BUACC 2614 â?? Management Accounting 2 Summer 2012/27 Assignment · Problem 17.46 from the BUACC…

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BUACC 2614 – Management Accounting 2
Summer 2012/27
Assignment

·
Problem 17.46 from the BUACC 2614 text
book.
·
Format:
Written response to each question
·
Contribution
to overall assessment: 25%
·
Due date: week
10 (23rd January 2013 at 4.00pm sharp)
·
Your work
must comply with the University’s General Guide for the Presentation of
Academic Work.
·
This
assignment is to be completed in pairs.
Please organise yourselves into pairs.
·
Please make
sure that names and ID numbers of both members are stated on the cover sheet of
your submission.

·
BUACC2614, Management
Accounting 2
·
Summer
2012/27 Group Assignment

Names: Student
Numbers:

Bases
of assessment

HD P NN

Format: The IBCAR outline as perUniversity’s General Guide for the
Presentation of Academic Work.

Expression
– clarity, style (formal and academic), coherence in writing, grammar,
punctuation, spellings and sentence structure.

Expression
of your view (and not a catalogue of quotes/ others’ ideas)

A
logical flow of argument at both the paragraph level and the overall text
level.

Use
of supporting arguments.
Use
of literature to support the argument.

Referencing
procedure (within the text, and at the end of the text).
Appropriately
styled and punctuated bibliography.

Overall
Presentation – including cover page, line spacing, page numbering.

Overall
grade:

17.46) Environmentalperformance
indicators; sustainability reporting: insurance company
WealhWise
insurance has recently set up an internal information system to improve social
and environmental practices within the company. The company has its head office
in Brisbane and offices in all capital cities and every regional city with a population
of more than 50,000 people. One of the underlying principles of the company is
to be socially and environmentally
responsible .This principle has been in place for many years, dating
back to the firm’s founder, Jeannette
Dai, who felt that she would like to contribute to social rather than simply
maximizing profits.
The company is a
major contributor to charities, particularly those that focus on the homeless
and the poor. It actively promotes environmental management in all of the
company operations. it sponsors a program that provides scholarships to
disadvantaged students to allow them to attend university, and it is proud to
offer employment in the company to long –term unemployed and the poor. Each
year it publishes a sustainability report that summarizes its achievements
across each area of performance.
Over time these
activities have become a marketing strength of wealthwise. The social and
environmental stance taken by the company has attracted many customers to the
company. Listed on the Australian stock exchange in 2001.the company has also
become a preferred investment of ethical and green investment funds.
The mission
statement of wealthwise states that it will aim to:
·
Support employees in achieving their personal and career
goals
·
Act in a socially
responsible way when dealing with insurance clients and the general community
·
Promote a better social and physical environment for the
world.
However the
current chief executive officer, Sylvia Trott, thinks that the firm has become
complacent and is resting on its past achievements. she is concerned that the
firm has built up a reputation for good social and environmental practices but
is not “walking the talk’. There is some level of discontent among employees
about the way that management treats staff and this is impacting on employee
satisfaction. there have also been negative reports in the media of its
treatment of business in Phuket and Langkawi that were damaged in the December
2004 Tsunami. The reports claim that the company has tries to minimize the
amounts paid to these business by
strictly applying clauses in the insurance contracts cover earthquake damage
but not flood damage.
In 2004,the
company’s net profit rose by 15 per cent
to $ 173 million on an asset base of $1235 million. This is the third
consecutive years of increased profits. Earnings per share were 62 cents ,and
th market value was $5.40 per share. The board is concerned that wilthwise
makes a loss on its insurance business, while its investment yield a strong
return and are the main reason for the increase in profitability. its
investment portfolio includes shares BHP
Billiton ,Qantas ,Telstra and James Hardie industries.
the board adopts a
sustainability approach to approach to viewing its performance and uses the following
key performances indicators to assess performance:

Financial:
·
Net profit
·
Gross insurance premiums
·
Return on investment
Economic indicators:
·
Policy practices and spending on local suppliers
·
Procedures for hiring local staff
·
Development projects primarily for public benefit
Social indicators:
·
Employee satisfaction ratings
·
Percentage of women in the top three tiers of management
·
Number of indigenous employees
·
Customer’s ethical ranking of sales staff
·
Number of staff hired who were previously unemployed
teenagers.

Environmental indicators:
·
Tonnes of paper recycled per annum
·
Percentage reduction in electricity usage
·
Litres of fuel per dollar of sales
Required:
1. Explain what is meant by
sustainability reporting and why a publicly listed insurance company like
WealthWise may adopt this approach.
2. Consider the list of key
performance indicators used by Wealth Wise. Explain how these measures could be
used to help achieve the mission.
3. Suggest alternative
performance measure that could be included in the performance measurement
system to assist WealthWise to achieve its system.
4. Write a report to a chief
executive officer explaining what step she can take to encourage staff to
behave in a way that support sustainability. Specifically explain to her how
the performance measurement system could be used in a balanced way to support
the achievement of the company goals.

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