Context of Sustainability Accounting and Reporting †Free Samples

Question: Discuss about the Sustainability Accounting and Reporting. Answer: In this reflective writing task, I would explain and discuss the concepts, applications, areas, and principles in the context of Sustainability Accountability Reporting that have studied by me during the classroom session. Throughout this subject, it is learned by me that, any business firms must consider sustainability accounting practices to attained core and strategic organizational objectives (Donaldson Preston, 1995). Moreover, it is also learned that, Suitability accounting reporting is only improve organizational productivity and profitability but also helps the business firms in achieving the competitive advantages and enhancing the brand loyalty and reputation. This subject is also helped me to understand the roles and significance of sustainability accounting in stakeholder engagement. For case, sustainability accounting provides strategic direction to the stakeholder of the company in understanding the core values, tangible and intangible assets of a company (Lodhia, 20 13). Additionally, it is also erudite by me that, sustainability reporting is allows the companies to create, develop and implement long term financial and business plans. But, poor sustainability reporting can damage the reputation of a company directly or indirectly. Moreover, this subject is also improved my knowledge about the major risk and opportunities linked with the suitability accounting. At the time of classroom secession, it is also learned that, with the help of suitability, how a particular company or firm could bring innovation and change within the organizations through the sustainable development (De Villiers, Rinaldi, and Unerman, 2014). Furthermore, this subject is also enhanced my knowledge with regards to the sustainability reporting. For instance, initially, I thought, sustainability reporting is just only a business practices related to accounting (Mitchell, Agle, Wood, 1997). But, after studying this subject, I came to know that, sustainability is play a fundament al role in developing the relationships of the organizations with the stakeholders, societies and customers. In the same way, sustainability reporting is an essential instrument for a company to compete in the market and attain competitive advantages (Bebbington, Higgins, and Frame, 2009). Along with this, it is also studied that, sustainability reporting is bring innovation, accountability, flexibility, reliability within the company. So, business firms should focus on sustainability reporting. Moreover, before studying this subject, I was not familiar about the key functions and roles of sustainability reporting and accounting (Rinaldi, Unerman, and Tilt, 2014). But, after studying this subject, it is acknowledged by me that, sustainability reporting and accounting assume a wide range of specific roles in determining the success of a company. For example, it is learned by me that, sustainability reporting reduce overhead costs, compliance costs, build trust, improve current business functions operations (Hopwood, 2009). For example, through sustainability reporting, a company could be able to create long term business strategies and attain organizational strategic vision and mission. In addition to this, it is also studied by me that, with the help of sustainability , business firms are able to overcome and handle various complicated business challenges and issues. It is because sustainability reporting is plays a major role in enhancing the decision making ability of business managers, top management and employees (Hopwood, 2009). On the other hand, it is also studied by me that, sustainability reporting is allows all the companies to effectively utilize the available resources and create better reputation. For case, sustainability reporting is essential and more significant for the companies to enhance their efficiency and waste reduction (Lodhia, 2007). Along with this, it is also studied by me that, by applying the concepts of sustainability reporting within business strategies and process, a company could reduce several future challenges and cots. Finally, it can be said that, all the concepts learnt by me during this coursework increased my understanding about the sustainability reporting and accounting (Deegan, and Bloomquist, 2006). References Bebbington, J., Higgins, C., and Frame, B, 2009, Initiating sustainable development reporting: Evidence from New Zealand. Accounting, Auditing and Accountability Journal, 22(4), pp. 588 25. Deegan, C., and Bloomquist, C., 2006, Stakeholder Influence on Corporate Reporting: An Exploration of the interaction between WWF-Australia and the Australian Minerals Industry. Accounting, Organizations and Society, 31(4), pp. 343-372. De Villiers, C., Rinaldi, l., and Unerman, J., 2014, Integrated Reporting: Insights, gaps and an Agenda for future research. Accounting, Auditing Accountability Journal, 27(7), pp. 1042 1067. Donaldson, T Preston, LE 1995, The stakeholder theory of the corporation: concepts, evidence, and implications, Academy of Management Review, vol. 20, no. 1, pp. 65-91. Hopwood, A 2009, Accounting and the Environment, Accounting, Organizations and Society, vol. 34, no. 3-4, pp. 433-439. Hopwood, A., 2009, Accounting and the Environment. Accounting, Organizations and Society, 34(3-4), pp. 433-439. Lodhia, S 2013, Sustainability Accounting and Reporting: An Overview, Contemporary Developments and Research Possibilities, in G Wells (ed), Sustainable Business: Theory and Practice of Business under Sustainability Principles, Edward Elgar, United Kingdom, pp. 73-86 Lodhia, S 2007, Corporations and the environment: Australian Evidence, International Journal of Environmental, Cultural, Economic and Social Sustainability, vol. 3, no. 3, pp. 183-193. Mitchell, RK., Agle, BR., Wood, DJ 1997, Towards a theory of stakeholder identification and salience: defining the principle of who and what counts, Academy of Management Review, vol. 22, no. 4, pp. 853-886. Rinaldi, L., Unerman, J. Tilt, C. 2014, The role of stakeholder engagement and dialogue within the sustainability accounting and reporting process', in J Beggington, J Unerman B ODwyer (eds), Sustainability accounting and accountability, 2nd edn, Routledge, New York, pp. 86-107.