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Do corporate social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate soci - Essay Example

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Do corporate social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate soci

The companies categorize the nature and magnitude of their impacts on the society and other related areas as well as their management quality in relation to processes and people employed. The corporate social responsibility reports outline the various companies’ achievements and progress in the corporate society. The information portrayed in the reports must be justifiable and be up-to-date with the current status of the Corporate Act (McWilliams & Siegel 2001: p.71). Many at times, the CSR reports have shown many wavering and unjustified statements about the respective companies in terms of their products, working conditions, employed staff, salary remunerations and other related fields, hence the CSR has received criticism as not being deeply concerned with the minds of stakeholders and shareholders (O’Dwyer, (Eds.), 2000). Most of the companies that exist to date draw their roots back to as far as the 15th century, where the cost of production and purchase were very low and due to limited technology, things were done at a slower pace and at open ground with minimal control. The companies have changed their face and reconstructed new methods of production to be in line with the modern world. As a result of these evolutionary pathways, several self-centered motives have grown among individuals who run the companies. The accounting theories can reflect on the monthly or annually released corporate social responsibility reports. The expenses and revenues must reflect the period that they occur in line with the time the CSR reports are released. The CSR reports exaggerate the amount of expenses accrued at a given date so that both the shareholders and the stakeholders sail on the same boat with the companies arguing not to have met their expectations, yet the companies might have used the exceeded amounts in their own benefits (Jenkins & Yakovleva, 2006: p. 278). According to the shareholder theory put across by Friedman (1970), there is no clear interconnection between the financial reports of a company and CSR. If there is such a linkage, then it only helps in the discussions amongst shareholders themselves. In some cases, the CRS reports quote figures in expenditure that perhaps were incurred long time ago or inputs purchased at a discount but when writing the expenditure report, they quote the original cost (Labelle, R. et al, Schatt, & Sinclair-Desgagne, 2006: 67). The information contained in the CSR report must have a qualitative feature that can be relied upon, relevant, and consistent. Relevance is also important to enable shareholders or stakeholders make the right decision and create a difference between the previous report and the latter. Reliability of a CSR report forms the basis of accurate information which is up to the expectations of the society. Since these reports are prepared by the boards of companies, they might either be biased or may be against the will of other members bringing false opinions about the same. This is evidently seen in the way crises are managed (Igalens, 2006). For instance, the West Australian-based Magellan Metals company caused a lot of adverse environmental impacts through lead poisoning, killing a large number of birds. The same case applies to various city ...Show more
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Summary

Do Corporate Social Responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate social and environment performance or are they merely a public relations vehicle? Name Institution Accounting Theories Introduction Corporate social responsibility (CSR) includes all methodologies and plans, employed by companies to generate a positive impact on the community (McWilliams & Siegel, 2001: p…
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