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"Well-being" Integrated Accounting System to counteract the contemporary flaws of Corporate Sustainability Reporting. A world vision of migration from ESG space to Accounting space  

Activity: Talk/lecture or presentationPresentation

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Description

In the context of rising environmental and social challenges of the early 21st century, the design and relevance of traditional financial accounting system to support our societal transformation from the focus of “wealth” to “People and Planetary well-being” remains unclear. This issue becomes more significant if we notice that, despite a global increase in ESG regulatory requirements and the availability of various sustainability reporting standards, the credibility and usefulness of voluntary corporate ESG disclosures for societal benefit remains largely questionable. The purpose of this study is to develop a perspective towards future course of path for ESG narrative to migrate from Green Growth space to the space of Sustainable development with inclination towards the notion of common good. We identify the potential of accounting scholarship for such transformation, within which, we present six key levers, which, if leveraged to develop accounting systems for sustainable development, can counteract the categorically identified contemporary challenges of the ESG disclosure arena, and form the basis for a socially, environmentally, economically sustainable just and equitable society. These counteracting levers include financial integration, externally derived materiality (answering what to account), general system of methodological rules (answering how to account), technology (for transparency), audits (to counteract greenwashing) and governance (answering how to manage universal integrated accounting systems). In addition, the discussion leads to the identification of interdisciplinary topics for future research, which are required for effective integration of non-financial topics to traditional accounting systems framework for transformation.

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Conference

TitleEnvironment, Social and Governance for Sustainability Conference
Date29/10/2129/10/21
Website
PlaceAustralia