In this case study, I will analyze and compare the financial statements of General Mills and the Meiji Holdings Company Limited, which are amongst the largest firms in the food industry. I will also talk about the accounting standards, the differences between both company’s annual statements and the differences between Annual Reports, a 10-K and the Corporate Social Responsibility Report.
General Mills and Meiji Holdings Company Limited utilizes different accounting standards. General Mills uses the Financial Accounting Standards Board (FASB) which administers standards known as the Generally Accepted Accounting Principles (GAAP) United States (General Mills, 2013). Meiji Holdings Company Limited utilizes the Japanese version of the GAAP.
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Companies with more than $10 million in assets and a class of equity securities that is held by more than 500 owners must file annual and other periodic reports, regardless of whether the securities are publicly or privately traded. If a shareholder requests a company’s Form 10-K, the company must provide a copy. In addition, most large companies must disclose on Form 10-K whether the company makes it periodic and current reports available, free of charge, on its website. Form 10-K, as well as other SEC filings may be searched at the EDGAR database on the SEC's website.
Corporate social responsibility (CSR) is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism that has business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered stakeholders. CSR is titled to aid an organization's mission as well as a guide to what the company stands for and will uphold to its consumers. Development business ethics is one of the forms of applied ethics that examines
Corporate Social Responsibility (CSR) is defined as the voluntary activities undertaken by a company to operate in an economic, social and environmentally sustainable manner.
Businesses, specifically larger corporations, play a major role in what occurs in society therefore, they are responsible to their stakeholders not only to pursue economic goals but the greater social good as well. Corporate social responsibility (CSR) means that a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment. (Lawrence, 2010). Social responsibility is becoming the norm so much so that some businesses have incorporated it into their business model. There are three components of the bottom line of social
Corporate social responsibility (CSR) is the ethical behaviour of a company towards society it operates in. It is a commitment to the concern to the society’s sustainability & development.
Corporate social responsibility (CSR) is a term used to describe a company’s efforts to improve society in a certain way. These efforts range from donating money to an organization such as a nonprofit organization, to implementing environmentally friendly policies in the workplace. This idea is not required for companies; instead it is something that companies do to improve their communities. The way companies practice CSR is different from company to company, and some companies may not even practice it at all.
CORPORATE SOCIAL RESPONSIBILITY (CSR) is a term describing a company’s obligation to be accountable to all of its stakeholder in all its operation and activities. Socially responsible companies consider the full scope of their impact on communities and the environment when making decisions, balancing the needs of stakeholder with their need to make profit.
First, what is CSR? CSR is corporate social responsibility, which “refers to business practices involving initiatives that benefit society. A business 's CSR can encompass a wide variety of tactics, from giving away a portion of a company 's proceeds to charity, to implementing "greener" business operations” (Sammi Caramela). “Corporate social responsibility is a corporation’s initiative to assess and take responsibility for the company’s effects on environmental and social wellbeing. The term generally applies to efforts that go beyond what may be required by regulators or environmental protection groups” (Corporate Social Responsibility).
Corporate social responsibility is what a company uses to self-regulate itself and refers to business practices involving initiatives that benefit society. A business’s CSR can encompass a wide variety of tactics, from giving away a portion of a company’s proceeds to charity and implementing “greener” business operations. Companies use implement Corporate Social responsibilities for various reasons and this can be argued. Large corporations have a more reasons for CSR to protect their image Corporate social benefits also have many different benefits for the company.
The commitment to ethical behaviour of the business is usually in the corporate social responsibility policy of the business (CSR). Businesses are no longer judged on their ability to produce goods and services but also on how they deliver and the impact they have in the society and the environment.
Corporate social responsibility (CSR) can be defined as the "economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in time" (Archie
CSR is described as; “the principle that companies can and should make a positive contribution to society, of managing the social, environmental and economic impacts of the company” (corporate watch). Therefore, CSR indicates the activities the business should partake in that is not indicated or stated in the law.
The term Corporate Social Responsibility (CSR) refers to the responsibilities that modern business organisations have to create a healthy and prosperous society.
CSR is a “corporate initiative to assess and take responsibility for the company’s effects on the environment and impact on social welfare” (Investopedia) through the implementation of “actions that appear to further some social good, beyond the interests of the firm that which is required by law” (A. McWilliams, 2006).
In 1953, Bowen’s Social Responsibility of the Businessman firstly discusses the idea of corporate social responsibility. He states the relationship between society and corporations. Bowen believed that company needs to be realised the importance of ethically run the businesses are able to achieve superior performance in long run. The concept of CSR is company operate voluntarily to enhances their legal responsibility for the society, which covers many complex areas, including sustainability, charity, human rights, and environmental friendly. For example, the European commission defines CSR as “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholder on a voluntary basis”(European Multistakeholder Forum on CSR, 2004:3). Minimize the harm and any negative impact on our environment and society to obtain sustainability by sharing responsibility between stakeholders is what CSR trying to achieve.
Today, in this complex business environment where all business enterprises are surviving by realizing maximum profits possible, there exists a mechnism called Corporate Social Responsibility (CSR) that is providing the required edge towards success. Corporate social responsibility (CSR) is the way a corporation achieves a balance among its economic, social, and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. This is because it is
CSR is majorly working in a sustainable proximity of optimal utilization of resources furthermore progressing towards societal development and the protection of environment. CSR has become an indispensable part of growth for companies all over the world. It aims to incorporate a self-regulatory mechanism wherein a business monitors and ensures its assent with the spirit of law, ethics and international norms. However for many organizations today corporate social responsibility is much more than just following the above mentioned practices, they believe in growing with the people and have set standards and goals in order to realise their notions of societal development. CSR helps an organization in many ways by building good reputation in the market; encourage a positive impact on the stakeholders both internal and external and also proves to be an aid to recruitment and retention particularly with such competitive world market.