Sustainability Accounting and Reporting Economy

Question: Discuss about theSustainability Accounting and Reporting for Economy. Answer: Introduction The Sustainability accounting and reporting is a subcategory under Financial Accounting Management focusing on the impact of business process of a company on Society, Environment and Economy (Lodhia 2015). Sustainability is a major issue with two different aspects as internal (management) and external (reporting), to survive in the market with increasing potential business. In 1997, the social, environmental and economical issues were considered by Elkington as obstacles for sustainable growth of the company and recognized as Triple bottom Line concept (Hgevold et al. 2015). Sustainability accounting and reporting is focused on disclosure of non-financial information of business performances to gain the confidence of capital holders, stakeholders and creditors. In global context, carbon management and accounting are vast areas of concern through which the planning process, systems management and decision making are done (Bebbington, Unerman and O'Dwyer 2014). There are two major developments has been encountered as carbon accounting and integrated reporting to make sustainability concept as a vital part of the business. Carbon emission issues and management in the environmental context are noted as Carbon accounting. Whereas integrated reporting integrates the financial and material information in the reflection of commercial, environmental and social context (Bebbington, Unerman and O'Dwyer 2014). The International Integrated Reporting Committee discussed the potential components of integrated framework as Strategic Objectives, Business Model, Operations and risk management and opportunity of returns, Governance and Performance remuneration and Future projections of an organization. There are various research objects to be investigated as annual reports, social and environmental disclosures of firms. Sustainability accounting and reporting appears to be a research area where academics can contribute various attributes of business practices. References: Bebbington, J., Unerman, J. and O'Dwyer, B., 2014. Sustainability accounting and accountability. Routledge. Hgevold, N.M., Svensson, G., Klopper, H.B., Wagner, B., Valera, J.C.S., Padin, C., Ferro, C. and Petzer, D., 2015. A triple bottom line construct and reasons for implementing sustainable business practices in companies and their business networks. Corporate Governance, 15(4), pp.427-443. Lodhia, S., 2015. Sustainability Accounting and Accountability 2nd ed. Sustainability Accounting, Management and Policy Journal.