The increasing demand for greater accountability as seen from the growth in the corporate organization can be seen from the changes that the world has presented. The fact that traditional accounting and financial recording method cannot provide the required sustainability has increased the pressure on the professional accountants and has made them look towards ways of achieving sustainability. Sustainability is seen both as a challenge and an opportunity for the accountants. The accountants have to understand and realize that government, society and individuals have an increase interest in identifying the contribution of the business towards environment, social and economic which the accountants have to provide.
This requires an increase role and effort on the part of an accountant to ensure that complete description regarding the different areas are provided so that the external agencies are satisfied. This essay presents the manner through which the role of accountants has increased in maintaining sustainability so that better results for the business can be determined. This paper further looks to present a complete picture of sustainability and ensure proper sustainable development to reduce the risk and ensure better development and abiding by the professional code of conduct. Before moving on it is important to understand what sustainability development means from the view point of accountants.
Different definitions from different renowned authors and scholars have been provided in this direction but the best one fitting according to the accountant criteria is development which helps to ensure that the present needs are met but doesn’t even compromise on the future generations and ensures that they are able to meet their needs (Deegan, 2002). This means that accountants have to keep in mind the longer perspective and based on it needs to take decision.
This includes different parameters like the investment avenues, waste treatment or thrown away without providing the required changes to be ensure that future potential is not affected is an area which accountants need to lay stress on. This is pure sense means that the accountants have to ensure that true and correct picture is provided which helps to ensure that the resources which are used by the business doesn’t affect the future potential capability and not using it in a way which will affect future generations.
Instead it requires that the accountants provide complete and true picture of the scenario and brig forward to the people the different areas which has an effect on economic decision with respect to natural environment, social conditions and the overall use of resources of the society (Morhardt, 2009). It has even been identified that many accountants look towards using corporate social responsibility and sustainability by interchanging them with each others. Instead the accountants have to understand the sustainability is a much wider concept as compared to corporate social responsibility and aims at long term future potential of the business by ensuring proper use of the financial, natural and social capital.
Corporate social responsibility on the other hand is a short term concept used for short term issues and developments (Dellaportas, Gibson, Alagiah, Hutchinson, Leung and Homrigh, 2005).