Sustainability and Integrated Reporting - A New Approach Essay

Sustainability and Integrated Reporting - A New Approach - Essay Example The benefits and challenges of this reporting is looked into and the need to adopt in corporations. Woolworth, a categorical large corporation is analysed in regards to the extent it has adopted integrated accounting. Guidelines for integrated reporting are set out globally through various bodies like the International integration reporting committee amongst others. The meaning of sustainability In the business context, sustainability can be defined as an approach that attempts to achieve long-term shareholder value by taking opportunities and managing risks emanating from economic, social and environmental development, but at the same time cutting back sustainability costs and risks (Michalski et al, 2002, 6). To achieve sustainability the business presents itself an opportunity to grow economically while attaining social fairness and environmental protection for its stakeholders. Apparently Woolworth considers sustainability in its business operations. The success of sustainability is high returns to the business and benefits to the community at large. Woolworth is presented with an opportunity to do good to the various stakeholders in turn earn returns on investments made towards sustainability. Woolworth’s policy on the Destination Zero clearly depicts a responsible employer in safety measures. This indicates no harm to people, property and the community. Reduction of potential harm is a social responsibility to Woolworth and thus maintaining the lead in retailing. People and Culture are the two main aspects which give Woolworth a competitive edge. To maintain this, the Retailer has to extend the benefits of social welfare by spending $63 million for staff focused initiatives. This is the key to sustainability in order to maintain satisfied employees to undertake the economic business responsibility. This is the central resource to be mobilized as the driver of sustainability. Corporate stakeholders of Woolworths and Woolworth’s engagement abo ut sustainability issues Community and the customers Plastic bags, GM foods, Responsible sale of alcohol are among the cited examples that Woolworth has had in its target. Recycling of plastic bags was improved through the elimination of the blue plastic bags that were used for bananas. New display methods have allowed them and their supplies to save on costs. This overall helps in creating a safe environment for the community. Responsible food retailer has had its way through educating the community on key issues on genetically modified foods, Foodbank, fresh food kids program etc. Government Compliance with government regulations is seen in aspects of selling alcohol responsibly and responsible serving of gaming. To attain liquor licenses, it had to acquire pubs that engaged in gaming activities. Woolworth has had the responsibility in producing the alcohol range expected before sale. It has encouraged honesty in gambling among its staff. Woolworth has also been working with suppl iers in compliance with organisations ethical supply

IFRS - Exam Assignment Example | Topics and Well Written Essays - 500 words

IFRS - Exam - Assignment Example It is similar to the inventorys lower of cost or market concept in this model, impairment is debited as expense. iii) The revaluation model on the other hand requires that asset is taken at its raised amount which is its fair value at the time of revaluation and then subtract depreciation and impairment of the asset. For instance, if a revaluation results in rise in value of an asset, it should be credited to equity. iv) The identifiability of intangible assets concept requires an intangible asset be taken as a recognizable non-monetary asset that lacks physical substance and has the capacity to bring in economic benefits in the future. For instance, trademarks and copyrights. v) The control of intangible assets requires that the ownerships of intangible assets uses them to reap economic benefits in the future. For instance, copyrights protect original from adaptation without permission. Trademarks on the other hand represent brands which are legally protected. vi) Future economic benefits from intangible assets entails all the advantages accrued to a business due to intangible assets. For instance, copyrights prevent adaptation of original works and compositions to prevent others from benefitting illegally thereby bringing benefits in the