Similarly, disclosure of the information related to these CSR activities have become an important part of the CSR activities of the organizations. Importance of CSR Reports This trend has made its mark due to the lack of reliance on the information which is voluntarily given out by the companies as compared to the real contribution to the society. From the perspectives of academics, there is an accepted theory which widely discusses the reasons which motivates the companies to disclose their CSR information. Majority of the information provided in the CSR reports were previously considered to be the decisions or activities belonging to the private domain of these organizations. The theoretical explanation states that the organizations provide CSR performance related information to general public for satisfying their primary needs and portraying themselves as very responsible members of the society. This legitimacy enables the organizations in pursuing the primary purpose of attaining sustainable profitability which is the most important goal of all the business activities. Although the corporate sector provides huge economic benefits to the society, yet there is an increasing concern regarding the abuse or wastage in terms of utilization of the resources of the society. The society provides higher benefits to the corporate sector. It is due to this reason that it possesses the right to seek information related to the return that these organizations are providing to the society. In brief, the increasing public awareness of the public resources decides the legitimacy of the companies, thereby increasing the requirement of disclosure of CSR information in the community. CSR Reports: Providing Useful Information to the Stakeholders The term ‘corporate social responsibility’ revolves around a number of issues concerning the organizations and their interactions with the society. These issues cover governance, ethics and various other social activities like, community development, philanthropy, product safety, human rights, equal opportunities to all employees and other environmental activities. Consideration of the CSR activities, from the aspect of accounting, has necessary linkages with the social reporting (Brennan and Merkl-Davies, 2013). The disclosure related to social and environmental responsibilities of the organizations increase the importance of CSR reports. The social and environmental accounting forms an important part of the CSR reports (Mahoney, et al., 2013; Merkl-Davies and Brennan, 2011). The communication of the environmental and social effects of the organizational activities to the stakeholders increases their reliability towards the transparency of their operational activities (Hooghiemstra, 2000). This extends the requirement as well as performance of accountability of all the organizations. Maintenance and presentation of CSR reports have become one of the global initiatives of the governments where they have recognized it to be the standard for sustainability reporting. It has provided a framework which disclosed much substantial and contextual information, rather than just presenting their financial performances. This framework has also ensured the fact that the organizations provide meaningful and appropriate information to the stakeholde
Corporate Social Responsibilities Introduction In the present scenario, a large number of companies all over the world are voluntarily performing corporate social responsibilities. The corporate social responsibility (CSR) reporting has become very important with the increase of the public interest in the CSR activities performed by the organizations…
CSR is interpreted broadly as the duty of business firms to take account of the interest of a broader class of stakeholders when making business decisions and conducting business activities (Moir, 2001). To this end, a broader class of stakeholders include employees, consumers, governments, communities, shareholders, suppliers and creditors.
An organization maintains its public image through corporate social responsibility activities. This paper will support this argument by looking at the role of the CRS reports to the shareholders and stakeholders of an organization. Moreover, the paper will give the background information on the Corporate Social responsibility as well.
This paper intends to evaluate the effectiveness of these reports in serving the above purpose as against as just mere ‘vehicles’ adopted for public relations among trading organisations. Corporate social responsibility is a common notion adopted in business models that alludes to some form of self-regulation by corporate systems.
Corporate social responsibility concerns having sufficient effect to the society by offering adequate protection to local or any other investment before considering the money invested in foreign countries. There are several ways through which an accounting professional is involved when it comes to the issues of environmental corporate social responsibility.
71). The CSR reports are meant to describe a company by showing inner circle details to sooth more investors and agitate for positive recognition from the society. On the other hand, the corporate citizenship can entail the incurring of short term costs meant to promote positive environmental and social transformation but do not have immediate financial benefits to the company.
Some of the companies prepare the reports to meet their stakeholders’ needs (Moir, 2001). Other key reasons behind the reporting are the legislative purposes, as well as, developing the brand names. For many years, companies observed environmental reporting for regulatory purposes, as well as, environmental and social issues i.e.
Corporate Social Responsibility (CSR) reports are published by many corporations, but what constitutes a CSR report is still exclusive. There are many names of CSR report such as environmental, sustainability, safety, health and community affairs report. It aims to portray the relationship between an organisation and society.
To create the green equation, several factors have to be taken into consideration such as solid waste, carbon emission and electricity consumption. The main purpose of reporting CSR is for tracking the sustainability footprint of the business and to report the same to the shareholders and stakeholders of the company.
Most firms are now absorbing the cause of social responsibility either voluntarily or as a part of their strategic goals. In other cases, most firms also publish their attempts in social responsibility and CSR activities as a part of their annual publications like the annual reports.
This paper is aimed at analyzing the concept and the overall importance of corporate social responsibilities for each and every stakeholder of the company. The corporate social responsibilities of Qantas Airlines have been studied in detail to
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