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2.33     Outline the legal duties that directors have to their company.

Generally, directors owe the following legal duties to their company:

·   to act in good faith, in the best interests of the company

·   to act textbook solutions

·   to avoid conflicts between their role as a director and any of their personal interests.

2.34     Identify some social performance aspects on which entities report.

Some social performance aspects that entity’s report on are:

·   textbook solutions

·   Community involvement

·   Treatment of employees

·   Treatment of suppliers

See GRI website at www.globalreporting.org.

2.35     Compare and contrast the professional code of ethics for individuals and the guidelines for corporations.

Both require care and a consideration of the public interest. There are minimum standards expected (technical and professional textbook solutions standards for individuals and best practice standards for corporations) and there is a need for transparency and accountability. Personal attributes of officers of companies referred to in the guidelines and for accountants in the professional code of ethics are competence, integrity and objectivity. Related to these attributes is independence. Independence is an importance element in accounting professional services and contributes enormously to the trust the public have in accountants and their role. It is included in the code of professional ethics. It is therefore not surprising that it is an important element of principle 4 in the guidelines which relates specifically to the accounting function of safeguarding the integrity of the financial reports.

2.36     What is the difference between business ethics and social and environmental responsibility?

Business ethics relate to values and principles used in individual decision making, whilst social and environmental responsibility relates to the test bank shop consequences of the actions of corporations on society and the environment.

2.37     Compare the principles underlying the GRI sustainability reporting framework with the principles underlying the preparation of general purpose financial reports (that were presented in chapter one).

The list below shows that for both sustainability and financial reporting materiality, timeliness and comparability are the same. Given the general purpose financial reports are deliberately limited in scope it is less important to have stakeholder inclusiveness. However, it is vitally important for there to be understandability for widespread stakeholder use. The faithful representation test bank shop required for the financial reports would capture the context, completeness and balance required in the sustainability reports. Similarly, for financial statement to be verifiable they would need to be accurate, have clarity and be reliable.

2.38     Business Sustainability

Consider your personal environmental impact by accessing one of the many websites that has a personal ecological footprint calculator. One such website is www.epa.vic.gov.au/ecologicalfootprint/calculators. Compare your ecological footprint with those of your classmates. List some strategies you could easily undertake to reduce your ecological footprint for test bank shop.

The students may be surprised at the results. The website also suggests strategies for reducing your eco footprint such as not wasting food, eating less processed food and eating what is in season. Cycle or walk. Switch of unused lights and appliances. Wash clothes in cold water. Keep windows shaded. Take shorter showers. Switch to greenpower. Avoid excess packaging.

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