Financial accounting and reporting
Financial accounting and reporting

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Financial accounting and reporting

2.2 Accountability

Accountability is connected to the idea of stewardship (though it is a wider concept as it may extend to other stakeholders or society in general). Stewards are obliged to give to owners of businesses an account of how they have managed resources. This may be discharged in part by the provision of financial information, such as an income statement and balance sheet. However, the idea of ‘accountability’ also carries with it the notion of acting responsibly and being able to justify one’s actions and, therefore, prepared to suffer the consequences of irresponsible and unjustifiable actions.

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