Practical Finance - SDG Essay question notes
• Also look at tails aspire SDG report (Creating a Sustainable Future: The role of the accountant
in implementing the Sustainable Development Goals) - page 12 and 24 especially.
References:
https://www.cgma.org/content/dam/cgma/resources/reports/downloadabledocuments/cgma-
sustainable-dvelopment-goals-guide-apr-18.pdf
https://www.cgma.org/content/dam/cgma/resources/downloadabledocuments/combating-
corruption-across-the-value-chain.pdf
https://www.fm-magazine.com/news/2015/jan/201511533.html
https://www.youtube.com/watch?v=M2kHUKbPogQ
Explain how accounting practices and nancial institutions can help support the achievement of
the United Nations Sustainable Development Goals 8 Decent Work and Economic Growth, 12
Responsible Consumption and Production, and/or 16 Peace, Justice and Strong Institutions.
Introduction:
• The SDGs help businesses face up to several key challenges in the years ahead – managing
reputational risk, responding to ‘megatrends’ like globalisation and digitisation, and meeting
investor demand for greater reporting transparency.
• These are all areas where management accountants, at every level, have a key role to play, from
proposing the business case for pursuing appropriate SDGs to Board-level alignment of
sustainability initiatives with corporate activities. Overall, management accountants should
approach the SDG journey in a spirit of determination to help drive opportunity, prosperity and
trust and ultimately create a sustainable future for all.
• Management accounting has a fundamental role to play in helping business to maximise the
opportunities involved for doing lasting good and driving business growth.
SDG 8:
• Focuses on budgets
• providing data and reporting nancial information helps drive important decision making and
e ciency contributing to decent work and economic growth. By providing information,
businesses reduce the risk of making costly mistakes and more likely to grow and provide job
opportunities.
• Through IFAC’s member bodies, the accountancy profession is strongly linked to prosperity and
improved living standards.
• Accountants have a signi cant role to play in strengthening the institutions and architecture that
will improve people’s lives, particularly in developing economies
• It also helps to strengthen individual business internally: reducing risks, enhancing regulatory
compliance, driving cost savings, investing in innovation and helping companies engage with
customers, sta and the wider community
• They also have access to control infrastructure and information. Through the lens of the SDGs,
this enables their organisations and stakeholders to make better decisions and implement
sustainable solutions: decisions that cover organisational and societal future value for the short
and long terms.
• Use of capital investment appraisal methods: payback and ARR
• Pricing strategies - product prices a ect workers at beginning of supply chain
• Economic growth - makes sure GDP grows as fast as possible. Economic growth involves an
exchange of money which means it ends up on the positive side of the balance sheet but this
isn’t always a good thing.
• GPI - genuine progress index, count things more accurately, take into account natural wealth in
addition to our material wealth. Only with a full cost accounting system, we will begin to
understand that goods that are shipped from 10,000 miles away are actually more expensive
than goods produced locally. Need to localise economies.
ffi
ff fi fi ff fi
• Also look at tails aspire SDG report (Creating a Sustainable Future: The role of the accountant
in implementing the Sustainable Development Goals) - page 12 and 24 especially.
References:
https://www.cgma.org/content/dam/cgma/resources/reports/downloadabledocuments/cgma-
sustainable-dvelopment-goals-guide-apr-18.pdf
https://www.cgma.org/content/dam/cgma/resources/downloadabledocuments/combating-
corruption-across-the-value-chain.pdf
https://www.fm-magazine.com/news/2015/jan/201511533.html
https://www.youtube.com/watch?v=M2kHUKbPogQ
Explain how accounting practices and nancial institutions can help support the achievement of
the United Nations Sustainable Development Goals 8 Decent Work and Economic Growth, 12
Responsible Consumption and Production, and/or 16 Peace, Justice and Strong Institutions.
Introduction:
• The SDGs help businesses face up to several key challenges in the years ahead – managing
reputational risk, responding to ‘megatrends’ like globalisation and digitisation, and meeting
investor demand for greater reporting transparency.
• These are all areas where management accountants, at every level, have a key role to play, from
proposing the business case for pursuing appropriate SDGs to Board-level alignment of
sustainability initiatives with corporate activities. Overall, management accountants should
approach the SDG journey in a spirit of determination to help drive opportunity, prosperity and
trust and ultimately create a sustainable future for all.
• Management accounting has a fundamental role to play in helping business to maximise the
opportunities involved for doing lasting good and driving business growth.
SDG 8:
• Focuses on budgets
• providing data and reporting nancial information helps drive important decision making and
e ciency contributing to decent work and economic growth. By providing information,
businesses reduce the risk of making costly mistakes and more likely to grow and provide job
opportunities.
• Through IFAC’s member bodies, the accountancy profession is strongly linked to prosperity and
improved living standards.
• Accountants have a signi cant role to play in strengthening the institutions and architecture that
will improve people’s lives, particularly in developing economies
• It also helps to strengthen individual business internally: reducing risks, enhancing regulatory
compliance, driving cost savings, investing in innovation and helping companies engage with
customers, sta and the wider community
• They also have access to control infrastructure and information. Through the lens of the SDGs,
this enables their organisations and stakeholders to make better decisions and implement
sustainable solutions: decisions that cover organisational and societal future value for the short
and long terms.
• Use of capital investment appraisal methods: payback and ARR
• Pricing strategies - product prices a ect workers at beginning of supply chain
• Economic growth - makes sure GDP grows as fast as possible. Economic growth involves an
exchange of money which means it ends up on the positive side of the balance sheet but this
isn’t always a good thing.
• GPI - genuine progress index, count things more accurately, take into account natural wealth in
addition to our material wealth. Only with a full cost accounting system, we will begin to
understand that goods that are shipped from 10,000 miles away are actually more expensive
than goods produced locally. Need to localise economies.
ffi
ff fi fi ff fi
