Natural capital and the accountancy profession: applying traditional skills to new thinking and practice
Growing interest, among businesses, investors, governments and wider society, in the concept of natural capital accounting is driving a range of initiatives developing tools and frameworks for entities and advisers. Natural capital impacts and dependencies, risks and opportunities are being seen increasingly as potentially material issues that businesses and investors should manage.
A new joint paper by Fauna & Flora International (FFI), KPMG and the Association of Chartered Certified Accountants (ACCA), entitled Natural capital and the accountancy profession: applying traditional skills to new thinking and practice, highlights the important role that accountants play in the development of natural capital accounting.
Accountants have a responsibility to safeguard business operations in the future and, in this capacity, they will have to help with decision-making when it comes to natural capital risks – particularly for businesses relying on natural resources.