Similarly, the empirical and theoretical researches in the domain of SEA are

gaining popularity to explore compatible methods of information recording

and to test the implications of the standards of reporting prevailed in SEA.
More researches are needed to target the significance and practical
application of SEA in large and medium businesses with the help of the
successful practices in large organizations. Hannele, (2008) asserted that
the use of inductive research theory and scientific methods of accounting
and reporting elaborated the challenges and opportunities of SEA in real life.

The development of consumers’ awareness and concerns of the stakeholders

of the businesses raise pressure on organizations to address the challenge of
management of environmental and social impacts of these businesses
(Beattie, et al 2004). Therefore, a new branch of accounting evolved that
contained important areas of Social and environmentalreporting. This Social
and Environmental Accounting (SEA) has the ultimate responsibility of
recording and measuring the impacts of business on planet and people,
apart from the economic impacts only (Khan, et al 2016). The scandals of
ethical misconduct in organizationssuch as Enron, Toshiba, and in
Volkswagen recently declined the public confidence on practices of these
large corporations. Therefore, there is an increase in demand for ethical
conduct and sustainable business practices in global organizations (de
Villiers, & Sharma, 2017).

The quality of reporting required by these organization top provide

confirmation for their transparency and genuine conduct of CSR initiatives.
The significance of SEA found relevant and substantial due to its widespread
application in quantification of CSR initiatives and other social and
environmental events. The areas of reporting found to be obligatory by the
national and international regulatory bodies and the demand of stakeholders
to share information. The importance of SEA is also found evident due to
many fraudulent and unethical business practices of large corporation in
recent past