Social Accounting Practices in India as a Corporate Social Responsibility”

2281 WordsMar 22, 201210 Pages
“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…show more content…
This is the reason to adopt CSR in India. The Corporate Social Responsibilities of Indian companies’ are- to be transparent with the society, to be ethical and to act legally. CSR is not a new concept in India. Corporate like the Tata Group, the Aditya Birla Group, and Indian Oil Corporation, to name a few, have been involved in serving the community ever since their inception. Many other organizations have been doing their part for the society through donations and charity events. Even many firms do beyond charity. For example, organizations like Bharat Petroleum Corporation Limited, Maruti Suzuki India Limited, and Hindustan Unilever Limited, adopt villages where they focus on holistic development. They provide better medical and sanitation facilities, build schools and houses, and help the villagers become self-reliant by teaching them vocational and business skills. Social accounting is also a corporate social responsibility, but it is adopted by only few firms in India. Social Accounting practices in India: France, UK and USA are the top countries where social responsibility statements are made with other financial statements. But in India still it is not so popular. Social accounting is a corporate social responsibility of organizations. In the corporate world, genuine social accounting has been one of the first major stepping stones in improvements in corporate social responsibility. For many
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