1 3101AFE Accounting Theory and Practice WORKSHOP 3 Deegan Topics 8 and 9: Accounting for corporate social responsibilities QUESTION 1: What does the notion of legitimacy and social contract have to...

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1 3101AFE Accounting Theory and Practice WORKSHOP 3 Deegan Topics 8 and 9: Accounting for corporate social responsibilities QUESTION 1: What does the notion of legitimacy and social contract have to do with corporate disclosure policies? QUESTION 2: If an organisation was involved in a major accident or incident, would you expect it to use vehicles such as an annual report or a sustainability report to try to explain the incident? If so, explain how and why it would use reports in this way. QUESTION 3: Chapter 8 divided Stakeholder Theory into the ethical branch and the managerial branch. Explain the differences between the two branches in terms of the alternative perspectives about when information will, or should, be provided by an organisation. QUESTION 4: What is an externality and why do accounting practices typically ignore externalities? QUESTION 5: What is international integrated reporting and how does it differ from the current financial reporting system we have?
Answered Same DayNov 16, 20203106AFEGriffith University

Answer To: 1 3101AFE Accounting Theory and Practice WORKSHOP 3 Deegan Topics 8 and 9: Accounting for corporate...

Preeta answered on Nov 17 2020
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1. Corporate disclosure policy refers that every company is required to disclose some of their vital information to the public including the ownership structure, composition of the board, annual accounts, etc. (Huafang & Jianguo, 2007). As per the legitimacy theory, the company has to act within the boundary of the society it is operating in. Legitimacy theory establishes the relation between the expectations of the community with the corporate disclosure made by a business. Social contract refers to the expectation of the society from a business, which states that the business should not only concentrate on profit maximization but it also has to work towards the issues of the society including that of human and environment and the work done need to...
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