- Watts (2010) discusses the question, “Are accountants the last hope for the world’s ecosystems?”
- According to Gleeson-White (2014, p.281), “The six capitals model is a powerful way of asking corporations to consider their impact on their social and natural environments only so recently accepted as being inextricably linked to their commerce after all. So it does give business the option of responding to the problem of externalities, and within this frame the pioneering work of Puma’s environmental profit and loss account has made a start on accounting for nature. Integrated reporting is, as its advocates say, an idea whose time has come.
But there is a logical inconsistency at the heart of the six capitals model which will prevent it alone from saving the planet: it seeks to account for nonfinancial value but can see it only in terms of financial value. This is because the entity it seeks to govern, the corporation as we know it, is legally bound to make decisions in favour of financial capital”.
( c) According to Sikka (2008, p.291), “The burgeoning corporate social responsibility literature rarely focuses on the anti-social practices of accounting firms…Accountancy firms are on a collision course with civil society”.
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(a)http://www.theguardian.com/environment/2010/oct/28/accountants-hope-ecosystems.
(b) Gleeson-White, J. (2014) Six Capitals, or Can Accountants Save the Planet?: Rethinking Capitalism for the Twenty-first Century, NY: WW Norton.
(c) Sikka, P. (2008). “Enterprise culture and accountancy firms: new masters of the universe”, Accounting, Auditing & Accountability Journal, Vol.21 (2), pp.268-95.
Required:
Discuss the issues raised in the above excerpts. Include your views on the role that the accounting profession can play in the demonstration of Corporate Social Responsibility and Sustainable Development. Also, identify any problems that the profession may encounter in this process.
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