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Harmonization In IFRS And Australian GAAP

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Questions:

1.What is Sustainability? Is the notion of sustainability relevant to business and accounting? Justify your answer.
 
2.Is the notion of Sustainability relevant to the aquaculture Industry in which Tassal Operates? Justify your answer.
 
3.What are the specific Austainability Issues that Tassal is facing? Justify your answer.
 
4.If Sustainability is relevant to Tassal, how might Tassal embrace sustainability in its Operations? Justify your recommendations.
 
 

Answers:

Introduction

With the increasing ramification of economic changes and ramified business functioning, each and every organization has to implement an effective sustainable business practice and frameworks. In this report, study has been made on the Tassal business functioning and sustainable business practice and frameworks. This report reflects how Tassal could increase the sustainability of business by complying with environmental and social sustainability business practice. There are several policies and sustainability frameworks which company could follow for its sustainable business growth in society at large.  It has been observed that due to ramified changes in its business, Tassal has several environmental impact in spite of its best sustainable business practice and frameworks. In this report, study has shown that how companies could implement better level of sustainable business practice and frameworks in their business functioning. After that notion of sustainability and sustainable business practice and framework relevant to Aquaculture industry in which Tassal operates have been justified.

1.Sustainability and notion of sustainability relevant to business and accounting 

Sustainability could be defined as ability to be maintained at a certain rate of level in the short term and long run as well while running the business. It is evaluated that if company could manage its business functioning in effective manner then avoidance of the depletion of natural resources for eco logical balance could be established. However, with the increasing complexity and the impact of business on environment, it has become mandatory for the organizations to maintain effective sustainable business. Tassal is undergoing steps to operate new marine farm and processing plant in Okehampton Bay which has resulted into several impact on the society and people who live in Tasmania community (Hörisch, Freeman, and Schaltegger, 2014). It is evaluated that Tassal has to make its business activities sustainable if it wants to run its business in long run. Sustainable business practice and framework relevant to Aquaculture industry in which Tassal operates should be related to overcoming all the environmental and business problems which society is facing and would face on sustainable basis. Sustainability could be defined as using of all the natural resources in such a manner that it could not impact the society in negative manner at large. However, there are several activities which Tassal should undertake for mitigating all the negative impact of business in long run such as using of all the resources of business in effective manner, implication of corporate social responsibilities as mandatory method and using of standard accounting policies and frameworks (Ernst, et al, 2016). This reflects that if Tassal follow an effective method then it will surely increase the effectiveness while using resources of business. Therefore, it could be inferred that sustainability is the process which align the interest of the Tassal with the welfare and development of society. Tassal has been installing various plants and machineries in its business functioning which could emit various negative substance and hazardous gas in determined approach (Wiek, Withycombe and Redman, 2011).  Tassal needs to install various eco system and effective process method which could result to management of scarcity of resources in effective manner.  The notion of sustainability and sustainable business practice and framework could be to determine the nexus between company’s developments with the welfare of other stakeholder in organization. It is evaluated that if Tassal could install a particular eco system for the development and management of resources then it will surely increase the sustainability of its business practice.  If company could use proper sustainability and sustainable business practice and framework in its value chain activities then it could not only reduce the emission of hazardous substance in society but also result to efficient use of resources in the business functioning of Tassal. However, in order to maintain effective corporate governance company has included sustainability reporting frameworks in its business financial statement reporting frameworks. If CEO of Tassal wants to adapt with the new requirement of sustainability and sustainable business practice and framework in its reporting then it has to follow international sustainability reporting frameworks which will require compliance with various rules and regulations in determined approach (Maleti?, et al. 2014).

 

2.Notion of sustainability relevant to the aquaculture industry in which Tassal operates

It is evaluated that notion of sustainability report should be based on the aquaculture industry objectives such as produce foods and other substance while using resources with the minimal negative impact on the natural resources and reduction of water and other usage for the better level of management of business. It is evaluated that if Tassal could easily install eco system then it will surely increase the overall production level of business and provide low level of negative impact of business. For instance, Tassal could implement new ecological management system then it will provide systematic procedure and plan to develop an effective eco system. This eco system will surely obliged all the employees and other concerned persons to use natural and other resources effectively with the minimal loss on the society.  The main notion of sustainability relevant to the aquaculture industry provides how Tassal could manage its operating activities (Fonseca, McAllister, and Fitzpatrick, 2014). It reflects that If Tassal could manage its business activities in such a manner where loss of natural resources is minimized and productivity increase then it will surely provide positive impact on the society on sustainable basis. However, Tassal by following proper level of sustainability practice could increase the effectiveness of value chain activities and productivity of organization for the betterment of society. The objective of sustainability relevant to the aquaculture industry and sustainable practice is to minimize the negative impact of business on society and increase the productivity of business by using minimum level of natural resources.  If company could establish proper level of nexus between both the systems then it will not only increase the sustainability of business in long run but also decrease the diminishment of natural resources. It is evaluated that Aquaculture has been frontline of the public concerns regarding sustainability. Ideally natural resources from the aquaculture is related to fish, woods and other oil substance from the sea area. If Tessal does not follow proper level of sustainability relevant to the aquaculture industry then in the future, next generation people would face problem of scarcity of resources. Therefore, it could be inferred that if Tessal wants to increase its brand image and maintain sustainable reporting framework then it will have to follow proper level of proper sustainability policies and frameworks (Brooks, 2013). However, changes in the business practice with the alignment of new sustainable policies and frameworks will surely increase sustainability relevant to the aquaculture industry and company’s sustainable brand image in clients mind.

 

3.Specific suitability issues which Tassal is facing from the business operation

There are several sustainability issues which company is facing its business operation. However, the main problem is related to producing more food from the same area of land while reducing the environmental impact on the society. It is evaluated that Tassal has been facing issue of complying with various laws and regulations for maintaining the effective corporate governance. Tasmania is also accompanied with low level of resources availability and employees up there is also less efficient. In addition to this, Tassal due to its specific business relevant to the aquaculture industry is also require consumption or utilization of various natural resources in its value chain activities (Steg, et al. 2014).  If Tassal does not follow proper level of sustainability policies and frameworks relevant to the aquaculture industry then it will hamper the society at large and will reduce the availability of natural resources for future generation people.  In addition to this, there are several complex policies and frameworks of sustainability. If company follows all these policies and frameworks then it will increase the sustainability cost and production process organization. Tessal needs to install new eco systems and machines if it wants to follow international sustainability relevant to the aquaculture industry. This newly adopted practice will not only increase the cash outflow from the business but also hamper the existing production system of company. However, company has to align its specific interest and objectives with the sustainability practice of company. This process will require changes in its existing business practice of Tessal and will focus on creating business environment which will focus on providing least negative impact on society at large. It is further observed that natural resources relevant to the aquaculture industry is very less and if company wants to increase the productivity of company then it should focus on installing new enterprises resources planning. However, uses of new ERP system could result to reduction of negative impact on the society eventually but will require high cost in the production of company (Lisson, 2014). Now it could be said that the main problem which Tassal is facing in sustainability relevant to the aquaculture industry is related to emission of hazardous substance in society which could not only decrease the sustainability but also reduce the brand image of company on domestic and international level (Miller, et al, 2014).

 

4.Importance of sustainability relevant to Tassal and how Tassal might embrace sustainability in its operation

The concept sustainability relevant to Tassal is developed with a view to provide the best possible benefits to society through its business practice. It is evaluated that if company could not focus on sustainability relevant to the aquaculture industry then it will surely put negative impact on the stakeholders mind in Tasmania. In addition to this, it is further observed that company focus on reducing the negative impact of its hazardous substance in society which have been emitted by it in the society. However, Tassal has embraced sustainability relevant to its operation by adopting international sustainable policies frameworks. For instance, Tassal has been paying 5% of its average net profit of five years for discharging its all the corporate social responsibilities by complying with the corporation act 2001. In addition to this, company has also installed various eco systems and machineries to reduce the negative impact of emission of its hazardous substance from its value chain activities in determined approach. These activities will help organization to maintain its business activities in effective manner (Ross, et al, 2014). If company could manage its business in ecofriendly manner then it will increase the sustainability of resources for the future generation people. In order to embrace the sustainability of operation of Tassal, employees of company should focus on learning new ecofriendly business activities which will require new ecofriendly machineries and plants which will reduce the overall negative impact on the society and also will reduce the wastage of resources in organization. Tassal has following other issues while embracing sustainability relevant to the aquaculture industry in its value chain activities such as non-efficient employees, cost required to install new eco system, blockage of funds, hiring of new sustainability department in organization and emission of hazardous substance from its business functioning.  It is evaluated that if Tassal could implement separate sustainability reporting frameworks which is aligned with the interest of organization at large then company could increase its sustainability relevant to the aquaculture industry in long run. However, in order to manage sustainability in the business, Tassal has to manage sustainability management department which will put surveillance on the consumption of resources, complying with environmental policies and frameworks and discharging corporate social responsibilities. In addition to this, Tassal has to put cap on its emission substance if it wants to practice sustainable business in society. The main of company should be to provide the best possible benefits to society and people at large. However, company has to follow in its strategies an environmental friendly eco system process which could not only increase the overall productivity but also reduce the negative impact on the society at large. Now in the end, it could be inferred that if Tassal could reduce the overall impact of its business on the society then it will surely increase the sustainability and increased brand image in the long run. Tassal needs to install various eco system machines and plants to reduce the negative impact of its business functioning for the betterment of the society at large.

 

Conclusion

This report has provided an effective understanding on the sustainable business practice and how organization could align the interest of its business process with the social and environmental development at large. This notion of sustainability and sustainable business practice and framework relevant to Aquaculture industry in which Tassal operates have been justified by undertaking various notion of sustainability practice and frameworks in its business functioning. It is evaluated that if company want to move further then it should indulged in adopting environmental friendly value chain activities. However, putting cap on the emission of hazardous substance in environment will surely reflect the positive step towards notion of sustainability and sustainable business practice and framework relevant to Aquaculture industry. In addition to this, aligning the business interest with the sustainable development of society of Tasmania will also effectively impact the sustainable practice of organization in the best interest of society.  Now in the end, it could be inferred that Tassal has to manage its business in such a manner which could not only reduce the negative impact of its business activities on environment but also increase the overall sustainable brand image of company.

 

References

Brooks, K., 2013. Ecologically Sustainable Development: engagement, citizenship, or just market edge? Exploring the social dimension. In Engaged Environmental Citizenship. Charles Darwin University Press.

Ernst, L., de Graaf-Van Dinther, R.E., Peek, G.J. and Loorbach, D.A., 2016. Sustainable urban transformation and sustainability transitions; conceptual framework and case study. Journal of Cleaner Production, 112, pp.2988-2999.

Fonseca, A., McAllister, M.L. and Fitzpatrick, P., 2014. Sustainability reporting among mining corporations: a constructive critique of the GRI approach. Journal of Cleaner Production, 84, pp.70-83.

Hörisch, J., Freeman, R.E. and Schaltegger, S., 2014. Applying stakeholder theory in sustainability management: Links, similarities, dissimilarities, and a conceptual framework. Organization & Environment, 27(4), pp.328-346.

Lisson, D., 2014. Risks to the Tasmanian Abalone Fishery from further expansion of the Salmonid Industry.

Maleti?, M., Maleti?, D., Dahlgaard, J.J., Dahlgaard-Park, S.M. and Gomiš?ek, B., 2014. Sustainability exploration and sustainability exploitation: From a literature review towards a conceptual framework. Journal of Cleaner Production, 79, pp.182-194.

Miller, T.R., Wiek, A., Sarewitz, D., Robinson, J., Olsson, L., Kriebel, D. and Loorbach, D., 2014. The future of sustainability science: a solutions-oriented research agenda. Sustainability science, 9(2), pp.239-246.

Ross, H., Christie, B., Nicol, R. and Higgins, P., 2014. Space, place and sustainability and the role of outdoor education.

Steg, L., Bolderdijk, J.W., Keizer, K. and Perlaviciute, G., 2014. An integrated framework for encouraging pro-environmental behaviour: The role of values, situational factors and goals. Journal of Environmental Psychology, 38, pp.104-115.

Wiek, A., Withycombe, L. and Redman, C.L., 2011. Key competencies in sustainability: a reference framework for academic program development. Sustainability science, 6(2), pp.203-218.

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