| Subject Code : | ACC2350 | Country : | Australia |
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Assignment Task:
The purpose of this assignment is for you to explore entity initiatives in sustainability and how these have impacted their costs (if available) or you may wish to focus on the reporting in sustainability reports. The Assignment involves entity engagement in sustainability. Many entities have, in addition to their primary profit objectives, started to look at social and environmental objectives. Their sustainability initiatives try to minimize the negative impact on the environment and community at large. The commitment to sustainability varies across countries, industries and companies, and other entities. In addition to the standard financial reports, some entities are producing sustainability reports. Companies arrange for these reports to be “audited” to emphasize the credibility of the reports. The traditional roles of financial and managerial accounting have also expanded in response to the extended objectives of entities, and their financial and management control systems are still evolving. Management accountants play an important role in assisting companies to measure their progress towards their sustainability goals. To date, most of the reporting on sustainability is qualitative descriptions which make it difficult to evaluate the significance of the entity’s initiatives. With their expertise in costing, management accountants can assist in providing ”hard” financial data with regards to costs and benefits. Accountants can assist in the design of data information systems such that good quality information that is relevant and reliable can be produced for decision making and control purposes. They also have expertise in designing key performance indicators that can be used to develop sustainability performance indices.
Sources of information for your assignment may come from:
• Company and other entity annual report and website
• Financial press, including professional journals, magazines, newspapers
• Business magazines
• Textbooks
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