Redefining Accounting and Finance Education: Sustainability Imperatives and Digital Disruption

Abstract

To tackle the combination of digitalisation and sustainability, accounting and finance education would need a radical change in the future. In this chapter, it is argued that there should be a new educational paradigm of equipping students with the traditional technical skills as well as a very deep understanding of sustainability principles, such as the environmental, social and governance (ESG) factors, climate risk and the circular economy. Moreover, it shows how the finance of the 21st century incorporates blockchain and artificial intelligence, and data analytics (even including ethical deliberation on the use of these technologies), and how it trains such skills as critical thinking, problem-solving and 21st-century skills. Integration of these elements provides the opportunity for future professionals to leverage accounting and finance education to manage the difficulties of a more sustainable and internet-connected world and to make a more accountable and solidified future. In particular, this chapter will take a closer look at case studies on real-world sustainability issues that provide pedagogical approaches, experiential approaches through simulations and internships with information companies that promote social responsibility, integration of technology-based tools and platforms to enhance learning and engagement. More importantly, it will examine how the role of professional accounting bodies and regulators will evolve in the future to dictate the profession’s future and ensure that all elements of financial decisions are based on ethical considerations.