Corporate Social and Environmental Reporting : Another Dimension for Accounting Information

Traditional accounting has lost its instrumental ability of entailing the informational dimensions that are requested in the process of comprehending the phenomenon of identifying and reporting entity's activity in the context of sustainable development. We would venture to suggest that the financial statements considered under the instruments of traditional accounting must be reconfigured in a larger context under the subtle influence of social and environmental attractors. Therefore, we consider that besides the principles exposed in traditional accounting, a set of principles that underpin the role of the society and of the environment in this context will develop a holistic vision of entity's reporting. In this article, we analyze the status of development in social and environmental reporting literature and practice and focus on the issues requested for presentation and their implications on shareholders' information needs. Also, the paper allows new approaches regarding the reporting of high quality information and its implementation into entities' financial statements, ensuring premises for future research. The data coming from accounting literature, accounting settlers' requirements and entities' experience are gathered, analyzed and interpreted in order to bring to light an underlying coherence and sense for the new perspective of reporting: corporate social and environmental reporting