Responsible Financial Accounting Strategies

This chapter aims to increase awareness of the importance of responsible financial accounting in Africa and contribute to the broader discourse on sustainability in the region. It begins by examining the economic landscape of Africa and the history and development of social and environmental accounting (SEA) in the region. The introduction of Western accounting practices during colonial times greatly impacted the way economic activities were conducted and reported on the continent, often leading to neglect of social and environmental considerations. Despite facing challenges such as high levels of inequality, unemployment, and debt, Africa has many economic growth and development opportunities, such as a growing middle class, a youthful population, and abundant natural resources. As a result, SEA is becoming increasingly prevalent as governments, consumers, investors, and other stakeholders demand more transparency and accountability from organisations is a crucial tool for organisations in Africa to navigate the challenges and opportunities of the twenty-first century and contribute to the well-being of people and the planet. To further drive the development of environmental accounting in the region, and influence international standard setting, there is a need for a comprehensive accounting research infrastructure in Africa.