Contemporary Issues in Accounting and Finance Assignment Sample

Contemporary Issues in Accounting and Finance Assignment

Introduction

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In the context of accounts and finance, the key of any business relies on accounting. On the other hand, in order to understand the budgetary circumstances of the organisation, finance refers to analysing and recording the business activities. Herein, understanding the outcoming and incoming of cash flow, the firm becomes able to make better decisions in adherence towards a better future, the current study aims to address the issue of corporate social responsibility (CSR) in Accounting and Finance. Reviewing the existing pieces of literature, the chosen issue will be understood along with analysing its reason behind being prominent in the contemporary context. Furthermore, the issue will be synthesized in relation to business practice including applying the concept of academic theory.

Contemporary nature (importance) of the topic selected:

The issue of CSR is chosen because in relation to accounting and finance, the concerned concept is considered as the form of corporate self-regulation that enhances the business model. The policy functions of CSR could build a self-regulating mechanism through which the concerned business could be monitored as well as ensures its active compliance with the spirit of ethical standards, law and the international forms. It is worth mentioning that in some frameworks, the enforcement of CSR by a corporation ventures beyond compliance and participates in activities that seem to encourage some social benefit, far beyond the company's interests and what is needed by law (Gödker & Mertins, 2018). CSR is considered as a mechanism aimed at taking responsibility for the consequences of the organization and fostering a positive effect into its operations on the environment, clients, workers, communities, shareholders and all other stakeholders in the public realm. On the other hand, taking into consideration the philanthropy approach of CSR. The monetary donations have been focused in this essay based on which the communities and the non-profit organisations could include the areas of arts, housing, education, social welfare, health, and the environment. Herein, the mutual value model of CSR is based on the premise that it is interrelated on corporate satisfaction and personal welfare (Alhazmi, 2017). inorder to compete in effective accounts and finance, a company needs a safe, trained workforce, productive capital and knowledgeable government. Here, the chosen topic has focused on the way through which it feels important to grow and maintain profitable and competitive companies to build jobs, prosperity, government revenue, and fundraising opportunities in a great manner. Many CSR tactics compare companies against community, stressing the costs and drawbacks of complying with social and environmental requirements imposed externally in the context of accounts and finance.

Critical discussion of contemporary issue in accounting and finance

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Understanding the issue of Corporate social responsibility

CSR seeks to maximise the benefits to its customers and to eliminate or minimise the possible detrimental impact on the operations of an organisation. Therefore, CSR encompasses a wide variety of concerns that may be considered in business behaviour. These covers working, civil rights, the setting, corruption reduction, corporate responsibility, gender equality, job inclusion, market and taxation problems. The internationally recognised human rights, especially those of the United States, concern an organization's duty to protect human rights. Human rights due diligence allows businesses to track and avoid or minimise in a timely manner any negative consequences arising from their operations and their supply chain. The type it plays in reality mostly depends on the scale of the business and on some risk factors, such as the area and market.

Responsible environmental regulations are directed at enhancing the environmental impact of an organisation consistently (Agudelo et al., 2018). This involves a steady internal climate control framework focused on quality expectations, a due diligence on the environment, an environmentally sustainable policy of closed cycles, a consistent greenhouse gas pollution mitigation and a contingency plan to reduce adverse environmental impact. Corporate governance, acquisitions, and foreign competition have particularly negative consequences on political institutions. By implementing corporate management systems to deter and uncover wrongdoing, businesses will play a vital role in fighting corruption. The anti-corruption programme endorsed by management and employee training must also be written and educated.

In an open reporting process, businesses educate the public of their corporate practises and their fiscal, social and environmental impacts. Daily, timely and relevant knowledge disclosure increases the integrity and reputation of an organisation. The reporting mechanism also wins the confidence of the stakeholders of the company (for example, lenders, banks, workers and stakeholder groups) and will promote access to resources. Strong corporate governance means pushing for accountability and a fair management and control ratio, while at the highest corporate level maintaining decision-making authority and performance. They are backed up by sound accounting and reporting procedures, Board of Directors oversight and consideration for shareholder interests and core stakeholders' issues.

The comparison of goods and services and knowledge choices on transactions have become increasingly complicated for customers, in particular because the amount of products available and certain markets are becoming increasingly diverse. Consequently, businesses focus on fair business and marketing practises and the safeguarding and consistency of their goods and services (Mahrani & Soewarno, 2018). This includes reliable, consistent product details, sustainable usage and serious consideration of consumer issues. Companies should be motivated by the universal concept of gender equality in the workplace as part of their practises, and should in this respect refrain from discrimination based on gender against their employees. The biggest business problems are juggling a job and family and fair pay. Enterprises will be able to protect the employability of their workers by recognising health conditions early and taking necessary steps promptly. Owing to health issues, which would reduce as much as possible the number of workers leaving the work force. The entire reintegration process should be assisted for workers with a health condition.

When businesses pay their taxes legitimately with their dealings in the overseas countries, they contribute to the public funds and the growth of their host countries. It also prohibits the authorities from endangering their finances, prestige, and oversight. In order that the competent authorities are willing to apply the appropriate fees, it is therefore necessary for companies to cooperate well (Dyck et al., 2019). Enterprises may play a role in providing high quality jobs by guaranteeing the best available terms based on applicable law requirements and international employment laws, particularly those of the International Labour.

Figure 1: Corporate Social Responsibility

(Source: Cramer, 2017)

Corporate social responsibility as a prominent issue in contemporary context

There has been growing interest recently in understanding Corporate Social (and Environmental) Responsibility (CSR) and particularly in developed countries for CSR reporting. However, some of these studies have not thoroughly investigated the structural variables affecting CSR and reporting there and continue to focus on theories and hypotheses from studies performed in the West, in particular in the United States, the United Kingdom and Australasia. This can be claimed as many developing markets are developing and moving to a more market-based orientation. However, many nations do have a completely different socio-political climate, different laws, legal structures and cultural factors. These variables have a major influence on their authenticity, and are widely used for understanding the phenomenon of publishing, such as stakeholder theory, credibility theory and accountability theory.

While a vast number of researchers have researched CSR reporting, only a handful fall into the latter group and dig into the meaning in depth. This is especially significant with respect to developed countries (Cramer, 2017). Any articles also analysed developed country research explicitly. The work of development countries is categorised, for example into three groups: the volume or scope of the reports; expectations of managers' CSR reporting; and the impression that stakeholders' CSR reporting. Most of the socio-cultural considerations have been explored primarily through religious elements of CSR, mainly through the study of Islamic institution news, such as Islamic banks. Many religions teach their lessons on social duty, natural world ties, dealings with other citizens, equality, justice, etc., which makes it natural for religious institutions to participate more regularly in CSR and CSR news. A more detailed view of how this happens in diverse cultures will enhance awareness of the drivers and inspiration for certain behaviours.

Framework consists

The emerging literature on CSR reports beyond the west looks at 'developing' nations, but it does not take into account where they are on their growth trajectory and how the future tension between economic and social agendas influences the reporting of CSR or CSR. Economic growth stadia indicates that five stadiums are involved (the classical business, conditions for departure, departure, ripening and consumption age or mass) but the majority of CSR literature only categorises countries into developing or developed countries. The 'developing' classifications may include countries in the first, second or third stages of Rostow, which could affect their reaction to CSR problems. In relation to technological factors, furthermore, the UN also provides a Human Development (HDI) index that takes into account life expectancy, schooling and wages in order to calculate how development and growth can be achieved.

For the consideration of CSR these two principles are important. It is necessary to take only one or two facets of these three larger contextual problems into account that the findings can be misinterpreted (Tamvada, 2020). Sometimes such issues are interrelated, for example, with socioeconomic issues that often have a more hegemonic regime, or with cultural and theological consequences. The holistic character of the sense of the phenomena being investigated must also be understood or at least accepted.

Impact of corporate social responsibility in accounting

The new industry climate focuses on corporate social responsibility (CSR) and sustainability. In CSR-related fields such as documentation, openness, ethics, ethical enforcement, communicating with members and capital use, accountants play a key role in organisations. They calculate, monitor and engage with organisations within and outside. In terms of understanding modern society and to become the main economic and social power, research on accountants is necessary. The need for businesses to focus both on social responsibility goals in society and on the theory of benefit optimization and the importance of enterprises, has arisen in social responsibility accountability. A series of successive advances in corporate responsibility accounting have been underway in order to achieve the present condition.

The emerging economic climate produces both accounting and accounting benefits and risks. The accounting profession needs to evolve with a rising emphasis on environmental and social responsibility concerns, risk assessment and reporting. Technical organisations harmonise their actions with local and international economic developments. Moreover, in terms of these changes, businesses are changing their demands on the positions and activities of accountants. There is also a growing curiosity in the area of accounting science. Organisations participation in the accounting profession remained minimal but increased; but there were studies into the influence of various economic and social phenomena in accounting and technical preparation.

The definition of CSR affects the field of accounting greatly, through the use of essential skills (Crane et al., 2019). For example, the monitoring of environmental and economic efficiency through management accounting systems and activities focused on both theoretical foundation, power, product and waste stream information as well as banking transactions on associated costs, earnings and savings. EMA represents both the spatial details of electricity, water and waste consumption, movement and destination (including waste), along with monetary information on prices, returns and savings relevant to the environment.

EMA encompasses such areas of application as: annual cost/expenditure estimation for the environment, commodity pricing, budgeting, project measurement, cost estimation, savings and advantages from environmental systems, environmental assessment methods, metric and benchmarking, external information on environmental impact, commitment and responsibility (idem). As this demonstrates and we will further improve, all persons interested in the field of accounting must accept the promotion of those expertise through accounts for the ultimate benefit of the company. This research aims to recognise, not just the effect of social responsibility on society, in response to the demands currently being made on society and to promote the desires of firms throughout their operations by bettering their social obligations - whether businesses are applying their social obligation to achieve their objectives. CSR transparency is known to minimise the asymmetry in details between management and clients as a special category of voluntary non-financial disclosure. The theory of voluntary divulgation suggests that high performers use voluntary divulgation to discriminate between poor performers in order to prevent an adverse selection issue.

The general context under which accountants behave and control their duties and positions over the long term is defined by professional bodies (Zhang et al., 2017). The organisation of the profession and the approach of the relevant bodies cause improvements to the accounting profession. Some scholars emphasise that the corporate world of today can be disadvantaged by the accounting profession and can be considered a challenge leading to a marginal position in society. The preservation of accountants' social standing includes professional definitions: qualifications, preparation, skills tested, organisation of the profession, accordance with an ethical professional code.

Impact of Corporate social responsibility in Finance

For a wide variety of organisational players including customers and strategic managers, corporate Social Responsibility (CSR) influence on financial results is increasingly relevant. A variety of different analytical technique methods to quantify CSR performance, e.g., annual CSR disclosure content review, single or multiple CSR metrics and credibility indices, have been developed. With the ideas of CSR and CSR/non-financial disclosure arising together, this analysis has chosen to discuss this issue from a separate angle, so that the expected success of the CSR by CSD can be viewed as an alternate viewpoint.

The findings show a major positive impact on financial efficiency from engagement in socially responsible programmes. Moreover, statistically important to financial results is the control factors, including overall pay for managers, duality between CEOs and women present on board. To confirm the positive relationship between CSR and financial results, it is important to take a longer time when concentrating the study on large firms. Several experiments have been carried out to analyse the role of CSR in financial results. First, a corporation is motivated to use its business capital to invest in operations to boost its revenues (Kordestani et al., 2018). Incurred costs will adversely affect commodity rates, employee salaries, company earnings and dividends because the CSR contribution is viewed as a competitive disadvantage.

The stakeholder theory, on the other hand, advocates a favourable association between CSR and financial results. Satisfying the tacit expectations of stakeholders increases the image of people by the organisation in such a way as to have a positive impact on its financial results that attracts investor and other stakeholder bodies' attention. Those businesses that provide their workforce with a safe atmosphere would recruit inspiring new workers and improve loyalty from existing staff, contributing to higher results. Multiple businesses around the world are spending immense sums in CSR to improve their FP by the acquisition of existing staff, the attractiveness of fresh genius hires and the good CSR reputation that contributes to a higher FP draw shareholder (Swarnapali, 2017). Social corporate accountability manages the identity of clients, vendors and so on by having a positive logo. Stakeholders will assume that as a company fulfils its corporate obligation, how it would do something wrong for them will raise their confidence in the company. Trust of stakeholders would influence the viability and performance of the company. So, corporate responsibility of the company has a positive effect on a firm's financial performance.

The optimistic participation of CSR is likely to encourage community and industry. The CSR's interest has increased because of its ability to persuade the organisation to produce results. This research reveals that the ROE and ROA measurements are used to calculate CSR activities' financial efficiency. Market and non-market CSR regulations and activities affect corporate efficiency. In the analytical research the relationships between CSR and financial results are basically two forms studied. The CSR is associated with financial results in important positive ways. There are two metrics for measuring financial results and CSR, one is business indicator and the other is an accounts receivable that analysts use when businesses first use the event study technique for evaluating short-term financial effects of their socially responsible or unethical practises (van Doorn et al., 2017). The second type of analysis, using accounting or profitability financial metrics to analyse the correlation between long-term financial performance measures and certain measures of corporate financial responsibility.

Analysing the concept of business practice in accounting 

In accounting, business practice is considered as the method and task of recording a corporate entity's everyday business transaction. In order to produce the legally mandated consolidated financial report of a corporation, accounting business practice is important. As expressed by Chunfei (2019), there are numerous methods of accounting that businesses can choose to use, because there are standards that businesses can comply with. As discussed in this study, in relation to accounting, the business practice is recorded day to day as a part of the financial operations that is required for a business entity (Chunfei, 2019). Here, in order to produce the financial statement (required legally) enhances the concept of business practice following the method of actual accounting and cash accounting.

As argued by Caldera, Desha & Dawes (2019), accounting, business practice is necessary so that the organisations can produce legal and annual required financial statements, balance sheets, comprehensive income statements, cash flow statements and the stockholders' equity statements. Herein, the study argued about focusing on various accounting methods that could be used by the companies for their internal accounting practices (Caldera, Desha & Dawes, 2019). Following the methods of accrual accounting and cash accounting.

Cash Accounting:

This is the main principles of business related to accounting. Iatridis (2018), stated that Cash flow and expenditures are documented for revenue recognition as they are obtained and compensated, and payments are only recorded whenever cash is expended or obtained. For instance, in cash accounting, while another payment is made, a transaction is reported and an expenditure is identified unless a bill is charged (Iatridis, 2018). Based on the discussion made in this study, it can be stated that in relation to the CSR, this approach is considered as the most typically used method. However, as per the Internal Revenue Service, unless a company produces over $5 million in revenues during the year, it needs to choose the full accrual form (Rajib, Adhikari, Hoque & Akter, 2019).

Accrual Accounting:

Another business practice is accrual accounting that is based on the matching principles to match the timing of the revenue realisation as a part of expenses. Through matching the revenue with the expenses, here the issue of CSR appears as an accurate picture of the financial position of an organisation (Bergmann, Fuchs & Schuler, 2019). It can be analysed that the accrual approach provides a more accurate impression of the actual financial state of a business by comparing profits with expenditures. Here, in regard to the CSR of accounting context, the transactions are registered, underneath the accrual system, whenever they are accumulated instead of when payment is actually made. This implies that even if the finances are not instantly collected (Aswar & Saidin, 2018). Herein, CSR refers to a purchase order that is expected to be registered as a revenue.

Analysing the concept of business practice in finance

The concept 'financial practices' relates to the sum of traditional methods or operational procedures that you create to conduct business finance-related billing, financial analysis, budget management and other functions. According to Beinke, Nguyen & Teuteberg (2018), the momentum in the CSR continues to increase globally, and while the approach to the definition differs between various organizations, more businesses are introducing collaborative initiatives are aimed at reducing its detrimental effects on environment and the people (Beinke, Nguyen & Teuteberg, 2018). This recent development is not solely focused on companies adopting an altruistic business model, but because businesses are under a philanthropic business model. Growing pressure from its stakeholders to show transparency and resilience. Based on the discussion made in this study, it can be analysed that efficient financial business practices outlined in Policies and procedures comply with best accounting practices and legislation on state and federal enforcement, while staying in line with the long-term objectives and long-term growth plans (La Torre, Trotta, Chiappini & Rizzello, 2019). In financial statements, the goal is to create continuity and accountability. In order to establish successful finance-related enforcement, evaluating federal and state legislation that directly apply to the company is necessary. The incorporation of the strategy of the CSR for future and long-term business objectives enhances the efficacy of financial activities related to topics such as capital assets. As argued by Yip & Bocken (2018), one of the best ways the business practice needs to improve productivity and protect the business's best interests for integrating the effective internal controls into financial practice. Internal controls such as task separation, guidelines for transaction authorization and accounting standards improve transparency and reduce financial practices-related risks (Yip & Bocken, 2018). Herein, cash receipt procedures, for example, counter risks such as incorrect entry of data and missing or misplaced cash. When cash receipt and cash reconciliation activities are performed by various workers, when refunds or refunds require permission from a shift manager, and when records are written down at least once for a shift, cash management in a retail company may be substantially more productive.

Based on the discussion made above, it can be analysed that the business practice in finance, every business practice in relation to finance recognizes that both the discipline and understanding of financial management fundamentals lay in the success or failure of their organization. As a business owner, therefore the approach of CSR that can enhance the financial decisions that are responsible for the success or failure of the enterprise irrespective of the size of the business. Connolly & Bank, (2018), mentioned the concept of avoiding high interest loans and the bad debts. As such, the high interest of debts consisted of the possibility to lead to the cause of failure throughout the business practice. Therefore, in relation to finance, the entrepreneurs need to avoid the high rate of interest based on which at the time of taking a loan, they can analyse the method of investment the money in a proper manner (Connolly & Bank, 2018). The study suggested to pay the loan in a consistent manner with which both the small and the big financial issues could be avoided in the near future.

Synthesizing the issue in relation to the business practice

Through allowing certain qualifying expenditures/payments, the Companies Act 2013 incorporated requirements regarding the execution by certain businesses of corporate social responsibility (Hua, Sun, Liu & Zhai, 2021). Once businesses have passed the CSR level, they are expected to invest at least 2 percent of their average net income over the past three years on qualifying CSR operations. There are also some major changes in the administration's CSR provisions implemented in 2019 and 2020 (Setyowati, 2020). However, they are not yet mentioned. The key CSR accounting problems that will be addressed in this article is faced in terms of business practice are Presentation and Disclosure Requirements, Treatment of Surplus arising out of CSR Activities, Measurement of CSR spend made in kind, Treatment of Excess CSR Spent, Treatment of Unspent CSR Amount, General Recognition and Measurement criteria of CSR Spend (Ortiz & Muniesa, 2018).

On that note, businesses practices carry out CSR operations according to their own options, the type of the expenditure that is whether expenditure is of a revenue type or of a capital nature, should be tested. If spending is of the form of sales, therefore the Report of Benefit and Loss is paid (Khudayberganova, 2019). Herein, The Board of Directors shall ensure that the sum is necessary for CSR expenditure that is actually spent as expected. If the company fails to do so, the unallocated amount must be reported in the Statement of the Board detailing the reasons for such failure. The quantity of provision would be equivalent to the amount reflecting the degree to which CSR operation is to be performed during the year.

 Applying academic theory

The authorities and decision makers concentrate on corporate governance concerns also including abuse, fraud, development and management, performance management, IT governance, as well as monetary legal framework. Regulatory authorities aim to promote responsibility, disclosure as well as the involvement of stakeholders in upper management activities. As per the CSR theory, policymakers might maintain that there is oversight over mergers and acquisitions, environmental degradation as well as sustainability, shareholder participation, as well as employee compensation.

In order to maintain that such concerns are resolved as they impact business efficiency, laws and regulations must be created. The transfer of financial reports to someone who might need to have the data is a central element in finance. To undertake company and financial choices, such individuals then use the financial statements. That being said, the knowledge getting given has to be accurate and appropriate in order to make appropriate judgments. As per the concerned theory, they frequently experience a method named knowledge slight misalignment in financial statements. This is indeed a condition where just about data is available to one group and to another community. The principle of corporate social responsibility is focused on the concept that it would be necessary to balance sustainability with liability. To this end, the company's priorities need to be redefined and the mechanisms to establish interconnections between purely commercial functions, the monetary benefit of corporate operations as well as the advantages of being socially conscious need to be strengthened (Caldera, Desha, & Dawes, 2019). As per the author, accounting encourages ethical conduct if transparency, authenticity and consistency describe the quantitative picture of business processes as well as their performance, and when it represents a recorded foundation for transparency with respect to accountability for the successful as well as economically and politically reasonable usage of human and organizational capital. This is notable that, through using metrics upon industry price investments or MVA (market value-book valuation of debt and equity financing), certain authors have merged all kinds of scales. Many others have managed to extract a systematic revenue growth metric by integrating the various established metrics into one consolidated index.

Conclusion

It is to be concluded that in order to incorporate successful internal controls into financial practice, business practice requires one of the best ways to increase efficiency and protect the best interests of the organization. Internal controls such as task isolation, transaction authorization requirements and accounting standards increase transparency and reduce risks associated with financial practices. As identified in this study, the approach of accounting facilitates ethical behavior whenever clarity, authenticity and accuracy define the quantitative image and efficiency of business processes. While the business practices offer a reported basis for transparency in terms of accountability for the efficient and economically, it leads to the politically rational use of human and organizational resources. This research explores the relationship of credit rating to non-financial, CSR and corporate governance. CSR operations minimise organisation costs by eliminating the asymmetry in information between internal and external stakeholders. By announcing proper financial results and acquisition risks, businesses will fundamentally strengthen their social obligations. Corporate management is a core part of the internal control structure, which is important to ensuring that outside investors can correctly determine the company's bankruptcy risk by supplying timely and credible financial reports.

Summary

Based on the discussion made in this study, it is to be stated that in the context of accounting and finance, the issue of CSR as well as the enterprise practices carry out CSR operations according to their own options. Therefore, it is necessary to test the form of investment which is whether the expenditure is of a type of revenue or of a type of money. Therefore, if the cost is considered as a form of revenue, the Profit and Loss Report is charged. In addition to offsets, the high interest of the debts consisted of the probability of leading in the company practice to the cause of failure. Therefore, in relation to financing, investors need to avoid a high interest rate on the basis of which they can better evaluate the method of spending the money at the time of taking the loan. As focused in this study, in contrast, finance relates to the study and documentation of company operations in order to clarify the financial conditions of the organization. The current study aims to resolve the problem of CSR in Accounting and Finance in order to recognize the result and incoming of cash flow, the business is able to make better decisions in adherence to a better future. A socially accountable business will create and improve the reputation of an organisation. Social accountability allows workers to harness the opportunities available to them for good. Official corporate responsibility systems will raise workforce engagement and increase employee productivity (Chai et al., 2018). The convergence of the corporate ethics and its place on political, environmental and social issues is critical for a business. But businesses should try to have people on the same page, in particular because different market organisations have different goals, but not generally their CSR strategies that can fit their organisational objectives.

Linkages between business practice and academic theory

In order to examine the causes and meaning of CSR, a lot of analysis has been undertaken. Nevertheless, the flow of scholarly study attempted to examine and reiterate the theoretical structure connection between CSR operations as well as CR would still be comparatively small. As per the previous conversation, good CR may benefit from companies that can execute good CSR policy. In addition, some researchers concluded that the results of CR can lead to the positive consumer outcome of several stockholder classes which can respond to the company's better productivity. Corporate governance problems such as collusion, risk control, engagement of stakeholders, as well as mergers and acquisitions must be checked. Tax avoidance and deception are impacting the stock industry. The regulatory body must ensure that the necessary policy is established. Vague conventions as well as principles were the basis of financial statements as well as accounting practices; therefore, current proposals were required.

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