Corporation and Equity Participation - Free Essay Example

Sample details Pages: 6 Words: 1775 Downloads: 7 Date added: 2017/09/20 Category Business Essay Type Analytical essay Tags: Communication Essay Did you like this example? (a) â€Å"Nemawashi† is an agricultural metaphor. The idea is that before a farmer plants a seed, he should prepare the roots and the soil, so that the seed has the best chance of survival. It is a political process by which an unofficial understanding is reached before a final decision is made on a particular matter. â€Å"Nemawashi† is Bottom-up style decision making (middle management has the greatest influence on decision making). The Japanese are primarily concerned with harmoniously working out problems without causing interpersonal frictions, such nemawashi is employed as simply informal lobbying to gain consensus before action. A complete consensus is essential and this is achieved by using the process of â€Å"ringi†. Everyone stamped his chop on a piece of paper called â€Å"ringsho†, a formal meeting can be called to discuss the issue very formally. No one usually says anything negative at this meeting. Why? , this is largely due to t he extensive preparation involving a lot of meetings before the final meeting. While vertical US system is top-down decision making, downward communication consists primarily of orders for implementation, and upward communication consist of reports on performance and accomplishment. Top management come up with programmed decisions, employees are to follow through. Nemawashi promotes Democracy for lower levels, encourages greater participation, decisions are met with general acceptance and it reinforces harmony within the company. Because an excessive number of meetings are held, involving an excessive number of people, the process is time consuming and can lead to lost business opportunities. Situation: Company worker identified a potential new client. Process: Important account information and an outline of potential benefit from acquiring the client is composed using a ringsho. This is passed to various departments to determine if the potential client matches each department requirement. For example finance/accounting (for credit worthiness), to distribution (for logical support) and to public relations (for appropriateness of associating with the new client) Situation: A decision concerning financial commitment is needed. Process: A ringisho is composed with various financial alternatives. Based upon the financial requirement, the ringsho is circulated to the appropriate managerial levels. For example Chairman, the president, vice president, senior management group and, to divisional managers. The process permits initiative from lower level managers by giving them responsibility for carrying out action. It gives top management control while providing a method for group participation. Drawback may include inadequate overall knowledge of the company by the lower-level manager to make effective decision. The inability to make spontaneous decision can inhibit long-range planning. The organizational culture may compel individual group member to accept t he final decision, even if they disagree. (b) Understanding the difference between the two cultures’ nonverbal communication system is necessary for a successful business transactions. Japanese business meeting etiquette must also be religiously respected. These will go a long way to decrease intercultural communication apprehension on both sides. Several symbols represent words or expressions to the Japanese that must be conveyed verbally in other countries. For Americans or Canadians to be successful with the Japanese, we must learn how to comprehend the significance of important traditions: e. g. Japanese bow, business card exchange, different meaning of eye contact, facial expressions, and typical Japanese body gestures, tactile aspects, and time concepts. Qi Concepts Limited offers cross-cultural communication seminars, one-on one coaching for key executives and business â€Å"hotline† services. At the beginning of the meeting, it is expected that foreigners greet fellow Japanese business people with respect and earnestness. Although the customary greeting in Japan is to bow, some Japanese, especially those with international experience will greet fellow business people with a handshake. If one is greeted with a bow however, they should return the bow, preferably as low as the one they received. How low one bows determines the status of the relationship between the two. Between Japanese, subordinates will bow deeply and their superiors will not to the same extent. Before everyone takes a seat, it is an essential part of Japanese business etiquette to exchange business cards. In Japan, business cards are called ‘meishi’. They are considered not only as serious tools for establishing business contacts, but also as identification of the individual and the company he/she represents. Business cards should be printed with one side in Japanese and one side in the language of the individual’s home country. It is in ones best interest to offer their business card with both hands as this denotes reater respect. Unlike many Western countries where it is acceptable to ‘pocket’ a business card upon receipt, it is considered extremely rude and disrespectful in Japan. In comparison it is expected for the recipient to review and memorize the details printed on the card and then carefully place it in a card holder or pocketbook. As Japanese business meetings are conducted formally, it is unacceptable for members to dress casually. Acceptable attire for men includes conservative suits in a dark color. Women are also expected to dress conservatively and should avoid wearing trousers as Japanese men may take it offensively. In addition both men and women should wear slip on shoes as it is probable that they may frequently have to take off their shoes. The seating arrangement in Japanese business meetings tends to be dependant on the status of the participants; the highest ranking member will be expected to take a seat at the head of the table. The succeeding members of rank will then take their seats starting with the seats closest to the highest ranking member and then gradually move round to the end of the table. At the end of the meeting, one must wait until the highest ranking participant stands before they can. Throughout the business meeting, it is mandatory to behave in the accepted manner. For example, pointing or using large hand gestures should be avoided as it is not usual for Japanese people to gesticulate as they talk and so it may be considered a distraction. In addition, blowing your nose in public is perceived as being disruptive and unhygienic. As a participant, it is also important to look interested for the duration of the business meeting. Consequently, taking notes is highly appreciated. For Japanese business persons, social drinking provides an outlet and is greatly encouraged by the business world. Doing business with the Japanese is a skillfu l art acquired through patience and understanding. One can never hide one’s western culture so attempt to blindly copy Japanese methods are destined to fail. Instead, respect the Japanese system, and business communication is sure to flourish. (c) Representative offices aimed at the collection and provision of information may be freely established without any registration requirements under the Japanese Commercial Code; no notification need be provided to tax offices, as representative offices do not engage in business operations in Japan and hus are not subject to corporate tax. However, representative offices established by foreign banks, insurance companies, securities companies, or other financial institutions are exceptions; prior notification must be provided to the Financial Services Agency for such representative offices (as stipulated in the Banking Law, Securities Exchange Law and other laws). A bank account opened by a representative office will ordinarily be regis tered jointly in the name of the office and an individual representative, as in (name of representative), Japan Representative Office, (name of company). The documentation generally required for a representative office to open a bank account is as follows: * Passport of representative * Certificate of alien registration of representative * Company brochure * Leasing agreement * Bank seal Foreign companies generally engage in business operations by establishing a branch office, subsidiary company, or limited liability partnership, and the legal differences between each of these are summarized in the following table. Table 1-1| | Branch office| Subsidiary company| Limited liability partnership (LLP)| | | Kabushiki-Kaisha (joint-stock corporation)| Godo-Kaisha limited liability company (LLC))| | Restrictions on equity participation| Notification must be filed with the Bank of Japan| Notification must be filed with the Bank of Japan| Notification must be filed with the Bank of Japan| No tification need not be filed with the Bank of Japan| Capital| No capital| 1 yen or more(*1)| 1 yen or more(*1)| 2 yen or more (if 2 partners)| Number of investors| -| 1 or more| 1 or more| 2 or more(*3)| Liability of equity participants/parent company toward creditors| Unlimited| Limited to amount of equity participation| Limited to amount of equity participation| Limited to amount of equity participation| Transfer of equity participation share| No equity participation share| May be transferred freely in principle. May be stipulated in articles of incorporation that approval of Board of Directors is needed for transfer of shares. Unanimous approval of equity participants (members) required| Unanimous approval of partners required| Number of executives required| Representative in Japan. 1 or more(*2)| See Tables 1-2, 1-3| No legally stipulated minimum. In principle, all members are executive officers, but a representative member may be appointed(*2). | No legally stipulated minimu m. All partners are executive officers(*3). | Legally stipulated term of office for executives| No legally stipulated term| See Tables 1-2, 1-3| No legally stipulated term| No legally stipulated term| Regular general meeting of shareholders (members)| Not required| In principle, must be held every year| Not required| Not required| Possibility of public offer of stock (equity participation share)| No equity participation share| Possible| Not possible| Not possible| Possibility of reorganization into joint-stock corporation| Not possible. Need to separately close branch office and establish joint-stock corporation(*4)| -| Possible| Not possible. Need to separately dissolve partnership and establish joint-stock corporation(*5)| Distribution of profits and losses| -| Allocated according to equity participation ratio| May be allocated at a different rate from equity participation rate if specified in articles of association| May be freely allocated with the unanimous approval of pa rtners| Taxation of profits| Income arising within Japan is in principle taxed| Taxed according to profits of joint-stock corporation and profits allocated to shareholders| Taxed according to profits of Godo Kaisha and profits allocated to participants| No taxation of partnerships themselves. Taxation of profits allocated to partners| (*1) Although establishment with capital of zero yen is theoretically possible, approval is granted ex post facto, and it is not in practice possible to incorporate a company without paying in capital. (*2) At least one representative must have an address in and be resident in Japan. (*3) One or more partner must be an individual who has an address in and is resident in Japan for more than 1 year, or a Japanese corporation. *4) See 1. 6. 1 Closure of branch offices. (*5) See 1. 6. 3 Dissolution and liquidation of limited liability partnerships. https://internationalbusiness. wikia. com/wiki/Japanese_Business_Meeting_Etiquette www. jetro. go. jp/en/i nvest/setting_up/laws/section1/ https://www. allbusiness. com/human-resources/employee-development-problem-solving/393248-1. html www. cognos. com/SPSS www. japanese123. com/ .† www. basis. ie/servlet/blobservlet/japan. pdf Don’t waste time! Our writers will create an original "Corporation and Equity Participation" essay for you Create order

Domestic Violence And Child Protection Essay - 1599 Words

The 2013 Family Court Reforms have attracted much attention within the New Zealand legal fraternity, as well as society in general. The changes occurred against a background of economic austerity, which has seen the government implement cost-cutting measures across the policy spectrum in order to bolster the dire economic conditions of the day. Whilst this policy direction was necessary in the broad sense, its application to family law raises serious questions of justice, family law policy and individual rights. This essay will analyse the potential effects of the Family Court Reforms on the functionality of the Family Court. Analysis will principally focus on two areas of family law which are perhaps the most in need of legalistic protection: domestic violence and child protection matters. Before analysing the reforms as implemented, it is necessary to first discuss what exactly has changed with respect to the subject of analysis. The broad procedural change which underlies domestic violence and child protection matters is the newly-implemented ‘two tracks’. This relates to the provisions under the heading â€Å"Family dispute resolution† of the Care of Children Act 2004 [COCA]. More specifically, section 46E proposes that family dispute resolution [FDR] is a mandatory procedure in respect of guardianship disputes, and parenting orders. This requirement is subject to section 46E(4), which sets out the circumstances in which a FDR form is not required. Such resolutionShow MoreRelatedDomestic Violence On Women : Implications For Child Protection Essay1142 Words   |  5 PagesDomestic Violence on Women: Implications for Child Protection Introduction Intimate Partner Violence (IPV) is a worldwide social problem whose perpetrators include men as well as women (Anderson, 2002; Archer, 2000, 2002; Brown, 2004; Capaldi, Kim, Shortt, 2007; Capaldi Owen, 2001; Hamberger Potente, 1994; Straus Gelles, 1986, as cited in Ali Naylor, 2013). For the purpose of this essay, I will discuss IPV faced by women and perpetuated by men, referring to it as domestic violence (DV)Read MoreChild Protection Service 1393 Words   |  6 PagesDomestic violence is a major problem that we are facing in our society; statistics estimate that each year in the â€Å"Untied States 5.3 million women and 3.2 million men are abused by [there] domestic partners† (Black, Dempsey, Davis 2010, 900). 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Domestic violence is a relationship between intimate partners in which one individual seeks to assert power and control over the other and cause fear or intimidation and doesn’t have to be physical abuse, it can be emotional, psychological, financial, sexual or other types of abuse

Diamonds and Water free essay sample

Imagine: a young man fresh out of college paces back and forth in the locker room, reliving over and over again the conversation he just had with his coach. â€Å"Son, make me proud,† the old man said with a gleam in his eye, patting the young kid on the back. It would be the first game he ever participated in for the major leagues. This wasn’t an amateur high school team anymore. No, this was when it got serious. This was when everyone would have their eyes glued on him, anxiously anticipating his moment of greatness. The rookie took a deep breath, made the sign of the cross over his chest, and entered the stadium. All was silent as he delicately made his way to home plate. Children ceased their incessant cries for hot dogs and cracker jacks and not even a peanut dared be crunched at such a telling instant. The baseball was hurled at ninety miles per hour right towards the player’s chest, but he reacted quickly and slammed the flying saucer away in the opposite direction, simultaneously destroying the narrow wooden bat. The ball sky-rocketed across the entire field, landing squarely in the hand of a very happy fan on the far side of the stadium. The stands came to life again as the multitude of observers jumped up out of their seats, cheering uncontrollably for the novice who had just single-handedly sent their team to the play-offs. Meanwhile, a woman arrives in her classroom at the local elementary school early in the morning, before the sun has fully risen. The small room is cramped with tall bookshelves and a sea of messy desks, each littered with mountains of forgotten homework and last week’s leftovers from lunch. The walls are covered from floor to ceiling with posters on every subject imaginable, from George Washington and the Founding Fathers to the rain cycle and rules for long-division. She has been following the same curriculum for twenty-five years now, only with a different set of thirty students each year. Each day consists of instructing the young children in spelling, reading, writing, math, social studies, and science, not to mention playground duty, bus duty, faculty meetings, lesson planning, and parent conferences. Besides the many roles that her job description entails, the teacher must also deal with child discipline, the development of more efficient teaching methods, and making su re that each student’s individual needs are taken into consideration. Despite her long day, the woman finally leaves for home late in the afternoon, comforted by the thought that perhaps she made a difference in someone’s life that day. Now let me ask you a question. Which of these people do you suspect earns a higher salary? Is it the young man fresh at the start of his career as a professional baseball player or is it the middle-aged teacher who has been performing the same vocation for over two decades? The answer to this question is the professional athlete. This answer may not surprise you all that much, but it should at least raise your awareness of the value Americans place on entertainment over education and how flawed our current criteria is for setting fair salary policies among the many different employment opportunities available to the workforce. This large discrepancy that exists between the quality of work performed and the amount of money earned raises the extremely important question of what constitutes a fair salary. The professional baseball player mentioned earlier represents a very important part of the American culture. Millions of people attend sporting events across the country each day, whether it be baseball, football, basketball, or any other similar sport. Going to these events offers a rare opportunity to sit back, eat a bag of popcorn, and enjoy a stress-free game in the company of family, friends, or coworkers. Sure, it’s a great feeling when your favorite player hits a home run or scores a touchdown, but do these physical feats really justify such a large salary? Tiger Woods has ranked as the top earning professional athlete for the last five consecutive years. His average salary and winnings amount to a staggering $22,902,706. Including endorsements he receives, his total yearly earnings increase to $127,902,706. Continuing on this path, Woods is set to become the first billion-dollar athlete within the next two years, and he is only 32 years old (Freedman). Compare this wi th the average ending salary for a teacher who has worked for 25 years, which is only $67,000—less than half of what the average basketball player makes in one game (Egger). Even though the world of sports may contribute greatly to the entertainment world and to American culture, it does not provide any vital service to society. Unlike teachers, police officers, and firefighters, athletes are not a necessary component of our everyday lives. It is the people who are willing to perform the arduous jobs that may not be as glamorous, but are extremely crucial to society, who really deserve the higher pay. Teachers play a major role in the advancement of society, and they are the people at the center of America’s ability to dominate in the global sphere. It is teachers who bestow knowledge among students starting at a very early age. These students grow up to become the nation’s most prominent leaders in business, government, and medicine. America would not receive the benefits of these highly skilled, intelligent individuals if it was not for the teachers’ hard work, determination, and dedication. Rhena Jasey, who is an active member of the Teacher Salary Project, a program which hopes to raise the salary and perceptions of the teaching profession, notes that â€Å"the skill set required to be a teacher is at least as complex, if not more complex† than that of lawyers or doctors (Egger). If teachers are the ones who educate our future doctors and lawyers, they should at least be paid on a similar level. If not for teachers, America would lack its collection of superior employees across all spectrums of the workforce. The problem is, this may become a reality quicker than may be expected. Neal Conan of the National Public Radio conducted a survey in 2007 and found that half of all teachers quit teaching within their first five years on the job and of those that continued teaching, 62% had to get a second job just to make ends meet. When Conan interviewed Rhena Jasey on the subject, she stated that â€Å"salary absolutely impacts the strain and drain of the job.† These findings are quite disturbing, because data from a survey conducted in 1992 by the United States Department of Commerce shows that individuals can, on average, earn $50,000 more per year if they attend college than if they don’t. With more teachers quitting their profession and others being discouraged from entering the profession in the first place, students will not benefit from the effects of having qu ality teachers from which to learn. If teachers are not given an incentive to do their job, they will either lose the desire to teach to their fullest ability or choose not to teach at all. Without hardworking, dedicated teachers, our students will suffer, and thus, our advancement as a society will dwindle. The controversy over fair salaries is commonly referred to as the â€Å"diamond-water paradox.† Water is crucial for human survival; however, it is considered far less worthy than a diamond, which really has no important significance. The reason for this is because water is much more abundant than diamonds (Anderson). Like water, teachers are much more common than very skilled professional athletes. Granted, there are maybe two people who can do what Michael Jordan can do with a basketball; however, even though teachers are more abundant than athletes does not mean they are less important. Teachers provide the foundation for America’s entire workforce. Recently, the sports industry has tried to tackle the problem of excessive salaries by initiating salary caps, but even these attempts bore little help to alleviate the situation. In his novel Tailgating, Sacks, and Salary Caps: How the NFL Became the Most Successful Sports League in History, Mark Yost commented that â⠂¬Å"teams routinely find creative ways to stretch the salary cap† and even with salary caps, NFL teams were still able to spend nearly $100 million on its team members. And by attending sporting events, the American people are only increasing the amount paid to athletes, who are paid directly in conjunction with how much revenue the team makes—revenue which largely comes from fans (Yost). The debate over the definition of a fair salary is one with no clear answer. The gap between the salaries of teachers and professional athletes has continued to grow over the last two decades, indicating that Americans may have their priorities wrong (Yost). If education is truly a more valued commodity than entertainment, the salaries of teachers and professional athletes would be reversed. The fact that they are not shows that many Americans regard special talents at a higher level than extensive knowledge. A fair salary means ranking the earnings of individuals based on how they ben efit and improve society, not by impressive skills that, although entertaining, do not aid society’s overall advancement for the future. By giving intellectuals an incentive to teach, such as a higher salary, society will foster a rejuvenated, performance-focused profession that will beckon much needed hard-working and passionate students. Works Cited Anderson, William. â€Å"The Diamond-Water Paradox.† The Freeman. 20 March 2011. Web. 18 Oct. 2011 â€Å"Dave Egger Says Teachers Should Make More.† Narr. Neal Conan. Natl. Public Radio. WNYC, New York, 29 Sept. 2011. Transcript. NPR. Web. 18 Oct. 2011 Freedman, Jonah. â€Å"The 50 Highest-Earning American Athletes.† Sports Illustrated 2008. Web. 18 Oct. 2011 United States. United States Department of Commerce Economics and Statistics Administration. Statistical Brief: More Education Means Higher Career Earnings. Washington: Aug. 2004 Yost, Mark. Tailgating, Sacks, and Salary Caps: How the NFL Became the Most Successful Sports League In History. Chicago, Oct. 2006. Access World News. Web. 17 Oct. 2011

Accounting Sustainability and Reporting.

Question: Discuss about the Accounting Sustainability and Reporting. Answer: Introduction Sustainability refers to striking out a balance between present needs and the future needs and accordingly making out a decision for consumption of the resources. In the context of development or consumption of resources, the sustainability means consuming resources responsibly by taking the future needs into consideration (Schaltegger, Bennett, Burritt, 2006). The business organizations consume scarce environmental resource, few of which are difficult to be restored. Therefore, these organizations should assume a sense of responsibility to use the scarce environmental resources in an effective and efficient manner. The regulators around the world are now being actively engaged in framing the rules and regulations to achieve sustainability in the developments. Major steps at the global level are being taken to enhance the sustainable business developments. In this regard, one of the major steps taken by the regulators is compelling the business organizations to adopt sustainability accounting and reporting practices (Schaltegger, Bennett, Burritt, 2006). Sustainability accounting and reporting practices are directed to report the steps taken by the companies towards sustainability issues. The companies have been mandated by the government regulations to contribute towards the environment and society for promoting sustainability (Brockett Rezaee, 2012). The concept of corporate social responsibility emerged which requires the companies to contribute towards the development of society and the environment. The sustainability accounting is a broad concept that provide for aligning the sustainability initiatives with the organizational strategies. Sustainability accounting not only involves reporting on the sustainability initiatives, but it also involves evaluation of the risks and threats to the environment and measurement of the companys performance from environmental perspective. The issues of sustainability are being considered at the international level requiring the firms to adopt these practices. The adoption of sustainable busin ess practices is considered beneficial not for a firm only but for the overall economic environment at the global level (Brockett Rezaee, 2012). The report presented here is aimed at exploring the significance of sustainability accounting and reporting practices in the overall economic development of a country. In order to achieve this aim, the report will address the following objectives: Examining the needs of sustainability accounting and reporting practices for the corporations and overall economy. Examining the value additions made to the corporations by the sustainability accounting and reporting practices (Brockett Rezaee, 2012). Exploring the impact of adoption of sustainability accounting and reporting practices on the overall economy of a country (Brockett Rezaee, 2012). This research report covers a comprehensive literature review to gather the views of existing literatures on sustainability accounting and reporting. Further, the report takes on data analysis on the subject matter of the research to find out actual impact on the corporations and economy. In this regard, the report precisely describes the methodology used to collect and analyze the data. Further, a discussion taking the view of existing literatures and the findings of the data analysis has been carried out followed by a concise conclusion being drawn. Literature Review The literature review section of the entire research report is very crucial. In this section, the researcher gets the knowledge of existing literatures on the subject matter of research, which is necessary to understand the foundation of the research (Jesson, 2011). Further, the review of literature also boosts up the confidence of the researcher by providing a strong foundation for data collection and analysis. The current research focuses on sustainability accounting and reporting, thus, the review of existing literatures focuses around this topic. In order to carry out the review of literatures appropriately, the entire subject matter has been bifurcated into different heads as discussed below. Reasons for Evolution of Sustainability Reporting and Accounting Practices According to Soderstrom (2013), traditionally, the accounting and reporting practices in the firms could be found to be focusing on communicating the financial information and operational data to the stakeholders. However, the process of accounting and reporting has undergone a severe change to include the reporting on the sustainability issues. Over the last two decades, a drastic change in the approaches of reporting to the stakeholders has been witnessed (Soderstrom, 2013). The government regulations made it compulsory for the corporations to report on the corporate sustainability in their annual reports. The origin of sustainability reporting can be traced in way back 1960s and 1970s; however, the popularity was very less. As per the survey conducted by one of the worlds largest accounting firms, Earns Young, only 1% of the 500 fortune companies were found to be reporting on the social and environmental sustainability in the mid 1970s in the United States (Soderstrom, 2013). According to Zu (2008), in the mid 1990s, triple bottom line reporting was introduced to promote sustainability (Zu, 2008). The triple bottom line model of reporting was primarily aimed at balancing the three crucial aspects of the business such as society, environment, and profitability. This model provided that the business should not only concentrate on the profits, but equal emphasis should also be given to the social and environmental aspects. Further, the triple bottom line reporting model also claims that the profitability of the company automatically increases when proper balance between the needs of shareholders, society, and the environment is maintained. This model greatly emphasized the role of society and environment in building the firms business and enhancing the firms value in the long run (Zu, 2008). Further, in the year 1997, the Global Reporting Initiative, a non-profit organization was founded, which provided for guidelines in regard to sustainability accounting and reporting by the firms (GRI, 2008). It was the increased need for sustainability that laid the establishment of Global Reporting Initiative in the last 1990s. According to Gupta Mason (2014), the Global Reporting Initiatives (GRI) provides reporting frameworks which assist the corporations in complying with the legal reporting requirements in regard to sustainability. Global Reporting Initiatives (GRI) has issued G3 guidelines which cover three core areas of sustainability such as economic, social, and environment. Gupta Mason (2014), further state that reporting under the G3 guidelines helps the corporations enhance transparency and goodwill in the market which ultimately affects the worth of the company positively (Gupta Mason, 2014). According to Daizy Das (2014), Sustainability reporting has become part of the strategic decision making in the firms. Both, management as well as other stakeholders such as shareholders, society, and the government are benefited in some or other way by the sustainability reporting practices. The primary reason for sustainability reporting is to ensure that the efforts made by the corporations towards sustainability are measured and communicated to the stakeholders (Daizy Das, 2014). Further, in the views of Daizy Das (2014), the companies can improve their operational efficiency and ensure growth in the shareholders value in the long run by implementing and maintaining the sustainability reporting practices. Thus, apart from being a regulatory requirement, the sustainability reporting is also crucial for the long term growth (Daizy Das, 2014). Further, sustainability reporting assists the management in analyzing the non financial factors and finding out impact of those factors on the firms profitability. In the present scenario, it has been really pertinent to measure and evaluate the impact of non financial factors such as society and environment on the financial performance of the firm (Daizy Das, 2014). It is compulsory for the firms to continually contribute towards the social and environmental sustainability and assess its impact on the firms financial performance. This assessment can be carried out with the help of structured data which is prepared through the sustainability accounting and reporting practices. Therefore, sustainability accounting and reporting plays a crucial role in analysis and decision making, whether it is being done by the management for internal purposes or by the shareholders (Daizy Das, 2014). Adoption of Sustainability Reporting and Accounting Practices by the Corporations The sustainability reporting has become part and parcel of financial reporting for most of the corporations in the 21st century (CPA, 2013). The adoption of sustainability reporting has been promoted not only because regulators made is obligatory, but more due to its enduring advantages. The sustainability reporting provides benefits to all type of companies and in particular the large corporations are benefited in the form of enhanced shareholders confidence, improved goodwill in the market, and improved operational efficiency. Further, there are many other indirect advantages of adopting the sustainability reporting practices, for example, savings in resource consumption, cost reduction, waste reduction, and improved relationship with regulatory bodies (CPA, 2013). As per Faisal, Tower, Rusmin (2012), about 250 companies from all over the world have adopted the corporate sustainability reporting practices and providing a separate report on the social and environmental initiatives (Faisal, Tower, Rusmin, 2012). The large corporations and particularly the companies listed on the stock exchanges are being more complaint in regard to sustainability reporting than the smaller companies. The authors further state that though the sustainability reporting is increasing at the global level, but it is still imbalanced. It is perceived that the adoption of sustainability reporting adds additional burden on the smaller firms and thus, it has not been made obligatory for them in most of the countries. However, the bigger firms (listed companies) are quite capable to bear that additional burden and also the fact that these firms consume the environmental and economic resources at the large scale and affect the bigger part of the society, leads to making th e adoption of sustainability reporting practices compulsory for them (Faisal, Tower, Rusmin, 2012). Though adoption of sustainability reporting practices is advantageous for the firms but at the same it is challenging also. According to Faisal, Tower, Rusmin (2012), the first key challenge in implanting the sustainability reporting effectively is identification of the needs of target audience. The sustainability reports are prepared to provide information on the approach followed by the company towards the social and environmental issues. The key challenge is to decide a standard format so that the information is communicated to the target audience in the best manner. However, challenges in this area are to some extent lessened by the guidelines provided by GRI. Further, the firms also struggle in measuring and evaluating the impact of its activities on the society and the environment precisely. It is quite a subjective matter to measure and evaluate the impact of firms activities on the social lives and the environment Faisal, Tower, Rusmin (2012). Despite these challenges, the firms are adopting the sustainability reporting practices all over the world. According to OECD (2008), 120 companies out of total 500 have adopted the sustainability reporting and these numbers are expected to increase further in future. However, the popularity of sustainability reporting is increasing rapidly in Australia, but comparing it at the global level, it seems that improvements are still needed (OECD, 2008). There is a need to make strong efforts by the regulators, government, and the corporations to make sustainability reporting widespread in the country. The regulator has to consider that making the sustainability reporting obligatory for only listed companies would not be enough. The small and medium sized firms should also be encouraged to come forward and adopt the best sustainability reporting practices (OECD, 2008). Changes at the Macro Economic Level after Adoption of Sustainability Reporting and Accounting Practices According to Vasile et al. (2016), the sustainability reporting fixes responsibility on the companies to make legitimate efforts towards development of society, environment, and the overall economy. There are various aspects which could be put into discussion to assess the impact of sustainability reporting on the economy. These aspects are improvement in living standards of the people, savings in the consumption of scarce natural resources, and improvement in firms long term profitability. Vasile et al. (2016), further state that development of the society and environment are the elements of economy development, thus, if the efforts are made to improve the society or the environment, the economy will automatically be affected positively (Vasile et al., 2016). According to Higgins (2013), the sustainability and economic development are interdependent on each other. The gross domestic product indicates economic growth. If a country chases high growth in the GDP, it would require increasing the production quantities at a large scale (Higgins, 2013). The increase in production of goods would entail consumption of resources at the large scale. The consumption of resources at a rapid pace is dangerous for the sustainability. Therefore, the need to strike out a balance between the desired economic growth and the consumption of resources in a sustainable manner is essential. Further states that balancing the current economic growth and the consumption of the resources is crucial for long run survival of the economy (Higgins, 2013). The reporting on sustainability issues has raised awareness in the business firms to save wastage of resources. The reduction in wastage of resources enhances the profitability of the firms which in turn increases the economic growth positively (Higgins, 2013). Further, as part of the sustainability efforts, the business firms are also contributing significantly for improving the societies. The contribution of the firms in this direction is critical to rise up the living standard of the people. Further, the improvement in the living standard is crucial for the overall economic growth. Thus, it could be said that the sustainability efforts made by the firms are essential for the overall improvement in the economic conditions of not only a country but at the global level (Higgins, 2013). In the views of Daly (2014), the economic development in the sustainable manner could be slow but it will be study and long last. The sustainability gives an impression that the resources are not to be used heedlessly (Daly, 2014). The firms are required to keep the needs of future in mind while consuming environmental resources. The consideration of future needs leads to consumption of the resources in a responsible manner which might lead to slow growth. However, the growth may be slow but it would be study. Consuming resources in this manner, the firm will be able to sustain its business for longer term which would ultimately affect its value positively (Daly, 2014). Summary The views of authors on sustainability accounting and reporting have been analyzed in this section. The literatures were reviewed with the objective of finding out the impact of sustainability accounting and reporting practices on the overall economic development of a country. In this regard, many authors provided their views on the reasons for evolution of the sustainability accounting and reporting practices. Some of the authors stated that it has become a mandatory requirement and few of them stated that sustainability accounting and reporting practices affects the value of the firm positively in the long run. Further, review of literatures reveal that though the adoption of sustainability reporting benefits the firm but it is quite a challenging task. However, the implantation of sustainability reporting could be vital for the overall economic development sustainability. Methodology A systematic approach is adopted in conducting a research which involves application of appropriate methodology to collect the required data and apply the data analysis tools. The tools and techniques applied in the research for data collection could be scientific requiring application of principles of statics (Olsen, 2011). The selection of appropriate data collection methods and the analytical tools is critical for completing the research in an effective manner. There are two main categories of data collection methods such as primary and secondary. The primary data collection methods comprises of the methods such as survey and interview. Further, the secondary data collection methods comprises of the methods such as review of the documents and observations (Olsen, 2011). It has been observed that the secondary data collection methods are suited the best in the case of qualitative researches. The research carried out in this report aims at exploring the impact of accounting sustainability and reporting practices on the overall economic development (Lapan, Quartaroli, Riemer, 2011). The research is qualitative in nature, thus, the secondary data collection methods have been applied. For the purpose of this research, the data has been collected through study of books, journal, reports of regulatory authorities and the government. In this regard, it has been ensured that the data collected is latest; therefore, the books, journals, and the reports of the regulatory authorities of the latest years have been referred for data collection (Lapan, Quartaroli, Riemer, 2011). The data collection was organized in three categories such as reasons for adoption of sustainability accounting and reporting by the firms, impact on the firms value of sustainability reporting, and its impact on the overall economy (Lapan, Quartaroli, Riemer, 2011). The data collected in regard to reasons for adoption of sustainability reporting practices relates to identification of the key drivers of sustainability. Further, the data collected in regard to impact on the firms value covers the profitability and net worth of the firms before and after the adoption of sustainability reporting. Further, in regard to evaluation of impact on the overall economy, the data relates to macro economic factors such as gross domestic product, standard of living, poverty levels, and reductions in the carbon emissions (Lapan, Quartaroli, Riemer, 2011). The data collection process has been carried out ethically and in an effective manner so that all the required information could be gathered. There certain limitations of the secondary data, which are required to be made explicit so as to assist the readers in drawing conclusions (Ary et al., 2013). The secondary data is prone to the risk of inappropriateness and there exists lack of control on preparation of the secondary data. Thus, effectiveness of the research carried out based on the secondary data depends upon the accuracy of the data. Further, the ethical concerns in regard to the use of secondary have been adhered to carefully. Proper referencing and citations have been given in the report wherever considered necessary to give credit to the authors whose data is used (Ary et al., 2013). Data Analysis and Findings The research report presented here has main goal of finding out the impact of sustainability reporting on the economy of a country. In order to achieve this goal, it has been considered pertinent to find out the reasons for adoption of the sustainability reporting practices. The sustainability reporting provides value addition to the firm in various ways .There are countless parameters which can be used to assess the value added by sustainability reporting as shown in the figure given below: Figure 1: Value Added by Sustainability Reporting (EY, 2013) From the figure show above, it could be observed that there are various areas which are positively affected by adoption of sustainability reporting practices. It could be observed that more than 40% of the total surveyed companies consider that improved reputation is the major factor which drives the adoption of sustainability reporting practices (EY, 2013). The adoption of sustainability reporting practices enhances the confidence of investors and consumers which helps in building reputation in the market. Further, there were more than 35% companies which claimed that sustainability reporting is crucial in increasing the employee loyalty. Employees loyalty is very important for the firms to achieve the targets on time and succeed in the market. Further, few companies also found increase in the consumer loyalty due to adoption of the sustainability reporting (EY, 2013). Further, the sustainability reporting also helped the firms to make their strategies stronger in terms of long run business and refine their visions. Further, there were observed around 25% companies which claimed that achieving reduction in wastage of the natural resources was one of the primary reasons for promotion of sustainability reporting (EY, 2013). The other commonly accepted factors which laid the adoption of sustainability reporting were improved relationship with the regulatory bodies, reduced long term risk, enhanced long term profitability (EY, 2013). Due the above discussed factors, the sustainability reporting has been adopted by various firms world-wide. The following chart shows the growth in sustainability reporting adoption from to year 2000 to 2011: Figure 2: Growth in Sustainability Reporting (EY, 2013) From the chart presented above, it could be observed that there has been a complete transformation since the year 2008. The increase in the number of companies adopting sustainability reporting practices has been enormous from the year 2008 to 2011. Within a period of 3-4 years, the number of companies complying with the sustainability reporting guidelines (issued by GRI) has increased to a significant level (EY, 2013). Further, data has been collected and analyzed to find out the impact of sustainability reporting on the firms profitability and its value. The firms perceive that consuming resources optimally keeping the future needs in mind will help them build better tomorrow. Further, the reduction in cost and risk and increase in reputation and quality are expected to lead the firm on the path of high profitability in the long run. The implementation of the sustainability accounting and reporting practices increases the legal compliances and it also put additional burden on the firm in terms of new manpower. Further, the benefits of sustainability reporting accrue over the years in the long run. Therefore, in the short run, the impact on profitability of the firm employing sustainability reporting practices may be adverse, but it would be positive in the long run. The data analysis conducted NWOBU (2015) reveals that there exists a positive correlation between the profit after tax and sustainability reporting index. The profit after tax depicts profitability of the company while the score on sustainability index indicates the compliance level of the firm with sustainability reporting requirements. Thus, a positive correlation between profit after tax and sustainability index is the indicative of the fact that with the increased compliance of sustainability reporting, the firms experience increase in their profitability. The research of NWOBU (2015) reveals that correlation between profit after tax and the sustainability index is 0.281, which is low positive correlation. The correlation of 0.281 implies that increase in sustainability index would entail increase in the profit after tax, but the increase in profitability might at the low rate (NWOBU, 2015). Further, the correlation between shareholders fund and sustainability index was also analyzed. The correlation between these two factors was found to be 0.183, which can again be categorized as positive and low (NWOBU, 2015). Thus, the interpretation would remain as it was before in case of profit after tax. Therefore, the increase in sustainability index would entail increase in the shareholders fund. It is to be noted that the shareholders fund represents the value of a firm. Thus, it could be articulated that with the increase in sustainability index, the value of the firm increases. However, the increase might be at very slow rate (NWOBU, 2015). After analyzing the impact of sustainability reporting on the firms profitability and its value, it is essential to observe the changes in the macro economic factors due to adoption of sustainability reporting practices (Talberth, 2010). In this regard, it is considered crucial to analyze the gross domestic product, standards living of the people, and poverty level. It is argued that sustainable business practices may cause reduction in the overall gross domestic product of the country. The reduction in GDP may be caused due to reduction the production level caused by decrease in the consumption of the environmental resources. For example, if the mining companies decrease the exploration of minerals, the production level of commodities will go down affecting the gross domestic product adversely. However, due to recent shift in the economic and environmental conditions, the gross domestic product is no longer considered to be reliable measure of well being of an economy. The performan ce on sustainability indices is taking place of gross domestic product now a day (Talberth, 2010). Further, the improvement in the sustainability practices also implies contribution to the society at a large scale. The firms working in the economy make combined efforts to raise the living standard of the people. Further, with the rise in the living standard of the people, the poverty level automatically goes down. Therefore, it could be inferred that the improvements in the sustainability reporting enable the economy to stabilize and grow in a sustainable manner (Talberth, 2010). Discussion The research carried out in this report addresses the crucial matter which relates to adoption of sustainability accounting and reporting practices by the firms operating in the economy. The aim of this research is to explore that whether the sustainability accounting and reporting is essential for the economy or not. In order to achieve the aim, the activities of the research are bounded by three objectives. The literature review has been carried out around these three objectives and the data analysis has also been conducted by keeping the three identified objectives in the centerfield. The articulation of the reviews of various authors reveals that promotion of sustainability accounting and reporting is really important for the well being of the overall economy (Daly, 2014). The authors state that there are various factors which make the firms to adopt the sustainability reporting. The improvement in the market reputation of the firm is one of the most crucial factors in that regard. The views of the authors reveal that firms reputation is improved to a great extent when it complies with the sustainability reporting guidelines. Further, the data analysis also supports this view of the authors. The analysis of data findings reveals that most of the companies consider the market reputation as one of the essential factor in adoption of the sustainability reporting practices (EY, 2013). Further, there have been identified few other factors as well such as customer loyalty, operational efficiency, and regulatory compliances. These factors also make the firm to comply with the sustainability accounting and reporting practices. In regard to the impact on firms financial performance, the authors state that the adoption of the sustainability reporting affects it positively in the long run. However, in the short run there may be adverse effect due to high compliance cost at the beginning. Further, the findings of the data analysis also support this view of the authors. The data analysis depicts that the sustainability reporting and the firms financial performance are positively correlated. This implies that the financial performance of the firms which comply with the sustainability reporting practices is found to be better than the firms not complying with it. Further, it has also been explored that the firms value (shareholders equity) is also affected positively by the adoption of sustainability reporting practices (EY, 2013). In regard to impact on the overall economy, the authors have stated that sustainability accounting and reporting is necessary to achieve economic development in a sustainable manner (Higgins, 2013). Further, the data gathered from the secondary sources also supports this view of the authors. The findings of the data analysis reveal that adoption of sustainability in the operations leads to contribution by the firms towards social and environmental causes. The firms contribute at the large scale to save the scarce environmental resources and to raise the living standard of the people. Further, the protection of the natural resources is very critical from the view point of sustainability. Conclusion The report presented here presents a research study on the sustainability accounting and reporting. The primary aim of the research is to explore the impact of sustainability accounting and reporting on the overall economy of a country. In this regard, it has been considered essential to find out the impact of sustainability reporting on a particular company and then on the overall economy. Based on the findings of the report, it can be concluded that the sustainability reporting is essential for the long term economic development. The articulations drawn from the literature review bring out the fact that sustainability reporting has become crucial for the firms to survive and thrive in the market. The recent developments in the areas of social and environmental sustainability are admirable. The regulators from all over the world are making collective efforts to make the business sustainable and futuristic. The survey report of EY discloses that there has been observed a significant increase in the number of firms adopting the sustainability reporting practices since the year 2008. From the findings of data analysis, it could be articulated that the increased awareness and the enduring advantages of sustainability is pushing the firms to opt for the best sustainability accounting and reporting practices. The major advantages of sustainability reporting have been identified as the improvements in the firms reputation, enhancement in the investors confidence, employees loyalty, and consumers trust. Further, the company is also able build a good rapport with the governmental regulatory authorities. However, there certain challenges which the firms have to while implementing the sustainability accounting and reporting practices. Among various such challenges, the high operating cost and administrative problems are the major ones. Though, there are challenges, but the benefits of sustainability accounting and reporting are enduring, therefore, the firms have to make effort to implement it. Further, it was observed that sustainability reporting is also essential to raise the standard of living of the society and the maintaining a proper balance between the present and future needs. From the findings of the research, it could be inferred that maintaining a proper balance is crucial for long term economic developments. The sustainability in operations not only improves the financial performance of the firm but it also enhances its value. 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