Corporate Social Responsibility Reporting ( Csr ) Essay

Before we can fully understand Corporate Social Responsibility Reporting (CSR) and its key aspects, we need to first understand the inherent limitations of annual reports provided by many of the globally listed companies. Everything that we have analysed in the prior week’s regarding IFRS accounting policies, practices and regulations plays a role in the lack of CSR practices of firms. This is because IFRS accounting policies and regulation only represents a very limited financial or economic view of the operations of these listed companies. There seems to be no accountability for the impact that these globally listed corporations have on the environment or on society. Therefore, these listed companies only focus on one bottom line in their annual reports, a bottom line that is based on financial profit only. There also does not seem to be any mandatory IFRS standards in place to require companies to set aside profits that should be used to repair the negative impacts on the e nvironment, employee rights and conditions that are consequences of their actions (Taylor, 2016c). In order to determine the ‘true and fair’ view that external shareholders demand from companies, there needs to be at least three bottom lines that go beyond purely profits. This triple bottom line (TBLR) should be implemented by all listed companies as these companies are currently able to treat the majority of their negative environmental activity and societal impacts as externalities. 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