limited is to align the principles of GRI for informing the sustainability content, completeness, materiality and report content (Chen et al. 2013 ). A broad sustainability agenda is presented in the Sustainability development goals that has been focused on fighting inequality, ending poverty, responding to climatic change and injustice. The materiality process guides the content of this report and the significant environmental and social impact of organization are reflected in the materiality issues. Such issues affects the decision of stakeholders and their assessment by influencing them. Wesfarmers limited conducts a material assessment that involve consultation of various external and internal stakeholders. The assessment leads to capturing of emerging issues and prioritizing of topics related to them (DesJardins and McCall 2014).

Issues in the current state of sustainability reporting:

The Wesfarmers administration in addition with their environmental influence is committed to proactively handle entire community. There are ten significant notion that are mandatorily followed by Wesfarmers limited business concern. Such notions are related to materiality aspects and diverse sustainability issues. It has been replicated by business concern about the evaluation of sustainability declarations that there are nevertheless space for augmentation for safety performance in addition to safety ingenuities (Henderson et al. 2015). This can be explained with an instance that the introduction of nurse on call injury case for team members and jointly addressing the safety issues by commencing work with providers of transport.

Business have some ethical sourcing issues that are proactively addressed with the help of range of actions. Actions comprise of providing factory education to suppliers through seminars, workshops and training. Such issues are also addressed by engagement with non-governmental organizations, undertaking research and supporting industry initiatives.

Under the Australian Consumer law, the products supplied must be safe and meet consumer guarantees. Organization complies with the required standards and safety testing and divisions implement products recalls when there are safety issues. Factory fix the issues relating to any non-compliance. In the event of any critical breaches, they are required to be addressed immediately and satisfactorily. Such issues are addressed by way of organization’s audit process and this aim at improving the working condition of workers. For the intensification of performance of jobs and growth in career, Wesfarmers Corporation management essentially delivers diverse opportunities. The constructive contribution of the organization towards society and their functioning along with providing safer products to consumers are consistent with Australian Consumers laws (Sustainability.wesfarmers.com.au 2017).

Managing usage of water is not considered as material issue for Wesfarmers limited and each division of material issue are not required to record the usage or better focusing in the sustainability efforts. Organization has witnessed a reduction in the usage of water through a number of measures and this involves regular reporting for increasing the water management visibility, increasing acquaintance with the water campaign and accurate municipal water metering (Weiss 2014).

The aim of Wesfarmer is to carry out the operation of their business in accordance with the environmental and community impact principles. Principles are related to main areas of sourcing, people, community, environment and governance. Through the materiality process, organization makes the review of which issues are relevant for stakeholders. Wesfarmers strive to address such issues and disclose them in the sustainability reporting. Wefarmers manage the sustainability issues at the divisional level and the Board oversees it through regular reporting. In relation to some sustainability issues, each division set the internal targets and sustainability risks are addressed and identified by annual risk process (Macve 2015). The priority issues of organization relates to climate change resilience and ethical sourcing.

Implication of various stakeholders in relation to financial decision making of company:

Stakeholders of Wesfarmers limited are listened on regular basis for understanding their expectations and the way they are changing. There are variety of ways by which interest of wide cross-section of stakeholders are considered. Those ways are determined by the potential or actual impact of the business on their interest. Stakeholder engagement are conducted as a part of process of preparation of report and this helps in improving the communication on issues relating to sustainability. Wesfarmers management initiated to generate value for different stakeholders and they believe in serving the community in best manner and generation of long-term value. The organization has significant impact of Australian economy with 80% of the shares issued held in and 98% of revenue generated in Australia (Sustainability.wesfarmers.com.au 2017). They have a long-term commitment of making investment in communities’ initiatives that has been linked to economic and social outcomes.

The various stakeholders of the group comprise of shareholders or investors, suppliers, customers, employees and government. Wesfarmers hold a number of investor briefing both domestically and offshore. Feedback arising from these briefings helps in guiding future communication by focusing ion areas that is of most interest to shareholders. Some of the issues relating the financial decision making of the company at these briefings relates to the portfolio management, dividend policies and competitiveness of industries in which they are operating (Malik 2015). They have interest in understanding the approach of organization toward climate change resilience, supplier relationship and ethical sourcing.

Customers have their views directly communicated to the Wesfarmers if they are pleased with any business decisions concerning particular activities. The division of group have close working relationship with suppliers and have the review system for high-risk suppliers. In an attempt for a reduction in the Australian corporate tax rate, Wesfarmers has joined hand with Business Council of Australia. Harper review are supported by Wesfarmers for removing restrictions on treading hours, repeal provisions of price signaling, zoning rules and competition policy in planning (Harris and Roach 2013).

Recommendation:

It has been recognized by Association of Chartered Certified Accountant that sustainability development is critical for business and society. The organization should promote best practice and transparency for realizing the growing importance to sustainability. Organization should make the sustainability reporting by recognizing the interdependence of environmental, economic and social factors. It should also incorporate moral element by focusing on need to consider the impact of their operations on poor people.

Sustainability reporting are faced with a number of challenges comprise of difficulties in projections and estimation, establishment of robust indicators and understanding the various links. Accountants does not need to shy away from the challenges that sustainability report presents and such challenges should be used as opportunities for developing the strength of profession (Francis et al. 2013).

There is a need to consider the existing framework element contributing to sustainability along with their interaction and incorporation. Future needs of sustainability reporting should be accommodated by adapting to programs and training support. The indicators across the domain for sustainability reporting should be flexible enough so that they can be adopted over time and reflect different priorities. A wholesale approach to sustainability reporting are considered to be adopted by organization such as Wesfarmers limited (com 2017).

Conclusion:

From the above discussion and analysis of sustainability reporting of organization selected, it can be concluded that exercising of sustainability reporting helps in effectively functioning, creation of transparency, specification of health of overall economic in relation to business and driving the corporation advancement towards sustainability. The thorough expression of sustainability reporting of Wesfarmers Limited, issues in the reporting in concurrence with several important notions are fully illustrated in the report. Moreover, the report also presented the stakeholders implication in relation to financial decision-making.

Reference:

Accaglobal.com. (2017). [online] Available at: https://www.accaglobal.com/content/dam/acca/global/PDF-technical/sustainability-reporting/tech-tp-srm.pdf [Accessed 21 May 2017].

Bebbington, J. and Larrinaga, C., 2014. Accounting and sustainable development: An exploration. Accounting, Organizations and Society, 39(6), pp.395-413.

Chen, L.H., Folsom, D.M., Paek, W. and Sami, H., 2013. Accounting conservatism, earnings persistence, and pricing multiples on earnings. Accounting Horizons, 28(2), pp.233-260.

DesJardins, J.R. and McCall, J.J., 2014. Contemporary issues in business ethics. Cengage Learning.

Francis, B., Hasan, I. and Wu, Q., 2013. The benefits of conservative accounting to shareholders: Evidence from the financial crisis. Accounting Horizons, 27(2), pp.319-346.

Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.

Harris, J.M. and Roach, B., 2013. Environmental and natural resource economics: A contemporary approach. ME Sharpe.

Henderson, S., Peirson, G., Herbohn, K. and Howieson, B., 2015. Issues in financial accounting. Pearson Higher Education AU.

Macve, R., 2015. A Conceptual Framework for Financial Accounting and Reporting: Vision, Tool, Or Threat?. Routledge.

Malik, M., 2015. Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127(2), pp.419-438.

Sustainability.wesfarmers.com.au. (2017). [online] Available at: https://sustainability.wesfarmers.com.au/media/1582/2015-sustainability-overview.pdf [Accessed 21 May 2017].

Weiss, J.W., 2014. Business ethics: A stakeholder and issues management approach. Berrett-Koehler Publishers.

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