Aspects of Social Accounting: Introducing the Process in an Australian Credit Union

Full text

Aspects of Social Accounting: Introducing the Process in an Australian Credit Union
Authors:
Dianne McGrath, Lecturer in Accounting, School of Business, La Trobe University,
Albury-Wodonga Campus, Australia
Emma Ashton, Community Development Manager, WAW Credit Union, Stanley St,
Wodonga, Australia
Mail address:
Dianne McGrath
School of Business
La Trobe University
PO Box 821
Wodonga VIC 3689
Australia
E-mail: d.mcgrath@aw.latrobe.edu.au
Ph: #61 2 60 583 842
Fax: # 61 2 60 583 833

2
Abstract
This paper documents the introduction of triple-bottom-line reporting to an organisation
within the banking sector. Particular focus is placed on the implementation and reporting
of the social responsibility aspects of triple-bottom-line reporting.
The case study examines the management of the change from a practical and strategic
perspective. Impact of the introduction is examined internally to the organisation and
external stakeholders are canvassed to examine the impact understanding and value of the
strategic direction taken by the organisation. In addition the study delivers a descriptive
snapshot of the state of play (limited to August 2002) in respect of Social Accounting and
the disclosures by Australian Banks in Financial Statements and other published reports.
Published Financial Reports and information published on the institutions web site are
utilised to undertake an analysis of content and preferred method of reporting.
There is a clear movement toward the reporting of social activities within the banking
sector in Australia. The methods chosen range in type from casual statements to formal
reports but no clear framework has been established as to the preferred mode or content.
An analysis of the implementation and reporting process of a banking sector organisation
will inform the development of the discipline of Social Accounting and in part assist in
the development of a framework for reporting within the banking industry.

3
Introduction
Triple-botom-line (TBL) reporting (Elkington 1997) is a term increasingly being used to
link the three perfomance indicators of sustainable development (O'Donovan 2002a).
Sustainability as defined by Deegan (1999, p. 38) requires an organisation or community
to be:-
"financially secure (as evidenced through such measures as profitability); it must
minimise (or ideally eliminate) its negative environmental impacts; and it must act
in conformity with society's expectations" (Deegan 1999, p. 38).
While measures of financial security are generally accepted as being represented by the
annual financial statements of the organisation the environmental and social impacts are
still to find a meaningful and consistent reporting medium.
Previous studies (Zeghal & Ahmed 1990; Hackston & Milne 1996; Adams, Hill &
Roberts 1998; Kreuze, Newell & Newell 1998; Neu, Warsame & Pedwell 1998; Tsang
1998; Williams & Pei 1999; Bewley & Li 2000) examined the nature and type of social
and environmental disclosures of major corporations finding corporations focused on
environmental reporting and revealed no consistent approach to the level of reporting.
The imbalance suggested O'Donovan (2002b) in the development of social reporting
compared to environmental reporting is due to the complexity in measuring social
performance compared to environmental performance.
Despite the complexity of measurement organisations are increasingly including
disclosures of a social nature in the annual reports (Hackston & Milne 1996). Arguments
for the inclusion include - as a strategic tool to reduce the adverse effects of certain
events (Deegan, Rankin & Voight 2000); a desire to maximise competitive advantage
(Nash 2001; and to manage pressure placed on the organisation to manage its social and
environmental responsibilities, public image and legitimacy (O'Donovan 2002a).
Legitimacy theory literature indicates that more attention will be paid to those companies
that are more "visible" or rely more on political or social support (Cormier & Gordon
2001). The case study reported in this paper maps the move to triple-bottom-line
reporting by a credit union in Australia, a co-operative organisation whose roots are
community based and profits shared with the membership, an organisation by its very
nature reliant on member support.
Australian Banking Scene
The Australian banking sector has seen an increasing level of reports of customer
dissatisfaction appearing in both the print and electronic media resulting from the closure
of bank branches and increased account fees. This dissatisfaction reflects a concern that
the actions of the banks appears to contradict an extended notion of accountability
(Deegan 1999), where the organisation is answerable for its actions.
Community expectations change over time and failure to acknowledge the performance
expectations of stakeholders may endanger the long-term viability of an organisation

4
(Deegan 1999). The most recent Code of Banking Practice released by the Australian
Banking Association (2002) includes the establishment of a consultative forum to take
account of community views about banking. This change in the Code of Banking
Practice may be seen as the banking sector responding to the new and emerging concern
of customers and other stakeholders in society, that bottom line profit is not the only
responsibility of corporations (Sethi & Steidlmeier 1994, Milennium Poll 1999).
A study of nine major national and state banks, members of the Australian Banking
Association found that to some degree, all banks reported on "social" issues (McGrath
2003). These results were consistent with previous studies (Adams, Hill & Roberts 1998;
Gray, Kouhy & Lavers 1995) in that the reporting approach was found to be ad hoc, and
not located within published financial reports but more commonly made available within
the organisations web site. The placement of information outside the published reports, in
particular where the primary position has been within web sites calls to question the
reliability of the information. There is no requirement to have the information verified
and indeed the ease by which the information can be changed when presented on-line
limits the reliability and consistency of information presented.
Hackston and Milne (1996) noted that most disclosure by New Zealand, Australian, UK
and US, companies was in respect of human resources. The McGrath (2003) study found
that where the choice was to report in the financial reports there was an equally strong
emphasis on donations/sponsorship and human resource, and it was in a predominately
qualitative format or expressed as a global account over a number of years. A wider range
of issues including services to regional and disadvantaged groups and employee-
employeer schemes supporitng community involvement were noted in the information
provided within the web-sites (McGrath 2003).
The Age/Sydney Morning Herald Good Reputation Index (The Age 2002) published in
October 2002, awarded the top and tenth place to banking sector organisations. These
two were the only to be ranked in the top 25 in the social impact category which assessed
business on its commitment to human rights, the arts, global poverty and youth
employment. Performance in the area of employee management and ethics and corporate
governance tended to pull down their overall ranking. Financial performance was only
one of the six measurement categories, the remaining five focused on social,
environment, employee management, ethics and corporate governance and management
and market focus. Clearly a strong weighting to the non-financial outputs.
Only two organisations in the McGrath (2003) study had formal strategic policy
statements in respect of social accounting and one of the two also had an Environmental
Policy Statement. Indications are that banks are committing to the process of social
accounting and it was noted that subsequent to the data being collected one of the state
based banks had committed to a review of its regional branch presence, noting its role is
about building communities and playing a socially responsible role (McGrath 2003).

5
Decision-making and triple-bottom-line
The role of accountants in the decision-making process is well-entrenched and significant
(Hoskin & Macve 1994). The limitations on the information provided by the traditional
financial reporting process arise as accountants often ignore or overlook non-economic
costs on the basis that they are not directly quantifiable in money terms (Robson 1991).
Such costs are left as "bracketed" items and considered as secondary qualitative issues
(Robson 1991).
The limitations of this model of decision-making is that it provides only a single
dimension to the organisaiton. It implies profit is the ony determinant of success. Actions
of investors and the growth in socially responsible investment funds tells us that
stakeholders have expectations beyond the profit line (O'Donovan 2002). In order for
social and environmental impacts to be acknowledged as elements of performance the
impact on society and the environment must be included as a primary part of the
decision-making process. The addition of social and environmental aspects moves the
organisation from a single dimension to a three dimensional sustainable organisation.
The WAW Credit Union story
Prior to 1999/2000 financial year the credit union in both its reporting and operations
adopted an internal focus, key reporting was traditional, concentrating on financial and
prudential compliance and reflected a focus on the organisations immediate survival in
the industry.
The later years have seen a shift in focus to external aspects. Starting initially with staff
well being, members and the community as separate stakeholders but quickly moving to a
formula to combine the internal capabilities with the external environment with a view to
making a difference for all involved.
Profit Profit
Social
Environmental
Sustainable
organisation
Figure 1: Triple-Bottom-Line: a three dimensional view of an organisation

6
The beginning of the process for the WAW Credit Union was the appointment of General
Manager Peter Challis. This appointment, at the end of a period of senior management
turnover, six Director changes and four General Managers over a 30-month period,
signalled the beginning of a period of consolidation, economic growth and the
acknowledgment of social responsibility as a core value for the credit union.
In 1991 Peter Challis attended the World Council of Credit Unions conference, taking on
board that
"credit unions are more than banking, they are about lifestyle organisations with
the ability to influence others, improve life, provide self-esteem and self-
sufficiency" (Challis, P. K. 2003, pers. comm., 4 March).
With this view, of the potential for credit unions to play a broader role in the community,
he approached his appointment to the WAW Credit Union. Crucial to the shift toward an
organisation focused on sustainability a continuous improvement process was identified
and implemented. Peter Challis; General Manager utilised the continuous improvement
model, Figure 2, identifying at his appointment that the credit union was sitting clearly to
the left of the diagram. Over the past 6 years the credit union has moved to the right with
the clear results of business growth and member benefits directly linked to the four areas
of people orientation, improved value to members, productivity improvement and impact
on the community.
Leadership
People
Involvement
Member
Driven
Suppliers
Involved
Quality in
Business
Process
Improvement
People
Oriented
Imp
roved value
to Members
Productivity
Improved
Impact on the
Community
Business
Growth
&
Member
Benefits
ACTION
RESULTS
Figure 2: Continuous Improvements Process. (Challis, P. K. 2003, pers. comm., 4 March)

7
Initially given the state of the organisation it was felt that it would take 5 years before the
organisation could embark on Corporate Social Reporting (CSR) initiative (Challis, P. K.
2003, pers. comm., 4 March). Figure 3 provides an overview of the implementation
process for the WAW Credit Union from 1996 to 2003.
Prior to the 1999/2000 period the focus of the organisation was on profitability and
prudential compliance. At this time the organisation was in some financial difficulty and
was uncompetitive in the market. Services were poorly priced, 0.7% above competitors,
term deposits were not competitive and the credit union had not experienced any growth
for the preceding three years. Capital needed to be built upon but at the same time it was
evident profit would be reduced as pricing needed to be adjusted in order to deliver value
to members. To compound management problems staff compensation levels were out of
date, in 85% of cases below award rates and /or levels appropriate for the tasks being
performed.
Year
Focus
1996/1997 ♦ Financial - profitability and prudential
1997/1998
•
Financial - profitability and prudential. Last year of a $1.2
million write-off from 1989 merger
• Introduced reporting on key operational areas: Performance
Measurement, Human resources, Marketing & Prudential
1998/1999 ♦ Performance of the four key operational areas established as
reporting tool
♦
Community
-
centric market presence adopted
1999/2000
•
Community business strategy continued
• Introduced "The WAW Credit Union Difference" -
"Local Decisions
- International Convenience" tool for economic growth
• Staff salary rate in line with market conditions
2000/2001
♦ Appointment of Community Development Manager
♦ Development of Community Link Program
♦ Foundations of Triple-Bottom-Line strategy introduced within
management processes
♦ Seven goals and actions adopted by Board of Management to
address Financial, Social and Environmental areas
♦ Received Waste-Wise accreditation
2001/2002
•
Review Mission Statement to include community benefits
• Introduced Triple-Bottom-Line at Board level
2002/2003 ♦ Triple-Bottom- Line incorporated into strategic goals
Figure 2: Timeline - Implementation Aspects of Social Accounting

8
A strategic plan was developed to provide clear direction to the year 2001. Included was
a mission:
"To operate a responsive, values-driven, co-operative financial institution that
provides financial benefit to members and the region in a sustainable manner"
(WAW 1996).
A core values statement was prepared reflecting the ethical principles by which the credit
union would operate:
Cooperation
Moral Integrity
Trust
Financial Prudence
Caring for Members
Social Responsibility.
Social responsibility to be demonstrated at three levels:
1. doing business in a socially responsible manner
2. through services that enhance members' ability to become financially responsible and
to access financial information to their advantage, and
3. involvement with the community.
The values statement clearly identified the future direction to acknowledge social
responsibility as a core activity. A re-engineering of internal reporting saw the
introduction of formal operational area reports in 1997/1998 (WAW 1998). Four key
areas were identified: Performance Measurement, Human Resources, Marketing and
Prudential. Areas still reflected in current manager's reports to the Board of Directors.
The focus however was still on achieving a strengthened financial position in particular
reducing bad debts, minimising costs, improving interest margin and improving staff
competency. During this period the first steps were made to connect back to the
community with the launch of the Local Decisions - International Convenience branding
and the establishment of the Members Relations Committee.
The market-share of the organisation was examined during 1998 and 1999 as the focus of
planning shifted to gaining a better understanding of the market segments (WAW 1999).
The market was divided into geographic regions and socio-economic groups identified to
gain a greater understanding of the individual communities in which the organisation
operated. Community meetings and director visits commenced to gain feedback and
exchange information within the individual communities. Despite the belief in 1996 that
it would take five years for a corporate social responsibility initiative to be embarked
upon, at this time the foundation was being laid for the partnership between the
organisation and the community. The Business Plan (WAW 1999) however, still
reflected a focus on strengthening the financial position and efficiency and technical
skills of staff.
The Corporate Plan for 1999/2000 (WAW 2000) saw the first documented integration of
aspects of social responsibility including development of positive employee culture, and

9
recognition of the role the credit union plays in regional economic growth. Salary rates
came in line with market conditions and formal training programs for all levels were in
place. The value of employees was acknowledged as being crucial to the long-term
sustainability of the credit union. The Community Business strategy continued and new
products were introduced to better serve the needs of members and the community. One
such product introduced with the aim of developing a cooperative culture of people
helping people was the Mutuality Benefits Program (MBP) which provides benefits for
members who support the credit union with extended services. The addition of 'The
WAW Credit Union Difference' to the 'Local Decisions- International Convenience'
branding emphasised the vision of the credit union as
"more than a banker for the community, but more importantly a vibrant tool for the
regional economy to grow" (WAW 2000).
The appointment of a Community Development Manager in 2000/2001 and the creation
of seven goals and an action plan to address financial, social and environmental areas at
the board level were the first steps in formally adopting triple-bottom-line. These steps
also acknowledged the importance of social responsibility to the credit union as a
sustainability tool. The foundations of a triple-bottom-line strategy were introduced
within management processes; managers began thinking beyond the technical scope of
their job. Managers were also encourage to attend regional meetings and get involved in
community activities. Incrementally, the manager reports to the Board have included
more and more information about triple-bottom-line. The Community Link program was
established and the organisation received Waste-Wise accreditation, an important step in
the development of its environmental responsibilities which have developed in line with
social responsibilities.
A review of the Mission Statement was undertaken to ensure a sharper focus on
community benefits was reflected and a revised mission statement was created to
acknowledge the broader community stakeholder status:
"To operate a responsive, values-driven, co-operative financial institution that
provides financial benefit and community benefits to members and the region in a
sustainable manner"
Finally the Triple-Bottom-Line Strategy was introduced at The Board Level and a Triple-
Bottom-Line Policy was included as part of the WAW Credit Union - Policy and
Procedures. While there has been concern as to the costs associated with adopting a
socially responsible approach, indications are that members support the credit union in its
endeavours (Table 1) with 92.5% of members agreeing the credit union should play a role
in the community. During 2002/2003 a review of strategic goals is planned to further
direct the management of the credit union and reflect the position the credit union is
taking in the community.
One of the goals in this process is to implement ongoing social/environmental/financial
(triple-bottom-line) auditing. Whilst this is a long-term goal, the journey towards this
goal is seen as more important. The past two annual reports (2000-2001 and 2001-2002)

10
have gradually included more information along an environmental/social-reporting
framework. Market research is current in planning to provide feedback on these fronts.
The journey to date has been relatively swift, and effective, as the credit union struggles
to limit its growth. Unprecedented loan and deposit growth has put pressure on the
regulatory capital requirements, and provided the Board of Directors and ALCO (Assets
and Liabilities Management Committee) with a positive ‘problem’ to deal with.
The credit union actively sought opportunities to create value and has implemented a
number of activities to support this strategic business viewpoint. These activities are
perceived as ‘sustainable’ business practices for the credit union, when considering a 5-
10 year future of banking practices, technology and changes in cultural behaviour.
Examples of activities undertaken by the credit union include:
• Community Meetings (conducted across the membership area each year)
• Director Visits (providing opportunities for members to meet one on one with
their elected representatives)
• Community Care and Special Care accounts, designed for special interest groups
• Green Team (a group of staff who meet regularly to maintain the organisation’s
Waste Wise Business accreditation, and seek new opportunities to support our
local environmental activities)
• Aggregation of electricity user group – following deregulation of the electricity
industry, aimed at empowering rural and regional communities to strike better
deals with electricity companies
• Staff engagement – regular staff meetings and continuous improvement processes
to involve staff in the triple-bottom-line process
• Sponsorship of local hospital fundraising appeal. LATIPSOH Day is an annual
telethon that raises money for bush nursing hospitals and regional public
hospitals. In 2002 it raised $98,000 over six weeks.
External Impacts
The benefits to external stakeholders have been the introduction of products and services
to meet specific needs of groups. In addition there has been an indirect benefit to
communities in the retention of hospital services and development of an annual support
program. Other businesses in the region have gained a case study organisation on which
they can base a triple-bottom-line strategy. The WAW Credit Union invites enquires
from other organisations and regularly reports on its activities on its web site and
NewsLink newsletter for members.
R
Re
es
sp
po
on
ns
se
es
s,
,
s
su
um
mm
ma
ar
ri
is
se
ed
d
i
in
n
T
Ta
ab
bl
le
e
1
1,
,
t
to
o
a
a
m
me
em
mb
be
er
r
s
su
ur
rv
ve
ey
y
u
un
nd
de
er
rt
ta
ak
ke
en
n
i
in
n
N
No
ov
ve
em
mb
be
er
r
2
20
00
02
2
g
ga
av
ve
e
o
ov
ve
er
rw
wh
he
el
lm
mi
in
ng
g
s
su
up
pp
po
or
rt
t
t
to
o
t
th
he
e
a
ac
ct
ti
iv
vi
it
ti
ie
es
s
u
un
nd
de
er
rt
ta
ak
ke
en
n
t
to
o
d
da
at
te
e.
.
O
Ov
ve
er
r
9
90
0%
%
o
of
f
r
re
es
sp
po
on
nd
de
en
nt
ts
s
c
co
on
nf
fi
ir
rm
me
ed
d
t
th
he
e
e
ea
ar
rl
li
ie
er
r
Millennium Poll (1999)
s
st
tu
ud
dy
y
a
ag
gr
re
ee
ei
in
ng
g
t
th
ha
at
t
i
it
t
w
wa
as
s
i
im
mp
po
or
rt
ta
an
nt
t
f
fo
or
r
t
th
he
e
o
or
rg
ga
an
ni
is
sa
at
ti
io
on
n
t
to
o
p
pl
la
ay
y
a
a
r
ro
ol
le
e
i
in
n
t
th
he
e
c
co
om
mm
mu
un
ni
it
ty
y.
.

11
T
Th
he
e
o
or
rg
ga
an
ni
is
sa
at
ti
io
on
n
h
ha
ad
d
i
id
de
en
nt
ti
if
fi
ie
ed
d
t
th
hr
re
ee
e
l
le
ev
ve
el
ls
s
o
of
f
s
so
oc
ci
ia
al
l
r
re
es
sp
po
on
ns
si
ib
bi
il
li
it
ty
y,
,
doing business in a
socially responsible manner, services that enhance members' ability to become financially
responsible and to access financial information to their advantage, and involvement with
their communities. As indicated in the responses (Table 1) there was recognition of
involvement with community, support of local business and a sense of achievement in
reaching financial goals, indeed members have shown high levels of satisfaction reflected
in a change in banking habits by 78% of members. Support was high for both socially
responsible activities and those associated with managing the natural resources.
Participants in the survey were also given the option to make anonymous comments and
while one comment did not support environmental activities:
"I believe that WAW's business is banking and not becoming greenies",
the remaining comments were favourable, eg.
"WAW participated in community activities and environmental awareness, this
involvement is needed in smaller towns".
M
Me
em
mb
be
er
rs
s
r
re
es
sp
po
on
ns
se
es
s
%
%
m
me
em
mb
be
er
rs
s
A
Ag
gr
re
ee
ed
d
t
th
ha
at
t
i
it
t
w
wa
as
s
i
im
mp
po
or
rt
ta
an
nt
t
f
fo
or
r
W
WA
AW
W
t
to
o
p
pl
la
ay
y
a
a
r
ro
ol
le
e
i
in
n
t
th
he
e
c
co
om
mm
mu
un
ni
it
ty
y
9
92
2
Member who felt it was relatively to very important to
maintain involvement in community programs.
8
80
0
N
Nu
um
mb
be
er
r
o
of
f
m
me
em
mb
be
er
rs
s
w
wh
ho
o
c
co
ou
ul
ld
d
i
id
de
en
nt
ti
if
fy
y
s
sp
pe
ec
ci
if
fi
ic
c
c
co
om
mm
mu
un
ni
it
ty
y
a
ac
ct
ti
iv
vi
it
ti
ie
es
s
7
79
9
Members who believe WAW Credit Union is helping them to
reach financial goals?
8
83
3
Members who have changed banking arrangements in favour
of the WAW Credit Union in the past year.
7
78
8
M
Me
em
mb
be
er
rs
s
w
wh
ho
o
w
we
er
re
e
g
ge
en
ne
er
ra
al
ll
ly
y
s
sa
at
ti
is
sf
fi
ie
ed
d
w
wi
it
th
h
t
th
he
e
r
ra
an
ng
ge
e
o
of
f
s
se
er
rv
vi
ic
ce
es
s
c
cu
ur
rr
re
en
nt
tl
ly
y
o
of
ff
fe
er
re
ed
d
b
by
y
W
WA
AW
W
C
Cr
re
ed
di
it
t
U
Un
ni
io
on
n?
?
9
97
7
Support WAW Credit Union playing a role in managing our
natural resources - such as:
R
Re
ec
cy
yc
cl
li
in
ng
g
9
94
4
W
Wa
as
st
te
e
M
Mi
in
ni
im
mi
is
sa
at
ti
io
on
n
9
93
3
L
Li
it
tt
te
er
r
C
Cl
le
ea
an
n-
-u
up
p
9
91
1
G
Gr
re
ee
en
ni
in
ng
g
a
ac
ct
ti
iv
vi
it
ti
ie
es
s
8
84
4
Members who believe it is important for WAW to have a buy
local policy
6
66
6
Table 1: Summary of Members response to social responsibility activities
(95% confidence level & 0.05 error)

12
Internal Reactions
"The TBL approach has really lifted the level of pride about the place of work
for many staff. TBL iniatives are very visual, allowing staff to see what the
projects are all about, and be recognised as employees of the credit union
contributing to the broader community by family and friends". (Challis, P. K.
2003, pers. comm., 4 March).
"Community participation great for profile, creates a good image for
community" (Anonymous staff member).
Staff turnover has been sitting at 5% until the past 6 months, the rise to 8% can in part be
attributable to a recent merger but the growth of the business andt the change in strategic
direction has also contributed as staff have been asked to move from their comfort zone, a
task not all have felt able to undertake. Generally though, a survey of staff indicated
strong support for the initatives (Table 2). The member survey supported a positive
employee culture with comments such as the following in respect to the professional and
friendly service provided by staff:
"WAW very friendly and happy"
"..staff very friendly and always have a smile"
"...wanted to compliment the friendly, helpful & informative service"
TBL Activity/ Performance indicator
Recycling policy 95% staff
Fundraising projects (direct contribution or support)
80% staff
Attendance at staff information evenings (unpaid) 80% staff
Staff turnover (over past 5 years) Between 5% & 8%
Conclusion
Adoption of a triple-bottom-line reporting strategy is not a fix-it for ailing business, the
success in this case study was a reflection of a balance between profit and other
dimensions of the triple-bottom-line. Crucial to its success was the overall health of the
organisation and the integration of a philosophy of triple-bottom-line into the fabric of
the organisation. Triple-bottom-line is being utilised within this organisation not as an
added process but as an enhancement to existing processes to give the organisation a
three-dimensional approach that provides improved focus on the stakeholders. The
process is not over, the organisation now faces the challenge to measure and report its
success and failure.
Table 2: Staff satisfaction indicators

13
References:
Adams, C.A., Hill, W. & Roberts, C.B. (1998). Corporate Social Reporting Practices in
Western Europe: Legitimating corporate behaviour? British Accounting Review, 30, pp.1-
21.
Bewley, K. & Li, L. (2000). Disclosure of environmental information by Canadian
manufacturing companies: A voluntary disclosure perspective. Advances in
Environmental Accounting and Management, 1, pp. 201-226.
Cormier, D. & Gordon, I.M. (2001). An examination of socail and environmental
reporting strategies. Accounting Auditing and Accountability Journal, 14(5), pp. 587-616.
Deegan, C. (1999). Triple bottom line Reporting: A new reporting approach for the
sustainable organisation. Charter, April, 70, pp. 38-40.
Deegan, C., Rankin, M. & Voight, P. (2000). Firm's disclosure reactions to major social
incidents: Australian evidence. Accounting Forum, 24(1), pp.101-130.
Elkington, J. (1999). Cannibals with Forks: The Triple Bottom Line of 21st Century
Business. Capstone: London.
Hackston, D. & Milne, M.J. (1996). Some determinants of social and environmental
disclosures in New Zealand. Accounting Auditing and Accountability Journal, 9(1), pp.
77-108.
Hoskin, K. and Macve, R. (1994), Writing, examining, disciplining: the genesis of
accounting's modern power, p.92. quoted in Hopwood, A.G. and Miller, P. (Eds),
Accounting as Social and Institutional Practice, Cambridge University Press, Cambridge.
Kreuze, J.G., Newell, G.E. & Newell, S.J. (1998). Environmental disclosures: What
companies are reporting. Management Accounting, 78(1), pp. 37-43.
McGrath, D. (2003). Aspects of social accounting: bank disclosures. Unpublished.
Millennium Poll, (1999). Quoted in Birch, D. (2002). Corporate Social Responsibility:
Fact or Fiction? Staff Seminar, La Trobe University, Melbourne.
Nash, I. (2001). Sustaining the test of time. Australian CPA, 71(2), pp. 33-34.
New Code of Banking Practice. Australian Bankers Association (online). (5 Nov, 2002).
Retrieved via Netscape.
http://www.bankers.asn.au/ABA/pdf/Final%20Code.pdf
Neu, D., Warsame, H. & Pedwell, K. (1998). Managing public impressions:
Environmental disclosures in annual reports. Accounting, Organisations and Society,
23(3), pp. 265-282
O'Donovan, G. (2002a). Environmental disclosures in the annual report: Extending the
applicability and predictive power of legitimacy theory. Accounting Auditing and
Accountability Journal, 15(3), pp. 344-371.
O'Donovan, G. (2002b). The social bottom line. Australian CPA, Dec, pp. 66-69.
Robson, K. (1991). On the arenas of accounting change: the process of translation.
Accounting, Organizations and Society, 16(5/6), pp. 547-70.

14
Sethi, P. & Steidlmeier, P. (1994). The evolution of business' role in society. Business
and Society Review, 94, pp. 9-13.
The Age (28 Oct. 2002). Good Reputation Index Age/Sydney Morning Herald Special.
Tsang, E.W.K. (1998). A longitudinal study of corporate social reporting in Singapore:
The case of banking, food and beverages and hotel industries. Accounting Auditing and
Accountability Journal, 11(5), pp. 624-635.
WAW Credit Union. (1996). Strategic Plan 1996 - 2001. Unpublished.
WAW Credit Union. (1998). Business Plan. Unpublished.
WAW Credit Union. (1999). Business Plan. Unpublished.
WAW Credit Union. (2000). Business Plan. Unpublished.
WAW Credit Union. (2001). Business Plan. Unpublished.
WAW Credit Union. (2001). Annual Report.
WAW Credit Union. (2002). Business Plan. Unpublished.
WAW Credit Union. (2002). Annual Report.
WAW Credit Union. (2003). Business Plan. Unpublished.
Williams, S.M. & Pei, C. (1999). Corporate social disclosures by listed companies on
their web sites: An international comparison. The International Journal of Accounting,
34(3), pp. 389-419.
Zeghal, D. & Ahmed, S. (1990). Comparison of social responsibility information
disclosure media used by Canadian firms. Accounting Auditing and Accountability
Journal, 3(1), pp. 38- 53.