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Aderinola Bunmi
Science Laboratory Technology
Aspirant, Nigeria.
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A Professor of Accounting at Babcock University, Prof. Ishola Akintoye, has said the current financial reporting system in the country is inadequate to address the strategic earning of corporate and individual life.

This, according to him, is because sustainable accountability has yet to be incorporated in financial reporting in Nigeria.

Akintoye made this known while delivering the university’s 28th Inaugural Lecture titled, ‘Accounting: A mismanaged concept requiring urgent redefinition.’

The university don harped on the need for sustainable accounting reports, adding that the old definition of accounting could no longer be adequate to drive the profession in contemporary times and in the future.

He said, “If efforts are not made for an urgent redefinition of accounting, the entire accounting building, which is currently cracking, will sink beyond redemption.”

Akintoye stated that he and a team of accounting experts were developing a new accounting model tagged, ‘Sustainability Accounting,’ which would go beyond the current assumption of stability and growth to bring in economic, environmental and social factors.

He noted that the team was leveraging on Global Sustainability Index which had been developed for countries of the world to provide direction for the government, private sector and individuals.

Akintoye asserted that an efficient sustainable financial report would enhance the decision-making of stakeholders and guarantee the growth of the business, as well as the society. He recommended that the Ministry of Education and the National Universities Commission should include strategic and sustainability accounting in the curriculum.

He also stressed the need to include human and environmental assets in the venture capital at commencement of business and in the evaluation of the strength and weakness of a company.

“Governments in all countries should insist, through their local regulatory agencies, that the environmental cost and human capital be revealed in the statement of financial position of all corporate entities for public consumption,” he added.

Source: https://punchng.com/new-accounting-modelsll-tackle-hunger-don/

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