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THE IMPACT OF SUSTAINABILITY ON ACCOUNTANCY PROFESSION
Abstract
The United Nations- Sustainable Development Goals have recently challenged organizations to start consistent transformation in order to foster sustainability in future economy and society. One of the key enablers of this tr-nsformation was the European Union-s Corporate Sustainability Reporting Directive, which amended non-financial reporting with sustainability reporting. As a result, the first global sustainability standards have been developed, which gave the accountancy profession a key role in helping organizations navigate through this new challenge. Sustainability reporting presents a great responsibility for professional accountants to create and communicate comprehensively and transparently the long-term value of organizations. Due to their genuine integrity, backed with ethical behavior and professional expertise, many believe that accountants are best positioned for that role. However, to be able to understand and quantify the environmental, social and corporate related risks, to identify materiality and to prepare quality disclosures for sustainability-related information, professional accountants need to develop their professional skillset. This paper aims at outlining the main effects of sustainability development over the accountancy profession and to highlight the new competences, needed in accountant-s professional profile through the lens of the new sustainability reporting framework. Main implication is that the new elaborate roles within the sustainable organization will enhance their skillset and will place new development opportunities in front of professional accountants. A combination of interpretive and critical scientific research methods has been applied to this study.
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