BUACC 2614 – Management Accounting 2 Semester 2, 2012 Group Assignment According to Martin and Steele (2010, p.13), “The two principal professional associations in Australia – CPA Australia (the...

Accountants now days have a very important contribution to make to Corporate Social
Responsibility (CSR). There major responsibility for accountants is that they have to contribute
to provide a means for holding accounts and making accounts. Financial accountants help in
forming research theory on social and environmental accounting. This term Corporate Social
Responsibility (CSR) has many various issues involving around them which interacting with
society is most important issues. Corporate accounting responsibility impacts the society on
hole(Tilt, 2000). It was started because of issues revolving around interactions of companies with
societies. There were lot of issues like social activities such as product safety, human rights,
environmental activities and other issues like ethics, governance etc. Corporate accounting
esponsibility was earlier used for national budgeting and other related national accounts
(Stuvel., 1989).. But now days it is basically used for planning purposes by the management.
Corporate accounting responsibility also helps in involving accounting in major part like
promotion of social and environmental responsibility and also mainly involvement in reports,
audit, financial reports etc(Tilt, 2000). Corporate accounting responsibility is just said to be
mostly concerned with the ways of treating assets and liabilities and present it in a different
form. Its priorities are always stakeholder’s accountability. They aim at reporting annual reports
and financial statements not only of companies but also between countries (simon,
2002).Responsibility accounting helps to take out results by measuring the actual performances
y planning performances which can be acknowledged, there should be reasons for variances a,
duties and responsibilities can be fixed for any individual and most importantly procedures can
e taken when any problems arises. The company will be prepared in advance for any serious
problem. Corporate responsibility accounting is most suitable where top management has
assigned and given powers to people to take decisions for company .The basic idea for
formulation of responsibility accounting is to judge managers that how well they can control or
mange the people under them, this will help the top management to measure the performance of
the managers. Corporate responsibility accounting helps the managers to take decisions
egarding cost, profits, revenues etc as company’s growth and future are dependent on mangers
decisions. It helps in companies to concentrate on cost issues and help in cutting them down
(Mabaya, 2001) Thus it shows the long term effects of cost such as depreciation, lease etc on
eports. Corporate accounting responsibility is done by companies so that they can from time to
time update people about relevant changes in the organization, to clear any misleading
assumptions if the public is forming about the company but without changing their own behavior
etc. it helps to attract new customers and retaining employees as it is very difficult to sign new
employees and specially when labor market is tight (simon, 2002). Corporate accounting
esponsibility has a high accuracy rate of business transactions and is helpful in keeping up to
date with accounts like payable, receivables, taxation, and also helps in forming a management
tool. Corporate accounting responsibility is very helpful in clearing any doubts if the customer
has regarding payments and all...