The Accounting Bodies Network (ABN), a collaboration between A4S and 12 professional bodies across the globe, have reaffirmed their commitment to sustainable economic transformation by endorsing five revised core principles to position the profession to drive and support the transition to a sustainable future. 

The ABN Principles set a clear agenda for how accounting bodies can support their members to lead on sustainability through education, advocacy, innovation and redefined notions of value.  

Through this renewed commitment to core sustainability principles, ABN members can continue to build on their existing efforts, ensuring their members and students are equipped to meet the demands of the evolving finance profession.  

The adoption of the newly revised principles, updating the principles established 17 years ago, renews the commitment of the accounting bodies to sustainable business practices. The new principles recognise the achievements made to date, while setting more ambitious goals for the future in the pursuit of a global sustainable economy. 

Notable milestones include the signing of a shared commitment to achieve net zero greenhouse gas emissions within their own organisations, as well as provide support for their members to do the same. 

Helen Slinger, A4S Executive Director, said: “The ABN have now collaborated and produced revised principles which create a foundational framework for the ongoing transformation of the profession to help drive a global sustainable economy.” 

The revised principles are: 

Education and capacity building: To invest in education and training for accountants to equip them with the knowledge, skills and competencies necessary to support sustainable business practices. To integrate sustainability into the curriculum, continuing professional development (CPD) and other accountancy programmes. 

Advocacy and influence: Drive meaningful change through our advocacy, engaging and sharing expertise with businesses, governments and other stakeholders. We collaborate and contribute to position and policy statements to help enable a transition to a global sustainable economy. 

Innovation and adaptability: Encourage continuous innovation and adaptability in accounting practices to address sustainability challenges and opportunities. Through leveraging new technologies and best practices, we help ensure sustainability is integrated into all emerging accounting methodologies. 

Transforming value: Endorse a broader definition of value that prioritizes long term impact. We help guide the profession toward adopting a holistic view of value, encompassing not only financial factors, but also human, social and environmental dimensions. 

Leading by example: Embed sustainability within the strategy and operations of ABN member organisations. We are transparent and accountable for our sustainability impacts. 

“From embedding sustainability throughout all the work of ABN members and leveraging their influence, expertise and position, the ABN will work to drive the shifts needed in the finance and accounting community to achieve tangible impact and accelerate the sustainable transition,” Slinger said. “The impact we ultimately seek to achieve is for our profession to uphold the public interest by playing a meaningful role in ensuring a sustainable global economy.” 

ICAEW and ICAS are members of the ABN, as well as Association of International Certified Professional Accountants (AICPA), Chartered Accountants Australia and New Zealand (CA ANZ), Chartered Accountants Ireland and CPA Australia, among others. 

Together the Network represents over 2.5 million professional accountants and students across 179 countries, representing two thirds of the world’s accountants. 

Accounting bodies are vital in equipping their members with the knowledge and skills they need to implement sustainable finance practices. The Network provides an open, cross-border platform where members share knowledge, collaborate to overcome common barriers and champion the need for change within the accounting community. 

Richard Spencer, Director, Sustainability, ICAEW, said: “The new principles are a timely and helpful update, reflecting how sustainability is evolving and mainstreaming, and set a higher level of ambition for us all.” 

A4S was established by HM King Charles III in 2004 to make sustainable business, business as usual. Its global networks, including the CFO Leadership Network, Circles of Practice, Accounting Bodies Network and Asset Owners Network, work to enable the finance and accounting community to take a leadership role on sustainability. 

To find out more about the ABN, follow this link: www.accountingforsustainability.org/abn