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Significance of Corporate Social Responsibility - Report

   

Added on  2020-01-28

9 Pages2756 Words55 Views
ACCOUNTANT IN BUSINESS 1
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TABLE OF CONTENTSINTRODUCTION................................................................................................................................31. Stating the meaning of corporate social responsibility ...............................................................32. Defining the ways in which CSR is associated with the strategic purpose of company ............43. Stating the application of CSR in the light of various stakeholders ...........................................44. Presenting the reasons which encourage Board of Directors to adopt CSR practices ................6CONCLUSION....................................................................................................................................7References............................................................................................................................................82
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INTRODUCTIONIn the organization, accountant plays a vital role in drafting financial statements according tothe standard rules and regulations. Thus, they are the one who has the responsibility to present thebusiness operations and functions in a fair manner in front of stakeholders. Moreover, shareholdersof the firm undertake final accounts with the aim to satisfy their information need to the significantlevel. Financial statements contain information about the company's funds, solvency and aspects ofcorporate social responsibility. The present report is based on Magical Experience Ltd which willdiscuss the significance of corporate social responsibility. Through this, one can understand theextent to which business organization can fulfil its aims and objectives through the means ofcorporate social responsibility. 1. Stating the meaning of corporate social responsibility Corporate social responsibility (CSR) is undertaken by corporate for building distinct imagein the mind of stakeholders. In this, business organization makes effort to assess and thereby takesresponsibility for contributing in well being of society. In this, company emphasizes on takinginitiative which offers high level of benefit to the society (Lindgreen and Swaen, 2010). Charity,economical way of performing operations etc. are the main factors which are the part of corporatesocial responsibility. Now, every company focuses on CSR activities for enhancing their goodwill atthe marketplace. For instance: Company invests some part of their profit on children education, allocation ofhouse to poor persons, focus on ensuring green environment etc. Further, ethical labour practicesand organizing events are the main aspects of CSR activities which provide assistance to theorganization in contributing in welfare of others. Looking at Magical Experience Ltd, companyfocuses on designing video games which offers more fun to the customers without affecting thebeliefs of others (Dhaliwal and et.al., 2011). Moreover, society is one the main stakeholders of thecompany whose satisfaction highly matters for the firm. Through this, corporation can increase itsmarket share and enhance brand image to the large extent. Thus, CSR may be served as a self regulatory mechanism which helps the organization inmonitoring its activities and operations in against to ethical standard as well as national andinternational norms. It enables the firm to determine the actions which they are required toundertake for the well-being of society. This in turn helps the enterprise in making positive impacton environment and other stakeholders (Gainer, 2010). In the context of Magical Experience Ltd,business and legal risk can easily be reduced by the firm with the help of CSR activities. Throughthis, company can also enhance its long term profit and shareholders trust significantly. In this way,3
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