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Accounting Theory Assignment Examining Conceptual Issues

6 Solution There is no one specific or unique definition given under the term social responsibility report. However, social responsibility reporting comes under sustainability reporting, and there is one unique definition given of the sustainability report by the Global Reporting Initiative. Under the definition given by Global reporting Initiative, it has told that sustainability report is a report which is prepared by the organisation about the economic, social, environmental impact caused by the business through its everyday activities. It also stated that this report shows the value and governance model presented by the organisation. It shows a relationship between the organisation’s strategy and commitment to a sustainable global economy(, 2021). Other than this definition, one general definition of social responsibility reporting can be that it is the documents that summaries and give all material information about the steps and actions which the organisation takes to fulfil its responsibility toward the society in general. It can be stated that the purpose of the social responsibility report is prepared by the companies to provide information about the actions taken by the companies to fulfil their social responsibility. So that different users can be analysed how well the companies havea responsibility toward society(Rashid, 2018). It can be stated that social responsibility has a connection with accountability and accounting. This opinion has been formed as the social responsibility includes the obligations that the business has to fulfil its different responsibilities toward the society in which it operates. The social responsibility reporting includes the report of the company's different actions and steps to fulfil its responsibilities toward society. Therefore, it can be stated that social responsibility is one concept of the business, which makes the business more accountable toward society, and this accountability is fulfilled by the business using social responsibility reporting. This is the connection between social responsibility and society(Youmatter, 2021). Also, the social responsibility reporting is done under the sustainability accounting, which is considered as a subcategory of financial accounting in which actions are taken to fulfil the economic, social and environmental responsibility of the business is disclosed. Therefore, this is the relationship between social responsibility and accounting. Conclusion In this report, the different aspects of accounting theories and issues had been discussed. This report's findings are three primary users of the general-purpose financial report, journal entries for revaluation of assets and its subsequent depreciation, and some other aspects like these. References 2021. [online] Available at: [Accessed 8 February 2021]. 2021. [online] Available at: [Accessed 8 February 2021] 2021. [online] Available at: [Accessed 8 February 2021]. 2021. [online] Available at: [Accessed 8 February 2021]. 2021. [online] Available at: [Accessed 8 February 2021]. 2021. Allocating the transaction price. [online] Available at: [Accessed 8 February 2021]. 2021. IFRS 15. [online] Available at: [Accessed 8 February 2021]. Chartered Education. 2021. Primary Users of Financial Statements & their Information Needs under IFRS - Chartered Education. [online] Available at: [Accessed 8 February 2021] 2021. Standards. [online] Available at: [Accessed 8 February 2021]. Rashid, A., 2018. The influence of corporate governance practices on corporate social responsibility reporting. Social Responsibility Journal. Youmatter. 2021. CSR Report - Definition, Meaning, Benefits & Examples. [online] Available at: [Accessed 8 February 2021].

Subject Name: Accounting

Level: Undergraduate

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