Accounting

Accounting is a dynamic discipline pivotal in organizational decision-making, encompassing calculative tools beyond historical data reporting. Traditionally focused on monitoring financial health, accounting has evolved to integrate broader concepts including social, environmental, governance, and technological dimensions. Despite lacking a universally agreed definition, the role of accounting extends beyond profit maximization to include resource sustainability and stakeholder accountability. Accounting also supports organizational regulatory and compliance requirements, including audit and tax, which reflect specific
demands in contexts such as financial fraud and non-governmental organizations. This chapter explores the multifaceted nature of accounting, its evolving definitions, and its transformative potential in addressing global challenges for sustainable stakeholder value creation.