In a world of changing expectations, companies  must account for the way they impact the communities and environments where they operate. Businesses can sustain their growth only if society is generally satisfied with their overall contribution to societal well-being. Climate change, community health, education and development and business sustainability are some of  the  most  pressing  issues  of  our  time.  This  raises  the  importance  of  accurately  and transparently accounting for and reporting these activities. Businesses can't afford to function and survive in the long run unless they behave in a legitimate and socially responsible manner. Governments of various countries began to scrutinise the activities of companies under the different   dimensions   of   sustainable   development.   For   this   Sustainable   Reporting   was introduced as a tool to measure the performance.  Sustainability Reporting (SR) or Non- Financial Reporting (NFR)  is  the  process  of  communicating  the  social  and  environmental effects of  organizations  to particular interest  groups within society and at large.  The paper highlights the sustainabilityframework alongwith  the  advantages  and  challenges  faced  by Indian corporates while following GRI based Sustainability Reporting Standards.

Click here to download

2) Fleischman, R.K. and Tyson, T.N. (1998), "The evolution of standard costing in the UK and US: from decision making to control", Abacus, Vol. 34 No. 1, pp. 92-119

3) Gray, R. (1992), "Accounting and environmentalism. An exploration of the challenge of gently accounting for accountability, transparency and sustainability", Accounting, Organizations and Society, Vol. 17 No. 5, pp. 399?425

4) Kumar, K S V.Devi, V.R., Sustainability Reporting Practices in India

5) Prospects, Twelfth AIMS International Conference on Management

6) Lehman, G. (1999), "Disclosing new worlds: a role for social and environmental accounting and auditing", Accounting, Organizations and Society, Vol. 24 No. 3, pp. 217?41

7) Mathews, M.R. (1997), "Twenty?five years of social and environmental accounting research: Is there a silver jubilee to celebrate?" Accounting Auditing & Accountability Journal, Vol. 10 No. 2, pp. 481?531

8) Maunders, K.T. and Burritt, R.L. (1991), "Accounting and ecological crisis", Accounting, Auditing & Accountability Journal, Vol. 4 No. 3, pp. 9?26

9) Schmalleger, S. and Burritt, R.L. (2000), Contemporary Environmental Accounting: Issues, Concepts and Practice, Greenleaf Publishing, Sheffield

10) Schmalleger, S. and Burritt,  R.L. (2005),      "Corporate      sustainability",      in Falmer, H. and Totenberg, T. (Eds), The  International  Yearbook  of  Environmental  and  Resource Economics, Edward Elgar, Cheltenham, pp. 185?232

11) Wells, M.C. (1978), Accounting for Common Costs, Center for International Education and Research in Accounting, Urbana?Champaign, IL