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Accounting in the Context of Sustainable Development and Circular Economy
Melnyk N. H., Semaniuk V. Z.

Melnyk, Nataliya H., and Semaniuk, Vita Z. (2021) “Accounting in the Context of Sustainable Development and Circular Economy.” Business Inform 9:183–188.
https://doi.org/10.32983/2222-4459-2021-9-183-188

Section: Accounting and Auditing

UDC 657

Abstract:
A significant component of sustainable development, proclaimed by the UNO, is the requirement to significantly reduce the formation of waste by preventing, reducing, recycling and reusing them. In the context of the formation of sustainable models of consumption and production, it is the circular economy that can provide a restorative, closed nature and is intended to replace the linear economic model. Circular economy has a restorative, closed nature, is characterized by minimization of consumption of primary raw materials and volumes of recycled resources, reduction of waste and waste costs. However, the transition to a circular economy requires a completely new approach not only to the production process, but also to the management system, a significant component of which is accounting. The purpose of the research is to outline the features and tendencies of accounting evolvement in the conditions of sustainable development and circular economy. The article specifies that the speed of changes in practical activities and scientific research in the context of sustainable development causes a change in requirements and functional approaches to accounting. The theoretical and practical approaches considered allow to determine those features of sustainable development and circular economy that influence accounting. The most difficult challenge in the development of accounting in the conditions of sustainable development and circular economy is the combination of economic, ecological and social results, as well as formed, established principles of accounting and financial reporting, also ensuring their reliability. Research of theoretical conceptions of accounting for sustainable development on the basis of positive and normative accounting theories can contribute to standardization and unification of financial and non-financial reporting on the company’s performance in the context of sustainable development and circular economy, limiting the possibility of incomplete, incorrect, inaccurate or unnecessary information.

Keywords: sustainable development, circular economy, financial and non-financial data, reporting, accounting.

Fig.: 2. Bibl.: 16.

Melnyk Nataliya H. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Taxation, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]
Semaniuk Vita Z. – Doctor of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Taxation, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]

List of references in article

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Sokil, O. H. “Metodolohiia bukhhalterskoho obliku staloho rozvytku“ [Methodology of Sustainable Development Accounting]. Problemy teorii ta metodolohii bukhhalterskoho obliku, kontroliu i analizu, no. 1 (2017): 247-259. DOI: https://doi.org/10.26642/pbo-2017-1(36)-247-259
Zyznarska-Dworczak, B. “Sustainability Accounting - Cognitive and Conceptual Approach“. Sustainability, art. 9936, vol. 12, no. 23 (2020). DOI: https://doi.org/10.3390/su12239936
Melnyk, N., and Burdenyuk, T. “Positive and Normative Accounting Theory in the Modern World“. In Economic Strategies for the Development of Society, 16-20. Boston: Primedia eLaunch, 2020. DOI: https://doi.org/10.46299/ISG.2020.MONO.ECON.III
Di Maio, F. et al. “Measuring resource efficiency and circular economy: A market value approach“. Resources, Conservation and Recycling, vol. 122 (2017): 163-171. DOI: https://doi.org/10.1016/j.resconrec.2017.02.009
Gusc, J. Accounting in a Circular Economy: The Way Forward : Master's Thesis. October 2019.
Melnyk, N. H., and Semaniuk, V. Z. “Rozvytok obliku v umovakh tsyrkuliarnoi ekonomiky“ [Development of Accounting in a Circular Economy]. In Stan i perspektyvy rozvytku bukhhalterskoho i upravlinskoho obliku v umovakh hlobalizatsii, 77-85. Ternopil: Universytetska dumka, 2020.
Xing, Y. et al. “A framework model for assessing sustainability impacts of urban development“. Accounting Forum, vol. 33, no. 3 (2009): 209-224. DOI: https://doi.org/10.1016/j.accfor.2008.09.003
“Circular Revenue Models: Required Policy Changes for the Transition to a Circular Economy. 2019“. https://circulareconomy.europa.eu/platform/sites/default/files/circular_revenue_models_guideline_policymakers.pdf

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