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.