BUSINESS AND PROFESSIONAL ETHICS FOR ACCOUNTANTSYou are meeting with accounting department personnel...

Question

BUSINESS AND PROFESSIONAL ETHICS FOR ACCOUNTANTS
You are meeting with accounting department personnel to make sure they understand the importance of corporate social responsibility and how it affects the company and their specific jobs.
Explain your analysis and understanding of social accounting as an element of corporate social responsibility.
Describe at least 5 reporting mechanisms in social accounting that may be similar to those in financial reporting.
List at least 2 examples of what you think are the contributions that the largest public accounting firms have made in the area of social corporate responsibility.
Make at least 1 recommendation as to how you believe your accounting department should participate in corporate social responsibility within your company.
. Include references for your citations if applicable. You will be graded on the quality of your postings.
The following grading criteria will apply to this assignment:
Grading Criteria
20% Explain your analysis and understanding of social accounting as an element of corporate social responsibility.
20% Describe at least 5 reporting mechanisms in social accounting that may be similar to financial reporting.
20% List at least 2 examples of what you think are the contributions that the largest public accounting firms have accomplished in this area of social corporate responsibility.
20% Make at least 1 recommendation as to how you believe your accounting department should participate in corporate social responsibility in your company.

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Robert · Accepted Answer

Social accounting and reporting is a collection of qualitative or quantitative data related to a 
company‟s transactions or interactions with the society. These interactions come as a part of 
the social responsibility of a firm. The social accounts and reports created thereof can be used 
by internal management as well as can be published along with company reports for external 
use.  Social accounting and reporting becomes important as every company has many 
stakeholders for whom it is responsible. Company‟s actions affect these stakeholders, which 
include customers, suppliers, the community, environment and the government, in addition to 
its shareholders.  Therefore, these stakeholders should know about the activities of the 
organisation. A company needs to balance the interest of its stakeholders to have charted a 
path of sustainable growth. 
The companies around the globe, especially the larger ones already generate social data in 
significant amounts in their annual reports. Currently, most companies disclose: 
- Arrangements for disabled employees;  
- Arrangements and schemes for pension and share ownership; 
- Corporate governance;  
- Donations;  
- Directors' involvements, remuneration and options. 
Additionally, companies add details in varying degrees about information related to health 
and safety at work; equal opportunities for all; involvements in community, arts and schools; 
and the environment. This data can be considered as a form of social reporting and are the 
reporting mechanisms which are close to financial reporting.  
Traidcraft, a fair-trade organization, can be claimed as one of the pioneers in the field of 
social accounting.

BUSINESS AND PROFESSIONAL ETHICS FOR ACCOUNTANTS You are meeting with accounting department personnel to make sure they understand the importance of corporate social responsibility and how it affects...

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