ACCOUNTING THE IMPACT OF SOCIAL INITIATIVES ON ECONOMIC DEVELOPMENT
Abstract
The article explores modern approaches to accounting for the impact of social initiatives on economic development, focusing on the use of the Social Return on Investment (SROI) methodology, integration with international standards (GRI, SASB), and the application of digital technologies (Big Data, blockchain). The theoretical foundations of social impact accounting, such as the concept of shared value and the theory of sustainable development, are examined. The practical experience of implementing social impact accounting methods in Ukraine and abroad is analyzed, including programs supporting education, healthcare, and local community development. Key challenges are identified, such as the lack of a unified methodology, the complexity of measuring intangible outcomes, and insufficient data. Recommendations for improving the social impact accounting system are proposed, including the development of adapted methods, the use of digital technologies, and the integration of social indicators into financial reporting. The article also underscores the need for standardized methodologies to address the current gaps in social impact measurement, particularly in the context of intangible benefits such as improved community well-being or enhanced corporate reputation. In Ukraine, the implementation of social impact accounting is still in its early stages, with limited examples of successful integration. The article also emphasizes the importance of integrating social indicators into financial reporting to ensure transparency and accountability. By adopting international standards such as GRI and SASB, Ukrainian organizations can align their reporting practices with global benchmarks, thereby improving their competitiveness and credibility on the international stage. In conclusion, the study demonstrates that social impact accounting is a critical tool for achieving sustainable development and improving the efficiency of social resource management. By addressing the existing challenges and leveraging digital technologies, Ukraine can enhance its capacity to measure and manage the impact of social initiatives, ultimately contributing to long-term economic and social progress.
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