Prof. Ishola Akintoye, a professor of Accounting at Babcock University has said that the current financial reporting system was inadequate to address the strategic earning of corporate and individual bodies.
This according to the professor is because sustainability accounting was yet to be incorporated in the current financial reporting.
Delivering Babcock University’s 28th inaugural lecture, with the theme, “Accounting: A Mismanaged Concept Requiring Urgent Re-Definition”, the university Don noted that the efficiency of sustainable accounting report would impact greatly on sustainable financial report.
He stated that the past conceptual framework for the definition of Accounting cannot be adequate in driving accounting in the contemporary times and in the future.
“If efforts are not made for an urgent redefinition of Accounting, the entire accounting building which is currently cracking will sink beyond redemption,” the Don stated.
Furthermore, Akintoye said that the team of experts were leveraging on the Global Sustainability Index which had been developed for countries of the world to provide direction for government, private sectors and individuals as targets for all activities to be achieved in 2030.
The sustainable development targets were seventeen and they include; no poverty, zero hunger, good health and wellbeing, quality education, gender equality, clean water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, reduced inequality, sustainable cities and communities.
Others include; responsible consumption and production, climate action, life below water, life on land, peace and justice, and strong institutions partnership all of which are required to achieve this goal.
He therefore recommended that the Federal Ministry of Education and the National Universities Commission (NUC) must include in the Accounting Curriculum at every level of education, the subject of strategic accounting and sustainability accounting.