The Importance of Revealing Social Responsibility in the Generation of High-Quality Financial Reports

Abstract

The social responsibility is one of the pillars of important community life, it is a way of individual and collective progress, the development and human progress are based on social responsibility, as the value of the individual in society is measured by the extent to bear responsibility toward himself and toward others, as is the person in charge in a degree of safety and mental health . It could be argued that accounting for social responsibility requires an accounting model based on the basis of the prevailing social values ??at the time and place, it is also an utilitarian trend, but from a more comprehensive standpoint than those that prevailed in accounting by considering it a system of accounting information.The concept of social responsibility in the first half of the twentieth century was not known clearly, as business organizations  strive to maximize profits by all means, but with the Monetary continuous criticism of the concept of profit maximization, signs have showed up because business organizations adopt a greater role for the environment in which they operate, where the Council of World Business on Sustainable Development described social responsibility by ": the ongoing commitment of the business organizations to act ethically and contribute to economic development and work to improve the quality of the living conditions of the workforce and their families, in addition to the local community and society as a whole.Social impacts caused by the project that are the benefits realized by it to the community like providing employment or raising the normal cultural and civilizational level resulting from manufacturing or beautifying areas and planting it and securing water and sewerageto  it .. etc., as well as damage caused by the project to the environment in which it operates, whether it affects the workers working in it or the surrounding environment or the community in general.Disclosure of subjects is considered vital and important that is receiving much attention and growing in recent years. Where menus evolved in terms of the amount of information they contain and their quality, and methods of data presentation and appropriate degree of disclosure and the timing of the publication of these lists, and there is a need for users of financial statements to get to know the company's financial position and the results of their work.Appropriate Disclosure plays  an important and central role in both accounting theory, or in accounting practices, "The importance of this concept has been intensified after the from great interest it received from several destinations such as professional associations, accounting and management of global stock markets, as well as researchers, especially those interested in them by examine various aspects of the premise of the importance of this concept in financial market efficient, and to study its impact on the trading activity, and price fluctuations of securities. "The importance of disclosure has increased after the crisis of the Great Depression, who befell in the United States in 1929, and almost ended the capitalist system

Keywords:Social responsibility, accounting for social responsibility, accounting disclosure, financial information, multinational corporations, income statement.