The Importance of CSR in Financial Reporting Standards

Edel Lemus

The Importance of CSR in Financial Reporting Standards

Edel Lemus * §

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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 Lemus. 2016. "The Importance of CSR in Financial Reporting Standards". 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

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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

Version of record

v1.2

Issue date

October 12, 2016

Language

English

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Article Matrices

Total Score: 178

Country: United States

Subject: Global Journal of Management and Business Research

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

View Count (all-time): 309

Total Views (Real + Logic): 1504

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Publish Date: 2016 01, Fri

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Total Views: 1.5K

Total Downloads: 111

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