Financial Accounting Standards
Definition of Financial Accounting Standards as it relates to Business, Financial Management, Corporate Governance
Corporate Social Responsibility (CSR) refers to a business's voluntary efforts to contribute to societal and environmental well-being, beyond legal requirements and economic interests. It encompasses ethical decision-making, transparency, stakeholder engagement, and sustainable practices, reflecting an organization's commitment to responsible financial management and corporate governance. CSR initiatives can include philanthropy, community development, supply chain ethics, employee welfare, diversity, equity, and inclusion, environmental conservation, and consumer protection. Ultimately, CSR strengthens a company's reputation, fosters trust, enhances stakeholder relationships, and contributes to long-term success.
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