"Social and ethical accounting has no standardized model." Discuss the statement and also explain its principles in brief.

Social and ethical accounting is a process that helps a company to address issues of accountability to stakeholders, and to improve performance in of all spheres, i.e. social, environmental and economic. The process normally links a company's values to the development of policies and performance targets and to the assessment and communication of performance. It is true to say that social and ethical accounting has no standardized model. There is no standardized balance sheet or unit of currency. The issues are defined by the company's values and aims, by the interests and expectations of its stakeholders, and by societal norms and regulations. With the focus on the concerns of society, the social and ethical accounting framework implicitly concerns itself with issues, such as economic performance, working conditions, environmental and animal protection, human rights, fair trade and ethical trade, human resource management and community development, and hence with the sustainability of a company's activities. Principles of social and ethical accounting The dominant principle of social and ethical accounting is inclusivity. This principle requires that the aspirations and needs of all stakeholder groups are taken into account at all stages of the social and ethical accounting process. Planning: The company commits to the process of social and ethical accounting, auditing and reporting, and defines and reviews its values and social and ethical objectives and targets. Accounting: The scope of the process is defined, information is collated and analysed, and performance targets and improvement plans are developed. Reporting: A report on the company's systems and performance is prepared. Auditing: The process of preparing the report, with the report itself, is externally audited, and the report is made accessible to stakeholders in order to obtain feedback from them. Embedding: To support each of the stages, structures and systems are developed to strengthen the process and to integrate them into the company's activities. Stakeholder engagement: The concerns of stakeholders are addressed at each stage of the process through regular involvement.