Accounting at corporate level has a long and consolidated history and is
nowadays highly standardised internationally. Financial and fiscal accounts are the core
part of corporate information systems, but the emerging policy needs in recent decades
and market pressure from stakeholders and consumers of their products are putting
pressure on ‘traditional’ corporate accounting.
This chapter introduces the two main developments underway at the EU community
level, stimulated and, at the same time, supported by specific EU regulations. A new
so-called ‘taxonomy’ is being developed and implemented in Europe. The relationship
with the sustainability objectives set at the political level for the business sector will be
explained. A second important innovation concerns ‘sustainable’ reporting, i.e. a new
form of non-financial accounting and presentation of the social and environmental
impacts of business companies' activity.
This chapter is an introduction to this area of accounting which will see important and
rapid development in the near future.
Keywords: Business accounting, Corporate information system, Non-financial reporting, Sustainability reporting, Sustainable development goals, Taxonomy.
