Accounting Profession

How The Global Accounting Profession Is A Catalyst For Achieving UN Sustainable Development Goals

Poverty, inequality, corruption, and change in climate are some of the world’s most pressing challenges, which can often appear unconquerable. Among all, last year the top of UN General Assembly agenda was the United Nations SDGs(Sustainable Development Goals), aimed at ending corruption, poverty, planet protection and ensuring prosperity — all with specific targets to be accomplished by 2030. To achieve this goal, each and everyone needs to contribute. The accounting profession is a very important driver of powerful and sustainable organizations, economies and financial markets, and has a decisive role in achieving them.

Against this backdrop, people trust in government and business is decreasing. Government entities are day by day losing trust and citizens are demanding, with more power than ever before, that CEOs lead on an issue of change which will be helpful to society at large. Through this backdrop, It’s great opportunity to make continuous progress when Government, Business, and Society come together with a coordinated global effort to achieve a target.

Unexpected Champions of the SDGs

Representing almost 3 million professional accountants around the globe, IFAC(International Federation of Accountants) and team members make a strong force, with the obligation and opportunity to keep business and government on track to progress and support nearly half of the SDGs.

The work of accountants directly supports 8 goals out of 17 goals. Quality education, economic growth, gender equality, justice and strong institutions, climate action and peace are among the key SDGs accountants work towards daily in their fluctuating roles.

Narrowing the Gender Gap

We must ensure that all women and girls should have equal opportunities everywhere, though it is about leading or decision making in political, economic and public life so that we could successfully stand as a strong global economy. To let the women enter the profession, the distribution of profession champions, especially in gender, must be done by offering programs that hook up, retain and advocate the women. Several accounting organizations are already adopting gender equality. If this diversity goes well through the programs and partnership we are supposed to see this trend move upwards.

Advancing Quality Education

In order to stamp this extreme poverty and improving economic growth, an applicable, Unprejudiced and affordable education is considered as a strong factor. As per the findings of UN, about 60 million people could ignore the poverty, if adults had just two more years of education.
At the moment, in order to expand the thoroughfare into the profession, it is running towards implementing the global demand for the accountants with the number of dynamism to provide leadership, entrepreneurship skills, and properly needed education. The financial support is also provided by some accountancy organizations across the world for educational programs, which overall brings the more chances for developing skills, training, and development.

Promoting Economic Growth and Decent Work for All

The global accountancy profession is the key to economic development and strength. Which has a huge slam on the lives of citizens? Accountants serve the aim of economic development and decent work in many ways. Accountants extend their professional skills to inspire the leaders to direct their organizations so as to approach supportable economic, social and environmental performance. Addition to this the accountants have an opportunity to give their contribution in enhancing the prosperity and upgrade the living standards more broadly. Directly or indirectly the profession’s jolt on better information, delineate, measurement and decision making are connected with the better lifestyle, well-being around the world.

Promoting Responsible Consumption and Production

The private sector expectations are increased by the SDGs such that all the organizations need to submit a net positive contribution to the economy and society. For the professional accountants this clearly leads to construction corporate governance and racially endurable plans that optimize business processes, avoid waste and execute technologies to drive efficiency.

Advancing Climate Action

During the December 2015 Paris agreement, the issues are considered still as urgent. On global emissions, IFAC published a letter of support calling for an international agreement. Yet for implementing plans for climate change and to support the government the profession can do more.

Keeping the Peace and Justice

Transparent governments and Corporations, as well as fair and strong justice systems, are the foundation of a secured and corruption free society. Peace and justice underpin all of the SDGs. Global frauds threaten this SDG. Stopping business growth, demotivating public and foreign investment and wasting resources. The economic growth is affected by the limitations put by the profession’s capacity. In particular, the common factors which are addressed by the accounting profession are –

  • Poor governance
  • Frauds and corruption
  • Lack of financial management
  • Improper accounting
  • Auditing practices

Revitalizing Global Partnerships for Sustainability

Business must be implemented together in order to achieve the SDGs. The support and resources needed to achieve these goals are hard to secure through cross-sector collaboration. The accounting profession has a different mandate to hold government and business responsible on its side. We can help through a strong accounting profession for carrying out the changes needed to transform this globe into better.

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