In: Accounting
Since any individual or society directly or indirectly drives all its sources from the society it becomes a moral commitment for every individual and business entity to give something back to the society as well. The social responsibilities refers to the responsibilities of an individual or corporate towards the society. It is ethically and morally needed to perform the activities which contribute for economic development while making efforts to improve the quality of life of people and society as a whole.
The responsibilities of the corporate sector in particular towards the society is known as Corporate Social Responsibility. In order to discharge the corporate social responsibilities; the corporate bodies act to protect the best interest of the society as well as the environment. Beside performing the business activities in order to make profits, the business entities take initiative for the welfare and development of the society as a whole. Sometimes the entities discharge these social activities voluntarily and sometimes they perform these activities within the legal framework of the particular country they are located in.
The activities that help in development and welfare of the society are all termed as activities performed for discharging social responsibilities. Doing good deeds for the society without expecting anything in return is something in totality can be said as discharging social responsibilities. Few examples of social responsibilities can be working for recycling, water management, waste management, renewable energy, judicious use of resources,raising money or donating for local / national/ international charities, volunteering for development events, sponsoring local events, supporting local economy that helps to provide a better life to the community people, promoting local weavers and artisans, reducing the carbon footprints and many more.