Social Accounting Practices in India as a Corporate Social Responsibility”

Businesses, specifically larger corporations, play a major role in what occurs in society therefore, they are responsible to their stakeholders not only to pursue economic goals but the greater social good as well. Corporate social responsibility (CSR) means that a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect people, their communities, and their environment. (Lawrence, 2010). Social responsibility is becoming the norm so much so that some businesses have incorporated it into their business model. There are three components of the bottom line of social

In 1853, first association of professional accountants, it also can be regarded as the beginning of the modern accounting profession. The UK accounting system is conducive to a principles-based approach rather than a rules-based approach to standard setting. Furthermore, the UK 's politic system is common law, which shows that accounting system in the UK has relatively fewer statutes, more interpretation and tends to be more flexible, adaptive and innovative, etc. Also, taxation does not have influence on accounting system, but Germany and Japan are in opposite Therefore, these all can have a significant influence on accounting system in the UK.

The purpose of accounting is to record the financial information, such as transactions and performance, related to a business. The accounting profession has been in existence for as long as business transactions have occurred. It wasn’t until 1494, however, when Luca Pacioli, a Venetian merchant, wrote Summa de Arithmetica, Geometrio, Proportioni et Proportionalita. His writings described a two-entry system of debits and credits, which became the basis for modern accounting systems. Three centuries later, with the emergence of the Industrial Revolution and the development of corporations, the profession of being an accountant became a necessity to keep track of the rising costs and cash flows. As a result, the American Association of Public

The organization’s strategy plan for any gaps in social responsibility that might be potential risks to internal and external stakeholders is challenging, but this company certainly does not allow for corruption. On April 1 “India has become the only country in the world with legislated corporate social responsibility (CSR) and a spending threshold of up to $2.5 billion (Rs 15,000

Islam accepts the fact that accounting is a social construction and itself constructs social reality but this social reality which the accounting constructs must conform to the dictates of Islamic belief.

To be ethic, to be responsible to the society should be the new role of accounting in society. That’s the reason critical perspective accounting have been put forward. It is a theory that questions prevailing social order and how accounting practices actually contribute to inequities. One breach of it is to provide a sustainability report or tribe bottom line that report the social, environment and economic.

Corporate Social Responsibility (CSR) is something that affects all companies and should be an active factor in the company’s decision making. It is something all corporations need to care about. CSR is when business’ or corporations take part in an initiative or campaign for a cause that will benefit society and/or in some way make the world a better place (Taylor, 2015). Initially, Corporate Social Responsibility started to take shape around the 1950’s, but some say that it dates all the way back to the 1800s, the idea of CSR was seen (Carroll, 2007). One may think that because it is dated so long ago, it doesn’t have an important impact today nevertheless, it is proven that Corporate Social Responsibility is a pathway for entities to self benefit as they are in the process of benefitting society.

In the present day, scientific breakthroughs are accomplished through collaborative work between several disciplines, public accounting not being far apart from this context is related to another science with the purpose to collect and converse quantitative information, primarily of financial nature of economic entities that allow judgments and decisions to inform its users. In this way, psychology develops new constructs of human behavior in different contexts that deserve to be treated in public accounting.

Accounting is the social science that studies, measures, analyzes and records the heritage of organizations, businesses and individuals, in order to serve in decision-making and control, presenting the information previously recorded, systematically and useful for different stakeholders. It also has a technique that produces structured and systematic quantitative and valuable information, expressed in monetary units on transactions made by economic entities and certain identifiable and quantifiable economic events that affect it, for the purpose of providing it to the various public stakeholders.

It has been become an issue of great concern that the accounting profession must find a common theory in order to address and put the issue at rest. This therefore, has called for the study of this topic under review “the demand for and supply of accounting theories: the market for excuses. As a result of this several questions have been raised. For instance, the question of why accounting theories are predominantly normative has been put forward by this article? Secondly, why no single theory in accounting profession that is generally or widely accepted? It has been argued that the financial accounting theories have been found to be ineffective most especially in the area of impacting accounting practice and policy, though, this has been

Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.

The main purpose of this report is to focus the positive accounting theory “Towards a Positive Theory of the Determination of Accounting Standards” and written by (Watts & Zimmerman, 1978) Ross L. Watts and Jerold L. Zimmerman, who indicated with a number of significant research in order to describe and contribute positive accounting theory

Accounting has been around since the beginning of civilization and played an important role in the development of cities, trade and the concepts of wealth. Nowadays, business is very complex and therefore there is an increased need for providing accurate and reliable financial information. Moreover, according to ACCA’s beliefs, the importance of financial reporting and accounting standards is significant not only for the accountancy profession, but also for the world economy. [1] Dr Joe Sumners, Auburn University, defines economic

The Burns and Scapens framework for analyzing managerial accounting change was built on the study of old institutional economics, which sees "economics as a process of social provision, subject to multiple and cumulative causation." This view culminates in a model that argues that the managerial accounting practices at institutions are subject to a process of constant change, influenced by routines and rules. The institutions contribute to these routines and rules, but so do actions on the part of managers within the institutions. By combining multiple influences over time, we arrive at modern managerial accounting practice. In other words, Burns and Scapens tells us that managerial accounting practice changes over time, influenced by a number of factors including rules, routines and actions.

In today 's world of accountability and innovativeness, there is much more need of ensuring there is efficient as well as effective technique of classifying, recording and identifying important financial data to make decision making process as easy as possible. There is developing necessity that entails gaining as well as upholding competitive advantage following stiff competition enabled via effective financial performances. Thus, it can be undertaken that accounting functions under social – economic environment, hence becoming unavoidable ultimately creating the need for systematic accounting theory and practices. It is as well necessary to note that at the moment, there have been cases of creative accounting which entail the aspect of