THE FUTURE OF BUSINESS REPORTING IN ACCOUNTING AND FINANCE: (LEARNING FROM THE COVID 19 PANDEMICS)

Abstract

This proposed research work aims in filling a gap in the literature by explaining how corporations' lack of understanding of non-financial activities, notably biodiversity, can lead to global economic crises like Covid-19. Work with established companies to improve the quality of their reporting by accounting for non-human components and making it more comprehensive for stakeholders. To back up our argument that nature contains both human and non-human components, we employ Actor Network Theory (ANT) and the Natural Inventory Model. Offering a theoretical framework for the consequences of businesses' non-financial reporting Based on our experiences of the Covid-19 problem and a review of the existing relevant literature on CSR, Covid-19, non-financial reporting, and integrated reports (IR), we developed (IR). Suggesting that businesses implement/adopt the Circular Economy idea as a long-term business model, as well as report on biodiversity and extinction accounting in a more organised and required manner by creating IR to produce value in the close, mid, and longer - term. This is the first research to look at the Covid-19 issue and make suggestions for future reporting. The discoveries will help both academia and society. Advances in information technology are expected to have a significant influence on the future of accounting and reporting. The majority of prior research has focused on technology as the most important factor impacting accounting and reporting in the future. This article integrates four components into a general framework for projecting the future of accounting and reporting: technical restrictions, accountant and accounting firm preparation, specific changes in accountants and accounting firms, and other variables. Although forecasting the future is difficult, the goal of this essay is to provide a course of action for accountants and accounting firms to take.