21 Century Business and Accountability

Businesses are undergoing a fundamental transformation in response to global challenges like climate change, societal inequality, and sustainability. This shift requires a reevaluation of corporate purpose, governance, and accountability to multiple stakeholders. Traditional financial accounting is inadequate for measuring non-financial capitals like natural and social resources. Accountants must adapt to a broader concept of value creation and sustainability. Education must evolve to prepare accountants for these new challenges, enabling them to play a key role in developing sustainability standards and guiding businesses toward responsible practices.