Contemporary Accounting Theory-

This assignment aims at assisting students to learn and develop the following key skills:

Researching
Reviewing literature
Critical analysis and evaluation
Communication

This assessment assesses the following learning outcomes as identified in the Course Profile for ACCT20074:

-Identify critical issues in the accounting and accounting theory.
-Explain the financial reporting environment especially with respect to corporate social reporting.
-Critically assess the reporting practices of the two case companies.

Assignment background

Environmental (Social) and sustainability reporting (CSR) is now a major issue around the world. There are even global guidelines for sustainability reporting (the Global Reporting Initiative-GRI). However, CSR reporting is still un voluntary choice of an individual reporting therefore there is considerable variation in information reported by different companies. This has undermined the consistency and comparability of information disclosed by various companies making interested users to difficult assess the their social and environmental performance.

Please complete the following tasks:

Task 1

Provide a report summarising the purpose of Corporate Sustainability Reporting (CSR) by referring to the Global Reporting Initiatives' (GRI) Sustainability Framework (G3.1).

Task 2

Identify two ASX Top-500 companies multinational companies (available at http://www.slideshare.net/sharetrading/list-of-top-500-australian-companies) and compare their reporting on economic, environmental and social aspects in their annual reports and standalone sustainability reports for the reporting year ending 2014.

Task 3

Discuss how the two companies (discussed in Task 2 above) managed 'legitimacy' through reporting (i.e. CSR information disclosure) from the perspectives of systems oriented theories.