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Financial Accounting has always been a major tool to assess the performance of the firms and to measure
the monetary outcomes at the end of the financial year. Gradually the concept of Management Accounting
emerged as an important tool to aid the stakeholders in taking important policy decisions. Sustainability
Reporting is a contemporary approach to integrate management accounting, corporate reporting and
strategic management. It can be stated as the whole lot of communication process to both the internal and
external stakeholders. Rightly stated by Gray et al. (1987:89), Corporate Social Reporting is the process of
communicating environmental and social effects oforganizations.