Hi, I have attached the assignmnet requirement outline below. As they have mentioned in the assignment criteria I found 4 articles referring the Swinburne Library business sources which contains under...

Executive Summary
This report talks about the various applications of the two most common theories of accounting which are recognised worldwide by organisations. Although there may be drawbacks for each kind of theory, their uniqueness lies in the way how each theory is specific for each different kind of organisation. The company has to decide on how to apply the theories to the best of their abilities for them to succeed and excel in their particular arenas. This report will discuss how these theories were studied and applied and what could be done more to make the applications more precise and appropriate.
Introduction and Purpose
Any company must follow a particular principal to set up their policies and goals. These principals or theories become a base of how they will approach problems later on in their journey to success. There are many base principles which a company could follow, the two most common of them being the institutional theory and the stakeholder theory. We will discuss each theory and their specific applications later in this report, individually. Following these theories help a company determine how they should treat their employees, what kind of returns they expect, what sort of position they want to hold in the industry and how long should it take to reach their goals, taking whose support.
The purpose of this report is to understand how the approach of application becomes different for every different sector and different expectations. The papers which have been chosen for research delve into the intricate details of 2 specific theories, the institutional and stakeholder theory. The researchers discuss the gaps in the theories and what are things missing which could be added on. They also discuss how, if these theories were applied in a better way, could lead to better results for a company.
The Stakeholder Theory
Stakeholders of a company initially was considered to be only the shareholders of the company or in other words the people who had invested their money in the company. But as time passed, it was realized that each and every entity which is somehow connected to the company and is effected by its profits can be considered a stakeholder. Thus some examples of stakeholders can be customers, third-party venders, suppliers and other entities indirectly connected to the company’s performance. And this forms the base of the stakeholder theory.
Basically, stakeholder theory is a culmination of all the theories which helps a firm’s managers to understand the study the relationships between their organisation and its stakeholders and also the result of this relationship and how it affects their performance (Jones, 2018). Thus, in a sense this theory will also help the companies to realize their flaws and work better on their relationships in a way that it enhances the company performance.
Classification of stakeholders and understanding its application
Although there have been a lot of applications and discussions regarding the stakeholder theory, the universe of accounting is still not very clear on how to classify and segregate their stakeholders according to their importance and preference. This segregation can help in making the application of this theory more precise and useful. To understand these kind of classifications, the relationships between the company and the stakeholders needs to be analysed, from the perspective of both the firm and the stakeholder (Miles, 2015). The classification which our research paper, (Miles, 2015) talks about is based on “essentialism” and “overall similarity” as its two extremities. These parameter are suitable for judging stakeholders and allocating them a position in the relationship matrix. While constructing this matrix, our authors have reviewed and taken help of numerous research papers where this kind of classification has been done previously. Their work is a culmination of all of their previous efforts.
The method which they have used is called the “Bounded systematic review methodology” (pp. 441). Some of the bases considering which the stakeholders were classified were who were they, their relationship nature, their stake nature and relationship objective. There were a total of 9 criterion. An interesting fact was
ought to notice while studying the...