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Social responsibility of business and corporate governance
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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.
All financial information and notes are used to asses a company’s health and predict what the coming year may hold. The information found on the financials contains a large amount of information and once one understands how to interpret it then one has a visual of the company’s health.
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
The purpose of this report is to analyze Target Corporation’s financial statements, determine the future growth potential of the company, and make a recommendation for or against the acquisition of the company.
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;
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
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)
Financing activities that track a company’s external activities that help a company raise capital and repay investors, an example of this is cash dividends, issuing more stock or changing loans. It will show investors how strong a company is (Investopedia). There is a lot of basic information in this paper about the financial statements and what they mean, or the information a person can gather from them.
Ÿ Capital structure/investment - This information is taking from the Balance sheet, but also from the Profit and Loss Account. This is examining the sources of finance the company has used and also looking at it as a potential investment opportunity. There are certain features, which must be present if financial information is to meet the needs of the user. The two most important features are that: Ÿ The information should be relevant to those who are using it.
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.
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.
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,
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