Question

In: Accounting

Explain why Corporate Social Reporting (CSR) has become so important. Do you think CSR practices should...

Explain why Corporate Social Reporting (CSR) has become so important. Do you think CSR practices should be voluntary or regulated? What are some of the potential issues in trying to regulate CSR practices? Be specific in your answer and be sure to provide examples.

Expert Solution

Corporate social responsibility ( CSR ) a very common practice required to be intitiated & performed

companies have their separate legal existance a part from the shareholders owners / promoters and

persons running the business the company have various stakeholders in the form of shareholders ,

employees, customers,suppliers, and society in general they have ethical value and moral resonsibility

towards the various stakeholders involved and given that society too is a stakeholder the importance

of corporate social responsibility has development over the years as an individual legal entity companies

social responsibility towards the community which enable them to grow & develop companies need to

demonstrate that they are responsible players of the society and CSR has to be one of the product / service

offerings of the companies the reputation of the company plays a significant role a part from their products

and the concept of CSR has its existance in belive that business are liable to care for this surrounding and

by doing so would achieve greater success

potential issues in trying to regulate CSR practices are

a ) many business considers CSR as a separate / external part considering that their main motive is only

satisfying their customers, employees & not the society

b ) also, there is no specification as to what is a CSR every business terms CSR as per their own comfort

level and those disregards the ultimate moto

c ) its not always easy to promote CSR when the funds are limited and we are required to have expense on

CSR rather that the related business activities

ekkarill92 answered 1 year ago

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