Theory and Practice of Business under Sustainability Principles
Edited by Geoffrey Wells
Chapter 4: Sustainability accounting and reporting: an overview, contemporary developments and research possibilities
This chapter focuses on sustainability accounting and reporting. Initially the notion of sustainability accounting and reporting is discussed with attention given to the internal (sustainability management) and external (sustainability reporting) aspects. These components of sustainability accounting have parallels to the accounting process where management accounting and financial reporting are prominent. However it is highlighted that sustainability issues are much broader and provide unique challenges for the accounting process. The chapter then proceeds to contemporary developments in sustainability accounting in order to highlight the ‘state of the art’ in this discipline. There are two aspects that warrant specific discussion. Carbon accounting is an area receiving increased attention, driven by the global concern over climate change. Its subcomponents, carbon management accounting and carbon reporting, are derived from sustainability accounting, and provide the means to account for climate change.
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