ACC303: Group Presentation and Report Assignment Help
Question
ACC303: This task is a group-based assessment for Contemporary Issues in Accounting (ACC303), King’s Own Institute where each student’s efforts for the group are to be assessed as well. To complete the assignment, the students must analyze the financial reports of a particular chosen ASX-listed organization and demonstrate their knowledge of accounting theories and models concerning how the organization’s management disclosed risk. Through this, the students are expected to extensively research and critically analyze the contemporary social issues faced by the company in accounting and assess how they can impact various stakeholders.
Solution
The solution provides a report on the sustainability assessment for the Cole Group Limited post-pandemic. Our experts have conducted an in-depth critical analysis of the various reports published by the company and how it has impacted the sustainability of the company.
Executive Summary
The solution begins by providing an executive summary of the findings of the assignment. Please keep reading to know how our experts have written this section.
Coles Group has responded to the pandemic through its governance arrangements, crisis management and business continuity geared through its safety management system ensuring health and safety of employees, customers, and suppliers. Hierarchy headed by executive level leaders supported by heads and business continuity functional leads have been identified for responding to emerging risks.
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Introduction
The next section provides a brief introduction to the report. Our experts have written an informative introduction to orient the reader to the report.
This report will focus on the sustainability of the Coles group post the pandemic by considering the impact and level of adequacy of the mitigation and monitoring system in place. Focus will be on the ethical, social, environmental and economic dimensions of sustainability in relation to the pandemic.
This constitutes only a small part of the complete introduction written by our experts. If you wish to read more, don’t hesitate to WhatsApp us at +447700174710.
Theoretical evidence on retail corporate sustainability
This section incorporates an elaboration on how sustainability has been impacted in the company’s retail sector post-pandemic. Our experts have conducted a detailed analysis and have backed up the answer with statistical data on grocery shopping as well.
Sustainability risk of businesses has emerged as a significant risk after the advent of Covid19. Sustainability risk management (SRM) is being used as a business strategy for aligning profit goals with internal strategies so that negative environmental and social impact is ensured (Carlon, 2019). It is important to align the profit strategies with the social and environmental framework in which an organization operates (Zu, 2013) (Biddle etal, 2020).
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Investigation on the Economic Dimension of Coles Sustainability
This next section evaluates the economic dimensions of sustainability for Cole Group Limited. Keep reading to know how our experts have discussed this section in detail through in-depth analysis and research.
Coles Group reported better revenue of $20.6 billion with 1% increase during the pandemic despite sales disruptions in supermarket and liquor segments during the pandemic. A 2% slip in profit to $549 million was also reported despite increased revenue (Kaye and Sridharan, 2022). The drop in profits can be attributed to the initial rush in sales due to pantry loading by consumers amidst lockdowns making people stay at home; outperformed by rising costs of isolation of employee frontline, warehouse and delivery staff at the same time limiting the ability to restock. Supermarkets revenue grew by 8.6%, liquor by 18.2% and Express by 1.1% (Pattabiraman, 2022). On the whole, Express petrol stations saw a drop in sales revenue by 8.5% due to poor traffic impacting fuel commissions (9news, 2020).
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Thriving in the pandemic and ethical and social dimensions of sustainability
The organization’s financial reports are analyzed by our experts to discuss how the company mitigated the ethical and social challenges to sustainability for Cole Limited.
As per Annual Report 2021, the total recordable injury frequency rate reduced by 15.7% due to investment in upgraded technology for ensuring team work safety. Covid-19 costs of $ 130 million were incurred during the year. In order to conclude on the sustainability of the company as impacted by the pandemic; it is important to get an idea of how the company was able to grapple with operations amidst the pandemic (Bhattacharya etal, 2020). The company experienced elevated sales due to increase in in-home consumption due to lockdowns. Online platforms were used by consumers for their grocery shopping via home delivery or contactless Click & Collect, due to which the company saw strong growth rates in e-commerce (Coles, 2021).
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Sustainability Risk assessment of Coles
Our experts have also conducted a risk assessment of the company’s sustainability and mitigation measures adopted by the company.
The company is continually monitoring and responding to the situation as required through ongoing review and enhancement of its risk mitigation plans. These plans include focus on technology adoption with keen updates of government policies on geopolitical frameworks and the resilience of domestic and international supply chains. Mitigation of exposures to macro- economic and geopolitical risks is done after considering expected future market conditions and consumer preferences (Coles, 2021). Specific measures taken include:
- Adoption of appropriate hygiene practices confirming to the Safe Work Australia and Federal Department of Health guidelines to ensure health and safety of employees.
- Alternative supply arrangements, arrangements to scale up production and distribution of substitute goods and on boarding of new suppliers to ensure safe supply operations.
- Industrial relations will be ensured through renegotiation of enterprise agreements and proactive management. Business continuity plans are in place for mitigation if plan A fails.
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Conclusion
A brief conclusion is provided to the report. Read how our experts have derived the important conclusions from the analysis conducted for the relevant literature on the topic.
Coles Group has responded to the pandemic through its governance arrangements, crisis management, and business continuity geared through its safety management system ensuring health and safety of employees, customers, and suppliers. Hierarchy headed by Executive- level Leaders supported by heads and business continuity functional leads assigned have been identified for responding to emerging risks.
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Recommendations
Lastly, our experts have also proposed some recommendations for the organization to improve the organization’s sustainability.
Coles is recommended to further improve its sustainability strategy through ensuring better-priced products that are environmentally friendly. Further improvement in sustainability metrics compared to the industry would also be forthcoming.
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Speech on Covid-19 sustainability of Coles Group
In addition to the report, our experts have also provided the student with a speech for the group presentation of the report. The experts ensure that the speech reflects the individual contribution of the student in addition to highlighting all the important parts of the report.
A 2022 study by Godrich and others agreed that the COVID-19 pandemic has impacted food supply in Australia due to changed consumer purchasing patterns inhibited by household food security. The food insecurity was prevalent to the extent of 21% among consumers and was significantly more for people less than 30 years and disabled. 73% respondents agreed to changed preferences in the types and quantities of food purchased (Godrich etal, 2022). Food supply stakeholders noted increase in the purchase of locally grown produce. Panic buying led to shortages throughout the country. With this background this presentation will investigate the impact of the pandemic on the sustainability of Coles. Based on evidences collected from leading media reports and annual reports of the company; it is certain that if the company has to be sustainable in the future , it needs a business model which can survive a pandemic. The company on observing its ecommerce sales growth of 52% at $2 billion in FY21 has implemented improvements in its online model to improvise end-to- end online customer experience in the areas of digital innovation, platform stability, better range and availability, improved delivery times and better customer support. Coles Online also improved its network adding 249 delivery stores with more than 100 upgraded Click & Collect locations. New services like same day home delivery, Click & Collect Rapid with pickup of 90 minutes, and membership subscription offer were added.
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