The Role of Accountant in Sustainable Development [603606]

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The Role of Accountant in Sustainable Development
Author: PhD Student: [anonimizat]
“Valahia” University of Târgoviste

Summary
Sustainability has become of great impo rtance in the past two decades and is a principle
that can and should be applied in every aspect of our social, economic and environmental lives. It
concerns the concept of living today, respecting the past and preserving the future.
In 2015, 17 Sustainable Development Goals1 have been established by United Nations
member states and international organiza tions, as a continuance to the 8 Millennium Development
Goals adopted in 2000. The Sustainable Development Goals can be accomplished at the
convergence of the 3 dimensions of Sustainability: Economic, Social and Environmental.
Professional organizations manifested their adherence to the SDG and have shown
initiative in creating frameworks, methods and rules to support the professionals and institutions
in their area s of action, to achieve a global reporting model that will consider the SDG and
contribute with their share towards achieving the sustainabi lity goals. At organization level, the
department of Social Corporate Responsibility that has its main focus on sustainable development.
The accounting professionals have to work with CSR department and deliver pertinent information
that show the impact of the organization activity on th e social issues and environment, as from an
economic standpoint, it already provides such data.
The role of the accountant professional becomes more important for the organization, as
he is situated in a unique position intersecting with all areas and depa rtments, and has the capacity
and authority to set standards, develop models and generate reporting information that makes the
organization compliant and involved with sustainable development principles.
By taking examples and assessing the gaps that the current accounting reporting does not
cover, accounting professionals can take initiative and develop tools that show relevant data from
economic, social and environmental point of view. Based on such practices, they can make
recommendations and influence the business model of an organization to ste er it in a sustainable
direction.

Keyword s: sustainability, sustainable development goals, corporate social responsibility,
sustainability accounting, accountancy profession, accountant roles, sustainability reporting,
corporate sustainability, stakeholders.

1 Poverty, Food, Health, Education, Women, Water, Energy, Economy, Infrastructure, Inequality,
Habitation, Consumption, Climate, Marine -ecosystems, Ecosystems, Institutions, Sustainability.

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Introduction to Sustainability
The most known and used d efinition of sustainability , that is used by most organizations
and governments is the one provided by the Brundtland Report, that says : “Sustainable
development is development that meets the needs of current generations without compromising
the ability of future generations to meet their own needs.”
This view not only makes general common sense, it also makes business sense and
recognizes that, ultimately, organizations are an integral part of society and the economy. The view
of economy as part of the soc iety and environment, reinforces that businesses are part of a larger
interconnected system, and that having an outward looking system -wide perspective will help
businesses identify and understand their dependencies and impacts.
There are various ways to illustrate the concepts related to sust ainability. One is
Sustainable D evelopment which is an intersection of the three pillars of Sustainability: Economy,
Society and Environment. Another one is the Triple Bottom Line that illustrates a sustainable
accounting framework containing the 3 dimensions: Economy, Society and Environment.

Figure 1 Illustrations of sustainability: Sustainable Development , Triple Bottom Line and
Sustainability D imensions
(Source: processed after Forum for the Future, HEPS , (2003), Accounting for Sustainability )
First two illustrations present the 3 elements of sustainability as being equally involved,
which is not quite accurate, as their impact and interdependen cy on one another is happening at
various levels. The third, representing the sustainable development in the form of concentric
circles, inside one another, shows the fact that the real bottom line is actually the environment.
However, neither this illustration nor the others offer an indication of how sustainable development
can be implemented.
The 2015 agreement between all 193 UN member states on the 17 Sustainable
Development Goals (named also “Global Goals”) demonstrates a widespread political
commitment to dealing with some of the world’s most intractable problems. The 17 goals which
are spec ified in 169 varied indicators, call governments, business and public from all the countries
to intens ify efforts to resist climate changes, poverty, inequality, environmental pollution an d other
challenges of our time.
The role business plays in achieving the Goals is as important as the role played by
governments, non -governmental organizations, civil so ciety, and philanthropies. Some of the
problems the Goals address were caused by capital markets’ predominant focus on delivering
short -term financial results, often at the expense of long -term societal and strategic risks .
The SDGs are aimed for more acti ve involvement of the business community, its
innovation and investment potential to overcome these challenges by including them into business Environ
ment
Society EconomyEvironment
Society
EconomyEnvironment
Society
Economy

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priorities. According to research made by accounting companies and organizations, b usiness
leaders consider the SDGs as new opportunities for the development of their activities: 89% of
CEO noticed that commitments to sustainable development have a real impact on their industry
and 71% of businesses already plan to take the SDGs into account in their activity. These facts can
lead to the devel opment of more resilient business model s that are the basis for creating and
sustaining value over time.
A sustainable strategy can lead to business resilience by enabling an organization to create
value for its shareholders while it also contributes to a sustainable society. A truly sustainable
strategy is one that integrates material sustainability issues, leading to business models that enable
net positive economic, environmental, and social impacts.
Approaching sustainability and achieving a resilient business model is a journey that
involves understanding and responding to complex and interrelated issues. Organizations respond
to sustainability requirements step by step. Each step typically involve s accounting and measuring
non-financial areas of the o rganization that are not subject to universal standards, which can
present many layers of complexity that cannot be addressed quickly.
It is crucial for the accountancy profession to also consider its contribution, directly and
indirectly, to achieving the SDGs. In terms of how accountancy and the accounting profession
currently facilitate the achievement of the goals, there is plenty of space for better adjustments .

Correlating the Sustainable Development Goals to A ccounting
According to I nternational Federation of Accountants (2016) , 8 from the 17 SDGs and their
17 targets have direct relation to the accounting.
The correspondence between Sustainable Development Goals and Accountant 's
Contributions are as follows:2
 Goal 4 Quality Education – targeting goals 3,6:
 Undertake initiatives to boost the profession’s talent by meeting the global demand
for accountants with a range of skills —technical but also increasingly leadership,
business, and entrepreneurship -related skills.
 Identify innovative ways to contribute to societal goals, such as increasing financial
literacy;
 Goal 5 Gender Equality – targeting goal 5:
 Champion diversity, especially in gender;
 Create partnerships and support initiatives to increase the number of women in
accountancy and finance, as well as in broader finance and business leadership
roles.
 Goal 8 Decent Work and Economic Growth – targeting goals 1, 3, 10:
 Enhance awareness among accountants of the SDGs and the opportunities t hey
create, and help foster the significant contribution of the profession to economic
growth;
 Delivering continuing global support to facilitate accountants’ participation in
sustainable business practice.

2 Adapted after Inna Makarenko, Alex Plastun (2017), The role of accounting in sustainable development, Accounting
and Financial Control,1 (2), 4 -12)

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 Strengthening accountancy capacity in developing economies, where accountants
have a significant role to play in strengthening the institutions and architecture that
will improve people’s lives .
 Goal 9 Industry, Innovation, Infrastructure – targeting goals 4, 5a:
 Facilitate the profession’s contribution to integrated reporting to rebalance
economic and capital market decision making in favor of long -term value creation;
 Enhanced corporate reporting through integrated reporting is essential to re -balance
economic and capital market decision making in favor of long -term v alue creation
and investment.
 Developing and supporting globally accepted standards for financi al reporting
assists in facilitating trans -border investments and transactions by ensuring
common practices across the globe.
 Goal 12 Responsible Consumption and Production – targeting go al 6:
 Provide visible and practical leadership to help drive greater insights and
transparency that can lead to a more enlightened and inclusive capital markets
system through decisions based on a longer -term perspective;
 Help companies, especially large and transnational companies, adopt sustai nable
business practices through integrating sustainability information into their
governance, management, and reporting;
 Goal 13 Climate Action – targeting goals 1-3:
 Support market -based policy initiatives, such as carbo n pricing, as a key policy to
encou rage necessary efficiency gains and investment in new technology;
 Proactive support to governments, capital markets, and organizations to implement
plans for climate c hange mitigation and adaptation;
 Encourage and support consistency, accessibility, and us efulness of climate -related
disclosure and reporting;
 Goal 16 Peace, Justice, Strong Institutions – targeting goals 5, 6:
 Advocate for good governance focused on smart regulation, rule of law, and well –
functioning national institutions;
 Enhance the capacity of accountants to monitor and control fraud, corruption, and
money laundering;
 Promote the importance of external public sector auditing in monitoring and
reporting on national efforts to implement the SDGs.
 Goal 17 Partnerships for the Goals – targeting goals 9, 13, 14, 16, 17:
 Collectively consider where the profession can contribute, especially in terms of
where its perspective and influence would be valued, and which partnerships and
collaborations would enhance i ts contributions;
Accountants can contribute to the achievement of SDGs and a t the same time transform accounting
in line with the c hallenges posed by corporate sustainable development.

Accounting Institutions and Frameworks Supporting S ustainability
The Global Reporting Initiative (GRI) was created to provide global guidelines and ensure
consistent reporting of social and environm ental information . They provide a Sust ainability
Reporting Framework having the Sustainability Reporting Guidelines the cornerstone of it. GRI,
through their framework, provides guidance for organizations to use as the basis for disclosure
about their sustainability performance, and also provides stakeholders a universally -applicable,

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comparable framework in which to understand disclosed infor mation. The GRI is probably one of
the most successful attempt at standardizing the reporting of social and environmental information
globally , but other organizations and associations have also made great progress in the same
direction.
The Asso ciation of Chartered Certified Accountants (ACCA) holds already international
recognition for sustainability reporting, and draws upon the GR I guidelines in their analysis.
International Federation of Accountants (IFAC) has identified mechanisms for enhanc ing
sustainability linked directly to the role of professi onally qualified accountants that include:
benchmarking, transparency, standards, stakeholder engagement, codes of conduct, regulation,
reporting and assurance.
The Institute of Chartered Accountants in England & Wales (ICAEW) , the largest
professional accountancy body in E urope , have shown in their work how accounting information
support the mechanisms used to promote sustainable development and the challenges and
opportunities that these present to accountants . These mechanisms include benchmarking, tradable
permits, reporting and assurance.
In addition to professional accounting associations, the large accounting firms all state their
commit ment to CSR and sust ainability. KPMG, Ernst and Young and PriceWaterhouseCoopers
(PwC) and other large accounting companies, show their support by providing a variety of
sustainability related services to clients .
The introduction of International Financial Reporting Standards (IFRS) in many countries
has meant the adop tion of Framework for the Preparation and Presentation of Financ ial Statements.
While the objectives of accounting found in accounting standards do not explicitly designate a role
for accountants in CSR reporting, the profession has shown that it does see a role for itself,
demonstrated by the preparation of various discussion papers and projects.
Not only accountants are involved with, or comment on, accounting f or CSR issues. Many
NGOs play an important role by making analysis of environmental reporting and raising criterion
for usable and relevant reporting from businesses.
IFAC Sustainability Framework 2.0 has underlined the importance of accounting
contribution to sustainable development by the following three levels of corporate sustainability –
strategic, operationa l and reporting . But in order to create long term value of the company , it is
necessary to have a holistic integration of all types of capital requires, decision making process
and internal a nd external information. Materiality, relevancy, accuracy, comparability and
completeness of this information should be confirmed by independent auditors.
Incorporation of sustainable development criteria at all levels of decision -making process
(strategic , tactical and operational) and business activities (management, current planning,
budgeting and evaluation), effective communication with stakeholders based on S ustainability
Reporting are crucial tasks for accountants.
Despite the existence of many international accounting and repor ting standards, there is a
gap between the tradition al accounting and reporting and sustainable development and SR. The
main task for accounting standards developers in terms of sustainable development is
harmonization of information disclosure for all types of capital used by the companies.
Academicians in the field of accounting must act as unifying link between these groups,
creating a scientific product which will act as a basis for the development of app lied accounting
methods and SR.

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The Role of Accountant in Sustainable D evelopment
In the IFAC paper, Accounting for Sustainability . From Sustainability to Business
Resilience , Peter Bak ker – Chief Executive of World Business Council for Sustainable
Development says that “Accountants will save the world”.
To deliver on this vision, accountants need a greater awareness of how they can make a
difference, as well as developing the professional skills and competences to support stronger and
more sustainable organizations.
The contribution of accountants varies depending on their position as well as org anization
and cultural conte xt. Professional accountants in business are involved in activities and decisions
that influence their organization’s ability to create and preserve value over time.
In a business partnering capacity, accountants are expected to increase their support of
strategic and operational decision making in addition to fulfilling traditional stewardship
responsibilities. This can involve helping organizations respond to uncertainty, improve decision
making, and identify new business opportunities, and innovative process es, products, and services.
At the strategic level accountants exercise their authority as creators of values, at the
operating level they act providers of sustainable development values and at the reporting level they
act as keepers and reporters.
Table 1 Key roles of professional accountants in sustainable business (IFAC 2015)
(Source: processed after Inna Makarenko, Alex Plastun (2017), The role of accounting in sustainable development,
Accounting and Financial Control , 1 (2), 4 -12)
Role Description Job F unctions
Creators of value Taking leadership roles in the design and
implementation of strategies, policies,
plans, structures, and governance
measures that set the course for delive ring
sustainable value creation Leadership/management: chief executive
officer (CEO); chief financial
officer(CFO)/financial director (FD);
chief operating officer; director of
gove rnance or operations; treasurer
Providers of value
Informing and guiding managerial and
operational decision making and
implementation of strate gy for achieving
sustainable value creation, and the
planning, monitoring, and improvement of
supporting processes Operational: business unit controller;
financial, or performance analyst; cost
accountant; resources manager; business
support manager; syste ms analyst

Keepers of value
Ensuring the protection of a sustainable
value creation strategy against strategic,
operational, and financial risks, and
ensuring compliance with regulations ,
standards, and good practices Management control: business assura nce
manager; risk manager; compliance
manager; internal auditor

Reporters of value
Enabling the transparent communication
of the delivery of sustainable value to
stakeholders Accounting and stakeholder
communications: group controller; head
of reporting; investor relations manager;
financial or management accountant.
Sustainable development transforms the role of professional accountants during the entire
accounting cycle. As the cycle is finished with the SR, it requires identification of key stakeholder
groups and their information needs; thorough knowledge and use of reporting standards; planning,
execution and control of reporting process; mana gement, monitoring, improveme nt of financial
and non -financial reporting information systems; expansion of reporting indicators among
environmental, social and managerial; use of new technologies , real-time reporting, i ntegrated
reporting (IFAC) .

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Accountants are highly involved in the process of achieving the SDGs by ensuring high
quality corporate reporting that supports sustainable development and financial stability . They
measure, evaluate and disclosur e the progress in SDGs achieved by the company. Sustainability
Reporting (SR) is the point of contact between SDG s and corporate sustainability.
IFAC recommends some practical ways for accountants to act in their role as business
partners and make a difference towards a sustainable approach :
 Identify and connect key trends and impacts to the organization’s strategy, business
model and performance;
 Integrate significant natural and social capital issues into decision -making processes;
 Assess the benefits of tackling env ironmental and social issues ( cost reduction; revenue
generation);
 Organize internal systems and processes to ensure what matters is measured and
managed;
 Link the strategy and resources to the cre ation of value for stakeholders;
 Drive efficiency by reduc ing waste and controlli ng costs;
 Provide credibility to the information and data produce through eff ective oversight and
governance;
 Communicate clearly to ensure transparency.
Sustainability needs to be measured, reported and assured. These areas of expertise fall
naturally under an accountant’s remit. Good quality information that is trusted and properly
targeted is vital to sustainable development.

Sustainability accounting
Ideology of Sustainable Development and Sustainable Development Goals influence the
transformation of business processes in the companies. Professional accountants are import ant part
of this transformation.
Social accounting is a major element of corporate social responsibility, linking it with
corporate social responsiveness. R ecent analysis of the type and extent of social accounting
indicates the variety of reporting mechanisms, including assurance statements, environmental,
social and economic performance reports (also called Triple P (people, planet, profit) or Triple
Bottom Line reports) and reporting within annual reports and financial statements.
Some of the mecha nisms identified in practice by which sustainability can be enhanced
are:
 Corporate policies – organizations to adopt policies on sustainability and publishing
information about the policies and their impact.
 Supply chain pressure – drive purchasers to promote a desired standard of sustainable
performance and reporting amongst partners in the supply chain.
 Stakeholder engagement – enabling those with a particular interest to influence the
decisions and behavior of an organization , supported by information flows about
sustainable performance.
 Voluntary codes – organizations to impr ove particular aspects of their sustainability
performance, often requiring a statement for stakeholders regarding compliance or an
explanation of non -compliance .

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 Rating and benchmarking – grade organizations through the use of benchmarks or
ratings on the basis of information on sustainability policies and performance and thus
influence the behavior of organizations and stakeholders.
 Taxes and subsidies – incentivize organizations to operate in way s that contribute to
sustainability, requiring information in the form of tax returns and grant claims.
 Tradable permits – governments ration allocations of scarce resources or undesirable
impacts so as to improve sustainability .
 Requirements and prohibitions – society mandates actions that enhance sustainability,
requiring relevant information flows to enable enforcement bodies to monitor
compliance.
To suppo rt each of the mechanisms, organizations, governments, tax authorities, market
regulators and stakeholders need to rely on credible information flows if they are to operate
effectively. All of the mechanisms, and the contributions of individual organizatio ns to
sustainability, are dependent on the support provided by reporting and assurance:
 Information and reporting through which organizations facilitate, both internally and
externally, the operation of mechanisms to promote sustainable development.
 Assurance processes through which organizations underpin the legitimacy of
mechanisms to promote sustainable development.
The applicability of these mechanisms involve encouraging or forcing organizations to take
a longer term view or to internalize extern al costs and benefits, or limiting choices so that they
would act as if external costs and benefits had been internalized . Changes in expectations and
attitudes towards sustainability are prompting governments, investors and enterprises to use a
combinat ion of such mechanisms .
The main concepts and principles that inform sustainability accounting are:
 the three dimensions of sustainability accounting
 internal sustainability accounting
 external sustainability accounting
 shadow accounts and balance sheets
 restoration and avoidance values
 stakeholder identification.
The three dimensions of sustainability accounting
Financial accounting traditionally records the financially related stocks and flows of an
organization in the form of the profit and loss account and the balance sheet, respectively.
Sustainability accounting tries to provide extra information that can be thought of in three different
dimensions:
1. Timing – the information can provide a snapshot in time o f the state of the stock of goods
and services, or, over a period of time, the flow of goods and services arising from the stock.
2. Location of impact – where the impact is located in the accounts. Is it already within the
entity’s financial reporting bou ndaries or is it outside the tra ditional reporting boundaries.
3. Type of impact – identifies the impact as either environmental, social or economic.
Traditional financial accounting only includes the internal stocks and flows of financial
value on the balance sheet and profit and loss account respectively.
Sustainability accounting desegregates the internal accounts to show costs and benefits
relating to economic, social and environmental performance. It also extends the accounting
boundary to consider the monetary value of external impacts.

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Moving from traditional accounting to sustainability accounting requires adjustment and
extension to the primary statements in the following ways:
 Restatement of the profit and loss account to show costs and benefits relating to
economic, social and environmental performance;
 Extension of the profit and loss account to encompass the external costs and benefits
to the environment, society and the economy, which are not traditionally taken into ;
 Extension of the balance sheet to take account of the ful l range of assets (including
intangible assets such as brands, human capital or reputation as they relate to
sustainability); and ‘shadow’ liabilities (including liabilities relating to sustainability
risks) of the organization .

(Source: processed after Forum for the Future, HEPS,(2003), Accounting for Sustainability )
Internal Sustainability Acc ounting – accounts summaries of the internal financial flows associated
with performance in the economic, social and environmental dimensions. The information is
extracted from existing accounting systems and re -presented to show the sustainability related
elements of current expenditure, which are linked with associated financial benefits (in terms of
extra revenue or avoided costs) or costs incurred.
External sustainability accounting – deals with the costs and benefits (externalities) that are not
currently accounted for by the institution. Social and environmental costs and benefits may either
be recorded on someone else’s balance sheet or not captured at all. Often an impact will have both
internal and external components. The wider impacts on the individual and society are not
internalized , so would appear in an account of external social costs.
Sustainability balance sheet accounting – the flows of cost and benefits of the internal and external
profit and loss accounts can be translated into chan ges in stocks. The way the value of stocks,
(rather than the changes in them), should be represented is a less developed aspect of accounting.
Theoretically, a sustainability accounting balance sheet would report a snapshot of the
environmental, social and economic stocks, inside and outside the organization . A sustainability Figure 2 From Traditional to Sustainability Accounting
Economic
(Manufactured & Financial)
Social
(Social & Human )
Environmental
(Natural )
Stock
Flow
Internal
External
Timing of impact
Type of impact
Location of impact
Economic
(Manufactured & Financial)
Social
(Social & Human )
Environmental
(Natural )
Stock
Flow
Internal
External
Timing of impact
Type of impact
Location of impact

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profit and loss account would then recognize the in and out – flows of these stocks over time. This
has not yet been attempted in a systematic fashion anywhere.
Restoration and avoidance values – For organizations that do decide to put a monetary value on
something that has traditionally not been valued in this way, there are a number of valuation
techniques available. Environmental accounting has been under development for much longer so
it can refer to a scientific validated baseline against which restoration and avoidance costs may be
measured. Work on metrics for accounting for social costs and benefits is underway, and
universities, as institutions with major social as well as environmental and economic impacts, have
an opportunity to contribute greatly through developing and trailing them (academically, as well
as practically). Examples of using restoration values for environmental costs can be found in the
corporate sector. The sustainability cost estimate represents the cost to the company of restoring
the damage resulting from its most significant external environmental impacts over a particular
accounting period.
Stakeholder Identification for Sustainability Accounting – Identifying the costs and benefits
associated with the stakeholders and categorizing these as internal or external, environmental,
social or economic is the essence of the sustainability accounting framework.

Conclusions
Sustainability and Sustainability Development Goals give an incentive to corporate sector
in restructuring their business processes according to the challenges of our time. Integration of
SDGs and corporate sustainable development strategies needs reformatting of existing information
and analytical provision of decision making process on the basis of social, economic and
environmental dimensions of sustainable development.
Many of the issues raised by the quest for sustainable development are business risk issues,
an area comm only of concern to accountants. The accounting profession is involved more than
ever when we consider the role of business in ensuring a better future for our society and our
planet. Sustainability presents a new ma rket focus for the profession.
Professional accountants are directly related to the promotion of sustainable development
initiatives at the corporate level. Functional roles of professional accountants and their positions
clearly correlate with gradations of cor porate sustainable development.
At the strategic level accountants exercise their authority as creators of values, at the
opera ting level they act as providers of sustainable development values and at the reporting level
they act as keepers and reporters. Thus the role of professional accountants in sustainable
development needs to be revised according to new economic conditions.
Mechanisms of professional competenc e for accountants require further investigation,
because different groups of accountants are responsible for the high -quality and reliable
sustainable reporting which is the basis of information and analytical supp ort of sustainable
development.
Accountants in businesses with significant environmental or social impacts will be
involved with the measurement, recording and interpretation of sustainability issues. Future
management information systems and controls will need to include environmental a nd social data,
emphasizing the benefit of a joined -up approach. Accountants are well placed to provide the
necessar y coordination and integration.

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