Contemporary Issues in Accounting for Wesfarmers -myassignmenthelp

Question: Discuss about theContemporary Issues in Accounting for Wesfarmers Limited. Answer: Introduction Wesfarmers Limited was seen to be formed in the year 1914 as one of the Western Australian farmers' cooperative. Since then the company has grown as one of the largest listed companies. The private sector company is seen to be among the largest private sector entity in Australia. The products include retail, coal mining, fertilisers and chemicals (Wesfarmers.com.au. 2017). Woolworths Limited is recognised as one of the major entities in Australia and second largest in terms of the revenue. The supermarket chain is seen to deal in products such as liquor and retailing products (Woolworthsgroup.com.au. 2017). Purpose of the Sustainability Report Wesfarmers Sustainability Report The main purpose of the sustainability reporting has been seen to create long term value creation and contributing to a positive role in the communities. The company has acknowledged that the changing weather volatility, higher temperatures and henceforth established solutions which will be based help the company reduce its own footprint while serving its customers (Wesfarmers.com.au. 2017). Woolworths Limited Woolworth has been seen to be committed contribute to report the sustainability aspects by the initiatives taken with gender, culture and encouraging the diversity in team. It has shown the various initiatives for encouraging women in the workplace and showcasing the efforts taken for indigenous employment (Wow2016cr.qreports.com.au. 2017). Judgement as to the purpose of the Sustainability Report Wesfarmers Sustainability Report The main rationale for the sustainability reporting has been seen with the use of initiatives with has been used to reduce the carbon footprints and various types of the environmental aspects. The rationale of the CSR reporting of the company has been further seen with the reporting elements which are associated to indigenous engagement of the people (Global Reporting Initiative-GRI 2015). Woolworths Limited Thee main aspect of the reporting elements has been further seen to be based on the use of diversity as the main component for CSR recognition. The various types of the other elements of the reporting aspects have been further able to focus on engaging and valuing people (Lhtinen and Myllyviita 2015). Key stakeholders interested in each entity's Sustainability Report Wesfarmers Sustainability Report The ethical sourcing team has been able to include the consideration of regular discussion and stakeholders such as retailers. The main stakeholders have included non-government organisations, third-party audit firms, industry associations and retailers (Legendre and Coderre 2013). Woolworths Limited The stakeholder of the company has been seen with the engagement of communities, shareholders, employees and suppliers. The main involvement is identified with managing the relationships along with the stakeholders to maximise the prosperity without involving in any complexity associated to the corporate responsibilities (GRI 2013). Judgement as to the key stakeholders interested in each entity's Sustainability Report Wesfarmers Sustainability Report The main interest for the engagement of the stakeholders group has been discerned with the programs such as health and safety to focus on the main priority areas. Some of the other aspects of the rationale have been identified with Product safety and quality and the initiatives associated to the ethical sourcing (Global Reporting Initiative 2016). Woolworths Limited The main rationale of the stakeholders engagement in Woolworth Limited has been identified with leveraging the trusted relationships for improving the different aspects of profitability and market performance. Another engagement with the stakeholders group has been further recognised with suppliers who are considered as essential for bringing about success to the goals and objectives of the organization (Global Reporting Initiative 2016). Significant differences between the two Sustainability Reports Wesfarmers Sustainability Report The generic guidelines of the company have been identified to be followed with GRI guidelines under G4-DMA-a. This is mainly associated to the reporting of material aspects. The other initiatives have been taken with G4-EC1. Some of the other GRI reference has been considered with G4-DMA (Product and Services), G4-DMA (Energy), G4-DMA (Emissions), G4-DMA (Overall), G4-EN5, G4-14, G4-EN15, G4-EN16, G4-EN17, G4-EN27, G4-EN31. Some of the other considerations have been implied with G4-DMA (Water) and G4-DMA (Environmental grievance mechanisms)(GRI 2014). Woolworths Limited The important difference has been recognised with the use of G4-1 Statement from the Chairman and CEO, G4-4 Primary brands, products, and/or services, G4-17 Entities included in the organisations consolidated financial statements and various types of the other GRI guidelines under G4. This was not seen to be specified in the sustainability reporting under GRI guidelines (Kajter 2014). Judgement for the significant differences between the two sustainability Reports Wesfarmers Sustainability Report The GRI 4 guidelines have been mainly seen with the application of workplace relations, Wesfarmers Arts, Product safety initiatives, Product safety incidents and recalls. The application of G4-DMA (Product and Services) has been seen to be evident with the application of Potential environmental non-conformances. The application of the G4-DMA (Water) has been seen to be evident with the contaminated sites (Knebel and Seele 2015). GRI Reference: G4-56, G4-DMA (Compliance), G4-SO6 has been seen to be applicable with the Target supplier rebate arrangements investigation. The G4-DMA (Public policy) has been also seen to be applicable with the Target supplier rebate arrangements investigation. The 2016-17 priorities have been identified with the application of G4-DMA (Product and Service Labelling), G4-12, G4- EN33 and G4-PR3 (Solsbach et al. 2014). Woolworths Limited The application of G4-LA16 has been seen to be mainly associated with Grievances about labour practices. The inclusion of G4-LA16 has not been identified with Wesfarmers. Some of the various types of the other consideration for the inclusion of the GRI guidelines has been further seen to be based on the Significant investment agreements that include human rights clauses. The use of G4-PR1 is seen with the significant product categories which health and safety is assessed (Lin, Chang and Chang 2015). The G4-PR2 is seen to be recognised with Non-compliance regarding health and safety impacts of products. The application of G4-PR3 has been discerned in form of Product information and labelling. These aspects has been seen to be absent for the various types of the reporting standards which has been present in case of the Wesfarmers Sustainability Report. The various legislation under the HR GRI guidelines, has not seen to be present in case of Wesfarmers Sustainability Report (Hahn and L lfs 2014). Conclusion Based on the various discernment made in the study, the GRI guidelines should be made mandatory for the sustainability reporting. The widespread concern has been seen to be mandatory for the reporting of the various types of the key aspects of the concerning environmental issues. It has been seen that by the consideration of the various types of the guidelines such as of G4-1 Statement from the Chairman and CEO, G4-4 Primary brands, products, and/or services, G4-17 Entities included in the organisations consolidated financial statements. The consideration of the main aspects of the sustainability reporting for Wesfarmers Limited has been identified with has acknowledgement that the changing weather volatility, higher temperatures and henceforth established solutions which will be based help the company reduce its own footprint while serving its customers. Some of the different considerations for Woolworth Limited has been seen with the acknowledgement of various types of the other elements of the reporting aspects have been further able to focus on engaging and valuing people. List of References Global Reporting Initiative (2016a) Gri 101: foundation 2016 101, GRI Standards. Available at: www.globalreporting.org. Global Reporting Initiative (2016b) Gri 103: management approach 2016 103, GRI Standards. Available at: www.globalreporting.org. Global Reporting Initiative-GRI (2015) About GRI, Global Reporting Initiative. Available at: https://www.globalreporting.org/information/about-gri/Pages/default.aspx. GRI (2013) G4 Sustainability Reporting Guidelines - Part 1: Reporting Principles and Standard Disclosures, Global Reporting Initiative, p. 94. doi: https://www.globalreporting.org/resourcelibrary/G3-Guidelines-Incl-Technical-Protocol.pdf. GRI (2014) GRI G4 guidelines and ISO 26000:2010 - How to use the GRI G4 guidelines and ISO 26000 in conjunction, ISO. Available at: https://www.iso.org/iso/iso-gri-26000_2014-01-28.pdf. Hahn, R. and Llfs, R. (2014) Legitimizing Negative Aspects in GRI-Oriented Sustainability Reporting: A Qualitative Analysis of Corporate Disclosure Strategies, Journal of Business Ethics, 123(3), pp. 401420. doi: 10.1007/s10551-013-1801-4. Kajter, P. (2014) GRI G4 Implementation Manual, WPg, 67(12), pp. 599607. Knebel, S. and Seele, P. (2015) Quo vadis GRI? A (critical) assessment of GRI 3.1 A+ non-financial reports and implications for credibility and standardization, Corporate Communications, 20(2), p. 196. doi: 10.1108/CCIJ-11-2013-0101. Lhtinen, K. and Myllyviita, T. (2015) Cultural sustainability in reference to the global reporting initiative (GRI) guidelines, Journal of Cultural Heritage Management and Sustainable Development, 5(3), pp. 290318. doi: 10.1108/JCHMSD-06-2013-0025. Legendre, S. and Coderre, F. (2013) Determinants of GRI G3 Application Levels: The Case of the Fortune Global 500, Corporate Social Responsibility and Environmental Management, 20(3), pp. 182192. doi: 10.1002/csr.1285. Lin, I. H. H., Chang, O. and Chang, C. A. (2015) Perceptions of gri reporting guidelines, International Journal of Sustainability Policy and Practice, 9(4), pp. 3554. Solsbach, A., Isenmann, R., Gmez, J. M. and Teuteberg, F. (2014) Inter-organisational Sustainability Reporting - A harmonized XRBL approach based on GRI G4 XBRL and further Guidelines, in Proceedings of the 28th International Conference on Informatics for Environmental Protection. Wesfarmers.com.au. (2017). [online] Available at: https://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=4 [Accessed 26 Sep. 2017]. Wesfarmers.com.au. (2017).Our history. [online] Available at: https://www.wesfarmers.com.au/who-we-are/our-history [Accessed 26 Sep. 2017]. Woolworthsgroup.com.au. (2017).About Us - Woolworths Group. [online] Available at: https://www.woolworthsgroup.com.au/page/about-us [Accessed 26 Sep. 2017]. Wow2016cr.qreports.com.au. (2017).Home - Woolworths 2016 Responsibility Report. [online] Available at: https://wow2016cr.qreports.com.au/ [Accessed 26 Sep. 2017].