Corporate Social Reporting: Measuring the Impact of Corporate Activities on Society

Manish Mittal

The IUP Journal of Accounting Research and Audit Practices, 2007, vol. VI, issue 1, 6-19

Abstract: Business is integral to society. Both business and society depend on each other for the fulfillment of their respective needs. The moral dimension of business calls for certain responsibilities towards the society. Liberal economists believe that the responsibility of business is economic in nature and does not extend beyond the provision of employment and payment of taxes. They contend that any diversion of company resources by way of social programs represents a tax on consumers and investors, and that managers resort to it for the sole purpose of self-promotion. On the other hand, propounders of the social view of business argue that businesses have numerous constituents, where interests should be considered to ensure sustainable growth and survive. The triple bottom line, which is a framework that takes into account not only the financial outcomes of an organization but also the environmental impact and social performance for measuring the performance of an organization, has gained wide acceptance. In order to demonstrate good business citizenship, organizations have to adopt corporate social reporting, a mechanism for measuring and reporting internal and external information regarding the impact of corporate activities on society. The practice of corporate social reporting has been in existence in different forms from the time of Adam Smith, but increased public pressure in the recent years has created a demand for transparency with respect to reporting of Corporate Social and Environmental Performances. The various reporting schemes, indicators of social performance, and the assessment criteria, are now designed to render comparability and uniformity in reporting. This paper discusses the various models for social reporting adopted worldwide in order to enable organizational learning and impact assessment.

Date: 2007
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