The Importance of CSR in Financial Reporting Standards

The Importance of CSR in Financial Reporting Standards

Edel

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Edel Lemus

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Carlos Albizu University

The Importance of CSR in Financial Reporting Standards

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Abstract

The purpose of this article is to review the recent trends related to corporate social responsibility (CSR) and financial reporting standards. The researcher presents four CSR background theories to evaluate the importance of sustainability in the financial reporting arena. The Big Four accounting firms are promoting the importance of adopting CSR in financial statements. Scholars and practitioners acknowledge that there is an existing relationship between corporate governance and CSR. The 7Ps presented in the study served as guidance for developing a sustainable and adequate CSR financial reporting system. The three pillars that support sustainability are environmental, social, and economic. It is expected that in the future the triple bottom line theory (TBL) will be known as integrated report (IR). Evidently, the adoption of corporate responsibility in financial statements has the ability to increase the amount of relevant information provided to shareholders and stock exchange markets around the world.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

Data Availability

Not applicable for this article.

How to Cite This Article

Edel. 2016. \u201cThe Importance of CSR in Financial Reporting Standards\u201d. Global Journal of Management and Business Research - D: Accounting & Auditing GJMBR-D Volume 16 (GJMBR Volume 16 Issue D2): .

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GJMBR Volume 16 Issue D2
Pg. 25- 32

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords

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Classification

GJMBR-D Classification: JEL Code: M49

Submission ReceivedDecember 14, 2015
Peer Review Double Blind
Handling Editor
Accepted January 5, 2016
Published January 15, 2016

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v1.2

Issue date

October 12, 2016

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Article Matrices

Total Score: 131

Country: United States

Subject: Global Journal of Management and Business Research - D: Accounting & Auditing

Authors: Edel Lemus (PhD/Dr. count: 0)

View Count (all-time): 156

Total Views (Real + Logic): 3632

Total Downloads (simulated): 1835

Publish Date: 2016 10, Wed

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Total Views: 3632

Total Downloads: 1835

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