Light House PLC- Sustainability Reporting Practice

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LIGHT HOUSE PLC

SUSTAINABILITY REPORTING PRACTICE

In Sri Lanka Global Reporting Initiative’s (GRI) Guidelines on Sustainability Reporting, is considered as the best practice for corporate sustainability reporting. However very few companies in Sri Lanka follow these (GRI) guidelines and their reports are prepared with the minimum application level of the (GRI) guidelines. On the other hand many of the companies only made disclosures relating to sustainability reporting practices in their annual reports in which their social and environmental impacts are included. These disclosure forms an expectation gap as to the information needs of stakeholders on sustainability reporting and the information disclosed in the annual reports of companies. (S. Senaratne, 2009)

The Lighthouse PLC, rather of presenting an individual sustainability report has shown their sustainability position in the annual report under the head of Management Discussion and Analysis. A kind of disclosure is being used in the annual report as a sustainability reporting practice. However the disclosure is very much in detailed and contains all the information needed by the stakeholders on the sustainability of Lighthouse PLC. (PLC, 2013, pp. 23-33) The disclosure contains the environmental and social impacts on the business, the projects undertaken to improve sustainability, management procedure and controls, conservation practices and methods and other related information. The information is represented in under different headings which has made easy for the users to find out their relevant material on the report. however all the GRI guidelines were not followed by the Lighthouse PLC but the overall reporting document is much detailed and comprehensive.

ACCOUNT...

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...s must be started by the new subsidiary. (PLC, 2013, pp. 23-33) As these factors reflect towards the legitimacy theory therefore public disclosures, social responsibility reports and highlights in the financial statements should be provided in the reporting practice for sustainability.

Bibliography

Gaffikin, M., & Aitken, M. (2014). The Development of Accounting Theory. Routledge.

PLC, L. H. (2013). ANNUAL REPORT 2012 - 2013. Dadella, Galle: Smart Media.

S. Senaratne, K. L. (2009). CORPORATE SUSTAINABILITY REPORTING IN SRI LANKA. CORPORATE REPORTING, 30 - 48.

Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2011). Financial Accounting Theory and Analysis. John Wiley and Sons.

Stickney, C., Weil, R., Schipper, K., & Francis, J. (2010). Financial Accounting: An Introduction to Concepts, Methods and Uses. Mason OH: South Western Cengage Learning.

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