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Grant Thornton celebrates its third Global CSR Day, touches the lives of over 2274 underprivileged children across 7 cities
In its endeavour to unlock the potential for growth in our communities, Grant Thornton in India celebrates today its third annual Corporate Social Responsibility (CSR) day. More than 300 Grant Thornton employees dedicated 1500 working hours in serving and educating 2274 underprivileged children across seven cities in India.
As the curtains drew on the first annual reporting by listed companies under the new accounting standards i.e. Indian Accounting Standards or IndAS, Grant Thornton conducted a study of more than 500 listed companies to assess the impact of IndAS implementation. The study finds that these listed companies reported a decline in their net profits by a whopping INR 13,680 crore which is a decline of 6.2 per cent over their previous reported profits under earlier accounting standards, for the previous financial year ended 31 March 2016.
A global survey of 2,500 businesses in 36 economies conducted by Grant Thornton finds that 80 per cent of boards in India say that culture is now a standing item on their agenda as against 50 per cent globally. This was the second most cited measure in India whereas it is the third most cited one in APAC. The survey report - “Corporate Governance 2017 - Building blocks of Corporate Culture” further suggests that 85 per cent (71per cent globally) of boards in India are establishing internal controls that address culture and employee behaviour. This is in line with SEBI’s recommendations which state that Culture should be a key agenda for a Board.