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Social responsibility of business and corporate governance
Social corporate responsibility
Social corporate responsibility
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Introduction Definition “An integrated report is a concise communication about how an organization’s strategy, governance, performance and prospects, in the context of its external environment, lead to the creation of value over the short, medium and long term.” (International Integrated Reporting Framework p7) Why IR? It outlines the interconnection of a company’s financial and non-financial elements and aims to combine them and show value creation and maintenance. It identifies resources and their effective and responsible usage. It intends to create a dialogue between the shareholders and other stakeholders and provides them with detailed information. The main idea of integrated reporting is to create one concise, consistent …show more content…
Amcor and Integrated Reporting Although in two reports, an annual report highlighting the financial aspects of the company and a GRI based sustainable report highlighting the socio-economic and cultural aspects, Amcor has satisfied most of the key content elements of an integrated report. They will be discussed in comparison to IR standards of reporting across various categories such as Organizational Overview, Governance, Business Model, Risks and Opportunities, Strategy and Resource Allocation, Performance, Outlook and Basis of Presentation. How Amcor meets IR standards Organizational Overview In the financial report, Amcor has defined the company. It shows that the company is a packaging company, its spread globally and what it does – convert raw materials into products meant for packaging. It then goes on to define its strategy which is to focus on sustainable success in packaging and strengthen its position in the chosen market segments. It also shows sales per group and region as a company, then individual sales per region for each group – Flexibles and Rigid …show more content…
It talks about the extensive global footprint of the company in the emerging markets and about how Flexibles Americas and The Diversified Products businesses are valued in the market. Acquisitions for value creation are to expanding market footprint, improve industry structure, add new technology and lower operating costs and accelerate growth are discussed. Amcor’s acquisitions are Nampak, Souza Cruz, Deluxe Packages, Alusa, Encon and Plastic Moulders. A shareholder value creation model, note on dividends and capital management are also included to encourage dialogue with shareholders. Basis of Presentation Although not particularly in an integrated format, Amcor’s reports have extensive detail to the core content elements of i0ntegrated reporting. Through two reports, they address the six capitals of Integrated reporting which are Financial, Manufactured, Intellectual, Human, Social Relationship and Environmental Capitals.
I will talk about functional areas of M&S and KFH. through Comparison and contrast of how they contribute and operate their functions, as will as the structures, also my task is, to evaluate the benefit and disadvantages of their functions, finally, try to explain my opinion about how well the two companies run there business.
The annual report or 10-K of a company is a useful source of information for many agents outside of the corporation. Shareholder’s can view the contents of an annual report to get a more comprehensive idea of what the company is built upon. Additionally, annual reports show a company’s progress over the past financial periods and give a detailed breakdown of company investing and operations. The 10-K and all related documents are easily accessible on a company’s website for the public to view. i
An important part of financial planning for corporations is the annual report. Publically held companies are required to submit an annual report to the SEC and private companies, even though not required, can use an annual report to gauge the performance of the company for the past year and use the report to plan for the future. The financial statements that make up an annual report are the income statement, the balance sheet, and the statement of cash flows. (Melicher, 2014) Once all of the financial information has been compiled and the three statements that make up the annual report have been completed a corporation can then start to analyze the data. There are several different categories of financial ratios
Management Accounting emphasizes on supporting managers of a company in their aim to improve both shareholder and customer value (Mongiello, 2015). In any case, companies are progressively recognizing the wider information needs of a broader array of stakeholders. For example, a triple bottom line reporting technique is being used by many Australian companies to communicate the social, economic and environmental aspects of their activities to the shareholders. A lot of information is required by companies to implement environmental management. Triple bottom line reporting takes 3 aspects into consideration when evaluating performance; Financial, Social and Environmental. The Triple bottom line reporting caters to many stakeholder
This report is based on Balanced Scorecard concepts, below there is the information about Mosaic Canada Inc, mentioning the three aspects remaining, which are: Customer, Business Processes and Learning and Growth.
Gather and report all data required for internalization reporting as well and external, in accordance with the requirements and data definitions;
The report will give an overview of each company, an explanation of what type of companies we are analyzing, the purpose of each company in terms of its goals and objectives, the products and services each company produces, and what future prospects we see these companies having. The reader should gain an understanding of each company as well. We also analyze the type of industry these companies are competing in. This will help us understand where each company fits in the marketplace. This is important because it places the two companies into a broader picture. The most important part of the financial report is the financial statement analysis. In this, the annual report of each company was analyzed. It studies the firms’ past earnings to understand their operating performances. It also forecasts future profitability and risk (short-term and long term). The financial statements give information on how these risks affect expected return. In the end, the reader will have an understanding of the two companies, the industry in which they operate, its financial standing in the past and present, and future profitability.
In conclusion, a company’s financial statements regarding its financial position are critical to all concerned. First and foremost, these financial statements provide critical tools for companies to make decisions to improve its share value in the global market of fierce competition. Secondly, they provide accountability to shareholders and stakeholders in the company providing better stability in its business practices and requirements regarding the Securities Exchange Commission (SEC) and General Accepted Accounting Principles (GAAP). Lastly, financial statements paint a picture that gives a measurable to the success of a dream once birthed long ago by an entrepreneur to get an idea to the marketplace with great expectations of striking it rich.
Williams, L. (2008). The mission statement: A corporate reporting tool with a past, present, and future. Journal of Business Communication, 45(2), 94-119. DOI: 10.1177/0021943607313989
Financial Statements In this paper, the three major types of financial statements will be discussed. The three major types of financial statements are income statement, balance sheet, and cash flow statements. It will also talk about owners’ equity. The paper will also touch on some key points in each of the three types of financial statements and owners’ equity.
One may be forced to ask if the adoption of a uniform global financial reporting framework (IFRS) would enhance financial performance. Theoretically, IFRS can help to promote excellent firm performance. However, there is as yet no robust empirical evidence that this causal relationship is quantitatively significant. Performance simply means any recognized accomplishment or the achievement of set goals. (IRONKWE, Uwaoma) A company that is performing well is one that is successfully achieving its goals and is efficiently executing suitable strategies. (Nsijilem, S.C, 2015)
The globalization of business has resulted in the need for compatible accounting standards that can be used internationally for financial reporting. As a result, the International Financial Reporting Standards (IFRS) were developed by the International Accounting Standards Board (IASB) to unify the various financial reporting methods and create a single accounting standard which can be applied to any financial statement worldwide (Byatt). The global standardization of financial reporting will increase the readability and enhance comparability of globally traded companies’ financial statements, without the need of conversion or translation. There are a few main differences between the International Financial Reporting Standards (IFRS) and the U.S. Generally Accepted Accounting Principles (U.S GAAP). The increasing recognition and acceptance of the International Financial Reporting Standards by accounting professionals in the United States, will affect the way in which the U.S will record financial statements in the future.
A successful organization recognizes its need to adapt changes to survive global competition. Locally and around the globe, mergers and acquisitions are becoming more common between companies. Mergers occur when two or more companies combine their operations and participate as equal partners in order to achieve strategic and business objectives (Sudarsanam, 2003). Sudarsanam, S 2003, Creating Value from Mergers and Acquisitions The Challenges An Integrated and International Perspective, Harlow FT Prentice Hall. An acquisition occurs when a company takes over a smaller company and gets control to determine how combined operations will be managed (Shook & Roth, 2010). Shook, L V & Roth,
There are different understandings of financial reporting. In general terms, we can equate it to reporting of “external accounting”; which indicates an accounting that disseminates through internal business management to owner or broader stakeholder. From mainstream economist point of view, financial accounting can also be described as information that guides economic decisions. For information specifically in financial accounting, the approaching of perfect information is often taken as desired. More transparent information often leads to improved economic decisions. However, more transparent information means the more cost associated with providing the information.
Businesses are continuing to grow; creating innovative products, developing efficient and effective processes, and targeting different markets. With this kind of progress, the demand for such products persistently grows. As the demand for these products grow, the supply of the resources that are used for the production of these items are now gradually depleting, hence, the debate between businesses and society as to the insufficiency of business accountability especially for companies engaged in businesses that feed of off natural resources. Due to this pressure on the businesses, reports have gone from only recording those that are measurable and quantifiable and that are required under the law or by accounting standards to providing