Question

Identify and describe TWO (2) sustainability challenges, affecting accounting profession as well as threatening the existence of our planet. Propose solution to each challenges

Answer 1

In today's world there is an increased pressure on the organisation to take into account sustainability challenges. Two main challenges are discussed as below:

-- The companies have a pressure to take into account their environmental and social impacts. The increase in such reporting is due to the stakeholders’ who wants to seek more information from businesses on social and environmental matters. The investors are pressing organisations on sustainability as they feel it to be an approach for companies to cut costs. Social accounting fulfil these needs wherein the ssustainability reporting is a subset of social accounting

-- An organisation need to be to transparent about the opportunities and risks on health and safety which they face. The concern is resolved with the sustainability reports that typically is inclusive of information related to the the impact of entity’s on the environment, such as greenhouse gas emissions, waste, and general climate change issues