Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.
Today, the accounting trade encompasses a vast variety of resources, both to legal bodies and to individuals, in the areas of accounting and finance. Accounting profession is a very crucial profession in the corporate world. The position of professional accountants has become increasingly significant for the organisation, as it is unique at the convergence of all divisions and areas of operations and has the capacity and authority to create guidelines, develop modelling and producing knowledge, and the organisation is stated to be in line with sustainable development principles (Stanescu, 2018). It is also clear that an accountant’s career is no longer confined to bookkeeping with only reporting activity (Chatzoglou, Vraimaki, Komsiou, Polychrou, & Diamantidis, 2011). Instead the position of accounting professionals has been extended to reach.
In spite of all this, the importance of the accounting profession for corporations, individuals and the state as well as for the economy itself is undeniably great. The role of accounting professionals is to ensure that companies and individuals’ technical and economic practises adhere to the relevant regulations and that their clients correctly disclose reports on public revenues. This allows macroeconomic metrics to be accurately calculated and on the other hand, the State receives the due amount of revenue to allow regulatory authorities to render policy effectiveness, and guarantees the smooth running of the economy overall (Miller and Power, 2013).
Globalization, extroverted business policy and social and economic growth continually produce new problems for contemporary accountants, making their work ever more important while at the same time more complex (Guthrie and Parker, 2016). Accountants should be prepared with the changes and adept with those changes. The capacity of accountants to learn and react to such changes depends on factors such as the duration of the transition process and the quality of preparation required.
Globalization has become one of the main concerns these days because of the climate changes. This change has changed the way corporate company to run their businesses. A lot of the company has started to improve the way they operate the business by slowly following the suggesting by the government to implement sustainability in their operation. In the last two decades sustainability has grown in prominence and is a concept that can and should be applied in all areas of our social, economic and environmental lives. It applies to the philosophy of life now and reverence for the past and the future (Stanescu, 2018). However, sustainability is more of a holistic idea that aims to encourage sustained long-term development in all the different types of industrial, natural and social resources available.
With the sustainable often forms part of the goal or plan of an organisation. Sustainability means learning to look at an industry from a different viewpoint as a result of the way an organisation works. The implementation of sustainability has encouraged the accounting profession to adept with this change in order to follow sustainable environment. Accountant play an important role in achieving a sustainable environment. Stanescu (2018), states that as it serves a unique role at the intersection of all areas and departments, professional accounts have the capacity and authority to set guidelines, develop models and produce reporting information which determines whether the company is compliant and involved in the implementation of sustainable development principles.
The accountant’s involvement cannot be disregarded from a realistic point of view. This is because the role of accountant in the company is so crucial for the organization. Manager are prominence to make crucial decision related to the company. Thus, a timely up to date information is needed in order for the manager to make the right decision. This is why the accounting profession is needed in helping the manager to make a right decision. Accountant is a critical position in helping the management to achieve the sustainable environment in the organization because they are expert in the evaluate and finding the right move towards the sustainable environment.
Therefore, accountants are supposed to play an important part, as the practitioners engaged with corporate accounting, first and foremost in enhancing the informational effect of a business on society and environment. Many scholars find proof that accountants know what knowledge is important to the good management of a business (Schaltegger & Zvezdov, 2013). Schaltegger and Zvezdov (2013) also state that Accountants may provide critical support on which management supportive decision-making knowledge can be made. Thus, they play an important role in assessing what kind of primary success measures are useful to guide the achievement of the company’s objectives. Companies are often aware of knowledge that accounting professionals can accommodate and are helpful for their decision-making and monitoring of results.
Business workers have been empowered to aim for the company’s goal to retain cooperation between public service principles and to generate profit. In order to achieve the sustainability accountant firstly need to deciding what information is need to be collected such as what sustainability aspects (e.g. carbon dioxide emissions and carbon performance of products) are considered and need to be measured. After that, accountant need to define the prospect of the information. After it has been agreed on what aspects, this task is to decide on the measures and measurements which are employed to represent this aspect effectively such as calculation of emissions per employee, decreases in carbon impacts and efficiency can be assessed. Accountant also can define the method of data collection in order to help the management in assist the right information regarding on the decision making.
Accountants may be seen as professionals and methodology advocates who lift in an enterprise an awareness of the need and possibility to collect sustainability knowledge. The competent accountant and management should ensure that all forms of resources are properly incorporated, and financial and accounting reports from independent auditors should be confirmed as regards materiality, precision of comparability, and completeness, in order to build long-term value for a business (Stanescu, 2018). Accountant as a whole play a very vital position on developing the sustainability in the organization.
Accounting agencies and other non-governmental bodies, through environmental monitoring analyses and valuable and specific sustainability reporting standards, also play a vital role in promoting and encouraging sustainable growth. The 2016 report on ‘Agenda 2030 for Sustainable Development: A Snapshot of the Accountancy Profession’s Contribution’ is developed and released by the international Federation of Accountants (IFAC), in which it illustrates how the accounting and accounting profession engages in achieving 8 of the 17 sustainable development goals identified by the United Nations for 2030. This is clearly stated that accounting profession play a big role in the sustainability development.
Stanescu (2018), state that accountant also can be categorised as a entity that creators of value, providers of value and also reporters of value. By means, creator of value is accountant can take leading positions in the construction and execution of business plans to build sustainable value and providers of values is simply said that in order to build a good market, accountant will have the position to advise and direct the management related to the decision-making process. At the reporting stage, as reporters of value, they exert their authority through transparent contact to owners of the value-added distribution.
However, there are several challenges that accounting profession faced on implementing the sustainability in the organization. One of them is, the retention that came from outside of the organization that doesn’t aware on how the impact of sustainability can drive the environment to the better place. (Schaltegger & Zvezdov, 2013) state that the challenges come often from writers, authors, politicians and other people who do not wish to inhabit the territories of transparency but can still make those competitive speeches that can threaten and undermine the ability of the profession to protect and extend its domain.
IFAC proposes a variety of realistic approaches for accountants to serve as corporate leaders and influence a viable solution one of them is identify the impacts on the environment and connect with the company plan, business model and results, assess the gains of solving social and environmental concerns, Organize internal structures and procedures for measuring and handling matters, linking policy and services to stakeholder value generation and cost containment and waste reduction by effective management. Strong quality knowledge gives consumers trust and is key to sustainable business growth.
As a conclusion, professional accountants are specifically linked to the promotion of corporate sustainability programmes. The accountancy profession should rethink its approach to the accomplishment of sustainability goals and take steps to include the inclusion of sustainability requirements at all decision-making stages, whether strategic, organisational or tactical, as well as market practises (management, budgetary projection, evaluation and reporting). Knowledge regarding sustainability and social accounting information will not only influence a company’s results but also alter the way the authority in the organization allocate their power. Professional accountants’ expertise processes require further analyses, since accountants are responsible for the environmental documentation that is essential knowledge and promoting sustainable growth.
Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.