Social accounting is the process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large.
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11 Facts About Social accounting
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Social accounting is a broad field that can be divided into narrower fields.
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Sustainability accounting is the quantitative analysis of social and economic sustainability.
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Social accounting is in this sense closely related to the economic concept of externality.
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Social accounting offers an alternative account of significant economic entities.
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Purpose of social accounting can be approached from two different angles, namely for management control purposes or accountability purposes.
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In social accounting the focus tends to be on larger organisations such as multinational corporations, and their visible, external accounts rather than informally produced accounts or accounts for internal use.
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Social accounting is a widespread practice in a number of large organisations in the United Kingdom.
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In Europe there was widespread experimentation with new forms of social accounting and reporting with wide differences between the various countries.
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Yet social accounting practices were only rarely codified in legislation; notable exceptions include the French bilan social and the British 2006 Companies Act.
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11.
Interest in social accounting cooled off in the 1980s and was only resurrected in the mid-1990s, partly nurtured by growing ecological and environmental awareness.
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