Don advocates inclusion of sustainable accounting in varsity curriculum

A professor of Accounting at Babcock University, Ilishan- Remo, Prof. Ishola Akintoye has described the current financial reporting system in the country as inadequate, and incapable of addressing the strategic earnings of corporate and individual entities.

Prof. Akintoye who stated this while delivering the 28th inaugural lecture of the institution said the inadequacy arose because sustainability accountability was yet to be incorporated in the current financial reporting, adding that the efficiency of such report would impact greatly on sustainable financial reporting.

The don stated that the past conceptual framework for the definition of accounting “cannot be adequate in driving it in the contemporary times and in the future if efforts are not made for an urgent redefinition. Akintoye in his lecture titled, “Accounting: A mismanaged concept requiring urgent redefinition,” said the entire accounting concept is like a cracked building which if not checked will sink beyond redemption.

The university teacher disclosed that his team is currently developing a new model named, ‘ sustainability accounting’ that went beyond the current assumption of stability and growth, to bring in economic, environmental and social factors. He added that the team is leveraging on global sustainability index, which had been developed for countries of the world to provide direction for government, private sector and individuals. He said these would serve as targets for all activities to be achieved in 2030.

According to Akintoye, the sustainable development targets were 17 and they included quality education, gender equality, zero poverty and hunger, good health and wellbeing, as well as clean water and sanitation.He said others were, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, reduced inequality, sustainable cities and communities.

Akintoye said the targets also included responsible consumption and production, climate action, life below water, life on land, peace and justice, and strong institutions partnership all of are required to achieve this goal.He asserted that an efficient sustainable financial report would enhance decision-making of the total stakeholders and guarantee the growing concern of the society at large.The don recommended inclusion of strategic accounting in the curriculum at every level of education, by the Federal Ministry of Education and the National Universities Commission (NUC).

Besides, Akintoye posited that the practice of accounting must emphasise on driving the future rather than short or medium term in the private and public sector of any economy if long term sustainability would be actualised.”