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Practical Implementation of Sustainability Accounting: A Research of Two Major Public Listed Companies

Wanjiru Gachie ()
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Wanjiru Gachie: University of KwaZulu-Natal

The Journal of Accounting and Management, 2021, issue 1(11), 173-188

Abstract: This research examines extent to which social and environmental pillars are integrated into existing economic pillar towards modernization of mainstream financial accounting in line with 21st-century diverse stakeholders’ sustainability needs. The identified research gap observes that 19th-century accounting no longer reflects an all-encompassing stakeholders’ interest. Hence in this 2020 decade transforming the basis of accounting and reporting is a fundamental concern. This research thus provides an opportunity rarely considered for an all-inclusive sustainability accounting seeking to evoke a shift in accounting fundamentals, standards and frameworks for stakeholders’ holistic decision-making on enterprises going concern. The methodological approach adopted is an in-depth examination of two selected public listed companies’ to provide insights on integration of social and environmental pillars into financial statements. Both literature and this research’s findings reveal a low degree of commitment towards social and environmental sustainability in favour of economic activities mandated for public listed companies. The findings validates formerly, now updated New Framework for seamless standardized assimilation of all three pillars in financial accounting. The practical implications contained in this research recommends a more-inclusive Framework for transitioning into 21st-century sustainability accounting. The practical value of this research contributes in transformation of accounting fundamentals to reflect updated stakeholders ‘motivation.

Keywords: Triple Bottom Line; Accounting Standards; Environmental Accounting; Governance; South Africa (search for similar items in EconPapers)
Date: 2021
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