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Accounting
Question a) Discuss similarities and differences in disclosure of social responsibility. In the
last few decades the main goal of the companies was to make a profit. However, today the
situation is changing. Today companies have not only commercial responsibilities such as
running a business successfully, generating profits and satisfying shareholders needs but
also social responsibilities such as protecting the environment and looking after
employees. Social responsibility can be defined as a company that does not pollute the
environment, does not produce unsafe products and provides a healthy and safe workplace,
therefore, be classified as social responsible (Henderson, Peirson 2002, p.30.1). There are
three companies such as Australia and New Zealand Banking Group Ltd (ANZ), Westpac
Banking Corporation and National Australia has been chosen for discussion of how
corporation disclose social responsibilities. All these companies are in banking industry.
The internet source was used for gathering such information which can be found on
www.library.cqu.au/faculty/business/companyinfo.htm . Also examples of disclosures can
be found in appendix 1.Comparing annual reports of these three companies there are some
similarities and differences in disclosure of social responsibilities. Companies using
inventory approach, which is most prevalent approach to reporting a company social and
environmental activities (Henderson ET al.2002, p.928). The similarities are all three
companies have disclosed environment information and achievements such as energy,
waste and paper. Firstly consider ANZ, the aim of the company is to achieve long-term
shareholder value by focusing on the market potential for sustainability products and
services. Moreover in June 2002, ANZ established Wind Power Investment Trust to
