Social Accounting Practices in India as a Corporate Social Responsibility”
“Social Accounting Practices in India as a Corporate Social Responsibility”
soniuttranchal@gmail.com
Concept:
The concept of Social Accounting originated in different forms by Adam Smith in 1776, Later on, Karl Marks and Engel also expressed their views about social costs in 1844. Pigou in 1920 also elaborated the divergence of Social and Private Costs. The concept of social accounting was clearly introduced in the 1970’s and later this concept received serious consideration from professional and academic accounting bodies. Social accounting as an approach began developing in the UK in the early 1970s, when the Public Interest Research Group established Social Audit Ltd. This has led to an increasing awareness of CSR, and the “triple bottom-line” of business success – measuring the business not only in its financial performance, but by its social and environmental impact as well. Social accounting is adopted mostly by developed nations but now developing nations are also adopting this concept as their management practice. The concept of Corporate Social Responsibility is underpinned by the idea that corporations can no longer act as isolated economic entities operating in detachment from broader society. Traditional views about competitiveness, survival and profitability are being swept away. The concept of corporate social responsibility is now firmly rooted on the global business agenda.
Meaning:
“Social Accounting” is a method by which a business seeks to place a value on the impact on society of its operations. Social Accounting is an expression of company’s social responsibilities and requirements of general corporate accountability. It is concerned with the development of measurements system to monitor social performances. It is also known by various names like, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting, or
soniuttranchal@gmail.com
Concept:
The concept of Social Accounting originated in different forms by Adam Smith in 1776, Later on, Karl Marks and Engel also expressed their views about social costs in 1844. Pigou in 1920 also elaborated the divergence of Social and Private Costs. The concept of social accounting was clearly introduced in the 1970’s and later this concept received serious consideration from professional and academic accounting bodies. Social accounting as an approach began developing in the UK in the early 1970s, when the Public Interest Research Group established Social Audit Ltd. This has led to an increasing awareness of CSR, and the “triple bottom-line” of business success – measuring the business not only in its financial performance, but by its social and environmental impact as well. Social accounting is adopted mostly by developed nations but now developing nations are also adopting this concept as their management practice. The concept of Corporate Social Responsibility is underpinned by the idea that corporations can no longer act as isolated economic entities operating in detachment from broader society. Traditional views about competitiveness, survival and profitability are being swept away. The concept of corporate social responsibility is now firmly rooted on the global business agenda.
Meaning:
“Social Accounting” is a method by which a business seeks to place a value on the impact on society of its operations. Social Accounting is an expression of company’s social responsibilities and requirements of general corporate accountability. It is concerned with the development of measurements system to monitor social performances. It is also known by various names like, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting, or