A business while conducting itself in the market involves in lots of processes some of which are hazardous for the nature and affects our environment. A company engages in manufacturing process that leads to creation of tons of wastes which is ultimately released in the nature and we the people face the consequence over time (Calabrese et al., 2016). Thousands of factories produce so much waste every day that is in no way benefiting the environment and it is true that while prioritising advancement and development we did not pay much attention to the effects of such development on the environment. GuocoLand Ltd is contributing towards sustainable development and helping the society to fight and stand against polluting the environment. Various data and information have been analysed while looking at the sustainability regime that has been undertaken by the present company and their adherence to different environmental norms (Audsabunryngrat et al., 2015). Thus, the report is intended to provide a detailed outline of the initiatives taken by the company as a part of sustainable development by analysing their annual report that contains most of the information about the company. In addition to that the report will finally look at the usefulness of those initiatives to the users and other people of the society.
GuocoLand Ltd focused on how they can achieve a sustainable growth in the market and published its report on sustainable development for the first time in 2018. This is the year when they published their first sustainability report because of so many environmental initiatives and compliances. The report discussed the sustainability performance for the year ending 30th June 2018 and is part of their annual report. It has been made with adherence to Global reporting initiative standards (Calabrese et al., 2015). The report consists of information and data regarding the business conducted in Singapore and some in China and they have a different report for the business in Malaysia. It has been found that GuocoLand has been targeting and is committed towards maintaining the green initiatives that is to maintain the degree at which waste is produced and so that their growth is sustainable considering the various environmental factors that affect the manufacturing decisions.
One of the key elements to sustainable growth is the company’s engagement with stakeholders. This is done by analysing the effects of stakeholder in dependence, involvement and influence on the business. For example, if we consider just employees the question arises about welfare and health care initiatives that are taken by the company. This is exclusively published in their specific sustainability report by nurturing the workforce. When it comes to investors, the strategy for growth and corporate governance has to be considered that creates long-term values and the detailed report can be found in the statement of the Chairman where they talk about corporate social responsibilities and business ethics (Whitehead, 2017).
There are key steps taken by the company towards maintaining a sustainable business and towards green initiatives that gave out three factors on material assessment: Reducing Environmental footprints; nurturing workforce; engaging in ethical way of doing business. The land division is characteristically future-disapproved as the improvements change the scene of the urban communities in which they are manufactured and contact the lives of numerous people – from occupants, retailers, clients and specialists to encompassing networks (Jones et al, 2016). In that capacity, it is of most extreme significance that we consider and lessen their ecological effect through insightful structure. Also, by guaranteeing best practices in security, work models and item quality, the organization ensures numerous partners and keep up a solid record of trust and regard with them. The organization likewise keep on making Green Mark structures that have a positive and enduring effect on the environment.
The above-mentioned material factors are discussed below:
The first factor is aimed at developing a structure that will make the company undertake the green initiative and as a part of this initiative companies starts using eco-friendly buildings that uses less energy and is energy efficient. With an expanding request and requirement for brilliant structures that consider their natural effect as much as they complete inhabitant or client bliss, the organization is resolved to continue improving and making eager, exceptional, sustainable structures. Manufacturing process requires a hug amount of water and when fresh water is so scares all around the globe some schemes for efficient use of water has also been taken. With a water preservation point of 35%, TanjongPagarCenter has a three-advance water administration procedure to limit the misuse of water (Balter et al., 2016). These are: the utilization of profoundly productive apparatuses and fittings, a double pipe framework which isolates consumable and non-consumable water and frameworks to gather water and prohibits water from cooling. Over these, private water meters are used to water funnels to analyse water utilization and holes. As a part of green initiative, the company made a building named Martin Modern which is considered as luxury green mark gold residence. This building has over 80% of the area covered with botanical garden that is home to more than 200 different kinds of species of plants, trees and palms.
For a company, its employees and its investors are the most valuable resources rather than the investing capital. Thus, a company from time to time has to keep amending its workforce so that proper appraisal is done with regard to its employees and so that they keep a check on overall performance of individual employees (Leon et al., 2016). The company gives chances to representatives to enhance their levels of abilities and learning to build working environment efficiency and staff fulfilment. Representatives are urged to enlist in classes, workshops and abilities projects to improve their skill and perform to their fullest potential. Throughout the year, representatives went to workshops and preparing programs covering regions on Sales, Facilities Management, Project Management, Audit, Accounting, Business Finance, Taxation, Information Technology, and Human Resources.
There are various business ethics that most of the businessmen try to adhere to with full compliance to all the requirements. Trust and relationship with other companies and agencies are of utmost importance to maintain ethical standards and moreover, the aim for any business is to gain profit and monetary benefits which can make a person lose his ethics sometimes depending on the situation (Choi & Young, 2015). From a realistic point of view, it is difficult to make profits when business prioritise customer satisfaction rather than profit margin and in addition to that maintaining proper ethical standard might affect that profit margins. Morality is the basis of all the legal views that determines the degree of conduct in the market. GuocoLand works based on trust and common regard. The company impart a strict good set of principles in the majority of the workers so cooperation with representatives inside and clients and colleagues remotely will dependably be sure encounters. This ensures dependable connections and profound established systems and bonds the achievement of our business (Dudin et al., 2015). This ethical code is treated above business connections to the corporate social obligation.
Considering the above-mentioned factors, a company can concentrate on the initiatives it has to take for building a better future for not only the company but also for the society within which it operates.
A segmental report is based on the financial statement of a company to determine its effects on the shareholders. This is required for public entities and not private entities. Segment reporting is relied upon to offer information to theorists and moneylenders concerning the budgetary results and position of the most indispensable working units of an association, which they can use as the explanation behind decisions related to the association (Fisher, 2014). No investor or shareholder will go through the full annual report but will only look at the section that is relevant for them, thus, segmental report suffices the purpose in this case.
There are some rules and procedures to determine the segmental report under Generally Accepted Accounting Principles (GAAP). Under this system, a working section participates in business practices from which it may secure pay and obtain costs, has discrete budgetary information available, and whose results are much of the time reviewed by the substance’s head working boss for execution assessment and resource dispersion decisions (Zeff, 2016). The rules are as follow:
There are number of information that must be included in a segmental report, they are:
Compliance with Global Reporting Initiative:
The Global Reporting Initiative (GRI) propels the use of sensibility announcing as a way for relationship to end up more viable and add to a pragmatic overall economy. It is a widespread not-income driven relationship, with a framework based structure. GRI’s principle objective is to make supportability revealing standard practice (Braun et al., 2015). To engage all associations and relationship to report their money related, common, social and organization execution, GRI makes free Sustainability Reporting Guidelines.
IFRS 8 is applicable for separate and individual financial statement of a company. IFRS 8 defines an operating segment given under that participates in business practices from which it may pick up livelihoods and procure costs whose working results are investigated reliably by the component’s head working pioneer to settle on decisions about resources for be allotted to the section and assess its execution and for which discrete cash related information is open(Omonuk&Dodor, 2016). GuocoLand adheres to this code also as they have their financial statement in the public domain that makes it useful for the public as well. This report discloses various information regarding a company like, general information about how the company determines its operating segment considering the types of products and services it deals with.
Any information about financial position and structure that is made public is useful for all the users of a company. Here user include not only the shareholders and employees but also the customers that avail their products and services. Public at large are open to avail all the information so that they can make relevant decisions.
Conclusion:
On a conclusive note, it can be said that, running a company involves numerous functions to be performed by the managers and staffs. One of them being publishing the annual report and adhering to different requirement given by different viewpoints and initiatives. Thus, the green initiative which in this case if termed as sustainable development is given utmost importance because of its value in operating a business in this 21st century where there so many hurdles and restrictions and compliances to consider. So, a company like GuocoLand, it is most of the time bound to adhere to global standards of different means.
Reference:
Audsabumrungrat, J., Pornupatham, S., & Tan, H. T. (2015). Joint Impact of Materiality Guidance and Justification Requirement on Auditors’ Planning Materiality. Behavioral Research in Accounting, 28(2), 17-27.
Balter, J., Ganem, C., &Discoli, C. (2016). On high-rise residential buildings in an oasis-city: Thermal and energy assessment of different envelope materiality above and below tree canopy. Energy and Buildings, 113, 61-73.
Braun, G. P., Haynes, C. M., Lewis, T. D., & Taylor, M. H. (2015). Principles-based vs. rules-based accounting standards: The effects of auditee proposed accounting treatment and regulatory enforcement on auditor judgments and confidence. Research in Accounting Regulation, 27(1), 45-50.
Brouwer, A., &Hoogendoorn, M. (2017). The role and current status of IFRS in the completion of national accounting rules–Evidence from the Netherlands. Accounting in Europe, 14(1-2), 137-149.
Calabrese, A., Costa, R., &Rosati, F. (2015, December). A feedback-based model for CSR assessment and materiality analysis. In Accounting Forum (Vol. 39, No. 4, pp. 312-327). Elsevier.
Calabrese, A., Costa, R., Levialdi, N., &Menichini, T. (2016). A fuzzy Analytic Hierarchy Process method to support materiality assessment in sustainability reporting. Journal of Cleaner Production, 121, 248-264.
Choi, Y. S., & Young, S. (2015). Transitory earnings components and the two faces of non?generally accepted accounting principles earnings. Accounting & Finance, 55(1), 75-103.
Dudin, M., Prokofev, M., Fedorova, I., Frygin, A., &Kucuri, G. (2015). International Practice of Generation of the National Budget Income on the Basis of the Generally Accepted Financial Reporting Standards (IFRS).
Fisher, K. (2014). A New Model for Revenue Recognition: Key Changes to Generally Accepted Accounting Principles.
Jones, P., Comfort, D., & Hillier, D. (2016). Materiality in corporate sustainability reporting within UK retailing. Journal of Public Affairs, 16(1), 81-90.
León, R., Ferrero-Ferrero, I., & Muñoz-Torres, M. J. (2016). Environmental Performance Assessment in the Apparel Industry. A Materiality-Based Approach. In Modeling and Simulation in Engineering, Economics and Management (pp. 51-60). Springer, Cham.
Omonuk, J. B., &Dodor, J. B. K. (2016). Do US electric utilities use industry-specific generally accepted accounting principles to manage earnings?. International Journal of Economics and Accounting, 7(2), 101-115.
Whitehead, J. (2017). Prioritizing sustainability indicators: Using materiality analysis to guide sustainability assessment and strategy. Business Strategy and the Environment, 26(3), 399-412.
Zeff, S. A. (2016). Forging accounting principles in five countries: A history and an analysis of trends. Routledge.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download