Sustainable Development and Reconceptualization of Financial Statements

The study aims at formulating an integrated concept of financial statements in accordance with sustainable development spirit. It employs sustainable development accountability, a concept of business people who are aware of their accountability to advance corporate sustainability by which they work to extend the life expectancy of ecosystems, societies and economies. By adopting this concept, business organizations could declare their involvement in sustainable development agenda. The study finds that the reconceptualized financial statements should explicitly declare economic, social and environmental aspects as the elements of financial statements. It also suggests adoption of this idea in accounting policy making.