In: Accounting
Sustainability and corporate social responsibility reporting are still largely voluntary. That means it is up to entities to determine whether to report; and if so, the nature and level of information to report.
Required:
Sustainability and corporate social responsibility us now a days of great natter to each and every industry. Almost all the sectors are focussing on showing their sustainability and CSR reporting in the year end reports.
Though reporting CSR and sustainability has not been made mandatory but as the society has turned environment cautious and wants its own growth, it appreciates the companies who are investing in CSR and sustainability reporting.
Comoanies are also benefitted from this as this CSR and sustainability adds goodwill to the name of the company as well as it brings recognition in the society and people here attracted towards the company and prefer that particular company or brand over others.
As we know it's not legally important but by doing so company is getting a chance to build it's reputayion in minimum costs incurred. This also proves that the company cadres for society and environment. Thus, people would usually appreciate the initiative rajen by any company.
So, thus its clear that investing a little and getting the maximum profit is always beneficial for the organization thus, companies though not legally bound to perform such CSR and sustainability reporting are doing so in a regular basis.
This voluntarily reporting of CSR and sustainability has some issues from the perspective of usefulness of information to the users-
These are some of the issues relating to the voluntarily representations of CSR ands sustainability reporting in year end reports.