Importance of Corporate Social Responsibility in Management Accounting

Running head: CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility
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1CORPORATE SOCIAL RESPONSIBILITY
Introduction
The concept of managerial accounting Managerial accounting refers to the process of
measuring, identifying, analysing, communicating and interpreting information for effective
achievement of an organization's goals. At present, there has been an increase in the concept
that corporate social responsibility (CSR) is substantial for the sustainable development of
companies and their role in the society as a whole (Bhattacharya, et al., 2017). The CSR is
incorporated into mission and vision statements and is given the highest priority in strategic
configurations of modern organisations increasingly.
The importance of CSR in the management Accounting
As per the Global Business Council for Sustainable Development, CSR is “the
continuing commitment by business to contribute to economic development while improving
the quality of life of the workforce and their families, as well as of the community and society
at large.” The Corporate Social Responsibility looks beyond profits and keeps on focusing on
the technique how a business should run and can benefit community (Steenkamp, 2017).
The concept of corporate social responsibility enables the corporations to perform
their bit for the society, customers, environment and the stakeholders. When it comes to
management accounting the Corporate Social reposinility has the following importance in the
business environment:
The concept of corporate social responsibility provides opportunities for all the
organization’s employees to make contribution to the society, country and environment:
The concept of social responsibility deals with the ideology of living for others and making
and action that would benefit the community as a whole (Ruggie, 2017). An act that would
bring a smile to the lives the people is given priority by the organisations. For instance the
organization may pledge to provide education to the poor children of a particular village, this