Assessment 1 Type : written report- individual report Company : Mesoblast Limited Purpose: this assessment is designed to reinforce the subject content and develop students skills and application of...

April 17, 2019
SUBJECT TITLE:
SUBJECT CODE:
ASSIGNMENT TITLE:CONTEMPORARY ISSUES IN ACCOUNTING ANALYSED IN CONTEXT OF MESOBLAST LIMITED
KOI STUDENT NUMBER:
WORD COUNT:
NAME OF THE TUTOR:
Table of Contents
Executive Summary    3
Introduction    3
Identifying the contemporary accounting concepts    3
a) sustainability, triple bottom line and corporate social responsibility–    3
b) circular economy    4
c) technological advancements    5
d) corporate taxation compliance:    7
e) narration required in corporate reporting    8
f) challenges in audit    8
g) performance management-    8
Analysis of application of the contemporary accounting concepts on the financial reporting of Mesoblast limited    9
conclusion and recommendations    10
Reference List    10
Executive Summary
This report highlights the developing challenges and opportunities that are likely to have an impact on the accounting professionals in the foreseeable future and throws light on various contemporary accounting issues such as Sustainability Reporting, circular economy, triple bottom line and others. The reporting adopted by Mesoblast Limited, a pharmaceutical company has been discussed.
Introduction
In this age of globalization and stiff competition, companies shall not only consider the traditional issues of accounting in their reports and other public documents but they shall also consider the contemporary issues in accounting. Various contemporary accounting concepts and their impact on accounting of corporate are discussed in the given project.
Identifying the contemporary accounting concepts
The impact of recent challenges and opportunities in accounting of corporate have been identified and discussed below
a) sustainability, triple bottom line and corporate social responsibility–
Traditionally, very little importance was given to the concept of sustainability. The sustainability concept means that the corporate should recognize the finite nature of all the resources and the impact of its business on the environment. (Elaine Conway, 2018)
Stakeholders like investors, regulators and others are becoming more interested in knowing the strategy of the company and its performance and initiatives taken for sustainability and the report should be both financial and non-financial. Large companies generally, issue sustainability report in annual reports. (AICPA.org, n.d.)
A successful business is one that operates in a manner that enables it to achieve Economic Growth, Social Equity, and Environmental Stewardship. By the use of Triple Bottom Line approach, an organization is not only able to maximize its profits but it is also able to improve the lives of the people associated with it and to protect the environment.
Extracted from: (Bailey, 2013)
Corporate social responsibility (CSR is a business philosophy with the objective of making corporate more accountable to the various stakeholders like stockholders, creditors, customers, bankers, employees and society at large.
Corporate Community Involvement (CCI) is one of the major component of CSR because it is widely prevalent in practice of Australian .CCI involves employee voluntary contributions, gifts and investments. (Cronin, 2001)
b) circular economy
The concept of circular economy gained popularity after the World War II. In this globalized environment, where resources are limited, corporate are indulging in practices of decoupling economic activity from such resources. This involves, use of renewable energy resources, recycling and reusing the waste in a conscious manner. (Ellen Macarthur Foundation, n.d.)
The three principles on which the theory is based are:
· Drafting strategy for waste...