This research paper therefore seeks to elucidate the social accounting measures put into place by ANZ Bank in Australia and Citibank in the United States. In its basic connotation, social accounting refers to the process of relaying the information regarding the economic effect of the social and environmental activities of the organization. This is analyzed in the context of particular interest groups and social units within the society. The essence of social accounting is normally the concept of corporate accountability. According to Crowther (2000), social accounting is an approach used in reporting the activities of an organization in a manner that stresses the importance of socially relevant behavior while also stressing the fact that a firm should always be accountable for its social performance. In this regard, very appropriate reporting techniques become imperative as measures of the social responsiveness of the organization. It is imperative to realize that banks constitute the largest players in the Australian Stock Exchange (ASE). Over 18 percent of the listed companies in the ASE are mostly banks while other financial institutions make up a larger portion of the top 20 companies listed on the exchange. This powerful presence presents the need for the banks to be socially accountable for their operations in the industry and society at large. Literature Review Despite the concept of Corporate Social Reporting being a topical aspect for more than two decades now, much analysis of the subject has always revolved around comparisons between the different CSR practices exhibited by different organizations across the world (Adams, 2004). In this regard, it is realized that differences in culture and national values normally account for differences exhibited in accounting practices between countries. Much literature existing on the topic basically focuses on the social disclosures of mainly firms from industrialized economies with little focus on the developing or recently industrialized economies (Hilmi, 2008). The idea behind social accounting presents much challenge to the concepts of conventional accounting regarding the limited image often portrayed as existing between organization and the society at large. As a normative concept, social accounting presents a more elucidative approach to the whole idea about social accountability in the sense that organizations should always extend their social accountability beyond mere economic events (Anderson, 2005). Social accounting advances the view that corporate responsibility should not simply be addressed in financial terms like it is often the case. Conventional practice has always dictated that society is the only recipient of the social responsiveness of organizations. However, in the modern setup, the stakeholders in this regard extend beyond the society and include entirely all the participants in the social world. In a way, it appears that social accounting seems to expose the emerging tension between the realization of economic profits and the pursuit of environmental and social objectives. The idea behind social accounting is often geared toward two purposes, i.e. accountability purposes and management control. As a demonstration of accountability on the part of the organization, social accounting
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Corporate Social and Environmental Accounting Report Course Number Due Date Instructor Name Introduction The concept of Corporate Social Responsibility Reporting (CSR) is a very fundamental concern in the present global business environment where competition and the need for social responsiveness has become some of the greatest concerns for most business executives…
For a sole proprietorship, the business should provide a means of livelihood and growth while in the case of partnerships, it means providing satisfactory returns for its partners. For this purpose, such organizations need to have efficient production facilities and employees.
The second important component of corporate governance is concerned with normative structure of an organization. Aspects under normative framework include rules and policies that govern operation of an organization or institution. The rules originate from a variety of sources, including labor and financial market, in addition to legal or judicial systems (Claessens, 2006, p 6).
S. Hershey. This implies that the company has been operating for long, and its management has a lot of experience in terms of the achievement of their CSR goals (Rogers, et al, 2008). The company also has a large labor force that comprises of over 13, 000 employees who provide millions of products to the company’s customers who live all around the globe.
According to the report CSR may incur some costs that are short term and do not have immediate benefits on the fiscal position of the company. It will endorse positive ecological and social change. It helps a company to promote its vision as an accountable to wide range or players like investors, stakeholders and shareholders.
Water management is the similarity between Thames Water and Bp states in sustainability report 2007. BP has briefly explained it in where Thames water has provided a full range of information on their water management. Although water management do not states clearly in Bp sustainability report but it was clearly states in BP Refinery (Quintana) Public Environmental Report 2003-2006.
For this purpose, such organizations need to have efficient production facilities and employees. In the case of larger organizations like corporations, it also means providing adequate returns to a large number of shareholders. But as businesses grew (due to aspects like
SR include the ability to recruit and retain qualified image, enhanced corporate reputation, improved operating efficiency and improved relations with environmental regulatory authorities. The choice of CSR projects is determined by the size of business, needs of the community,
In most cases, these strategic plans have been operated from four major themes, three of which are directly found in the 3 spheres namely economic, political and civil society. The forth is environmental. It has however been established that not much focus has been
10 pages (2500 words)Research Paper
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