A recent article from the ICAEW, published after the World Forum of Accountants in New Delhi, spotlighted a challenge we’re all facing in the profession: how to integrate environmental, social, and governance (ESG) metrics into business reporting in a way that actually works.

The message was clear: the world is moving fast, and if we don’t evolve our accounting practices, we’re going to be left behind.

The Shift We Can't Ignore

Accounting has always been about measurement and control. If you can’t measure it, you can’t manage it. We’ve nailed this for financial data over the centuries, but now sustainability and social impact are demanding our attention too.

Think about climate change, biodiversity loss, and social justice issues. These aren’t just side concerns anymore. They need hard data, not vague mentions in the front section of annual reports. The problem is, outside of CO2 emissions, most ESG metrics are still all over the place—inconsistent, hard to measure, and stuck in silos away from the financials.

How can stakeholders make informed decisions when the full picture isn’t even on the table? That’s where we come in. It’s our job to change that.

A New Role for Accountants

When our current accounting frameworks were designed, most assets were tangible and easy to define. But fast forward to today—intangible assets like intellectual property make up 90% of the market value of the S&P 500. And yet, our accounting practices haven’t caught up.

It’s not just about intangibles. We’re also failing to properly account for environmental and societal impacts—things like resource depletion and pollution. If we’re still using outdated numbers and definitions, how can we even talk about “sustainable growth” with a straight face?

We’re not just bookkeepers anymore. We’re becoming architects of trust in a complex world of data.

The Roadblocks Ahead

Of course, this shift isn’t going to be easy. We’re facing a few big challenges:

Data Collection: It’s tough to get consistent and reliable ESG data.

Too Many Frameworks: There are so many competing standards that it’s hard to know where to start.

Subjectivity: ESG often requires judgment calls that make valuation tricky.

Market Inertia: Accounting has been done a certain way for centuries. Change doesn’t come easy.

But these obstacles aren’t deal-breakers. Initiatives like the Capitals Coalition and Accounting for Sustainability are making headway. Still, no single framework has gained enough traction to be the global standard just yet. What’s obvious is that we can’t go it alone. It’s going to take collaboration across professional bodies ACCA and ICAEW, governments, and regulators to get this right.

Building Trust in ESG

One of the most important things we can do as accountants is ensure that ESG data is trustworthy. Stakeholders need to know they’re getting data that’s accurate, unbiased, and verifiable. This isn’t just about throwing more data into reports—it’s about providing assurance, and eventually, full audits on ESG performance.

Without trust, we risk more greenwashing and further eroding confidence in businesses that claim to be sustainable but have little to back it up. But if we get this right, we can lead meaningful progress toward global sustainability goals.

A Shared Mission

We’re at a critical turning point. The decisions we make now will shape how businesses operate and impact the world for decades. This isn’t just about ticking compliance boxes; it’s about redefining what it means to be a responsible, value-driven enterprise.

The road ahead won’t be smooth, but the stakes are too high to ignore. If we’re serious about building a sustainable future, it’s time for us to innovate, step up, and collaborate globally.

Let’s take on the challenge and ensure the future of our profession is built on trust, transparency, and transformation.

About the Author

Stephen began his career in audit, building a strong foundation in financial reporting and assurance. As a Chartered Accountant and Tax Advisor, he has held key leadership roles, including CFO, where he honed his expertise in financial strategy and operations. Now, as Co-founder and CEO of neoeco, Stephen is leading the charge in transforming ESG reporting with a financially integrated, end-to-end sustainability intelligence solution, empowering businesses to drive both compliance and long-term impact.