The Necessity for a New Kind of Accounting: Conscious Accounting

Abstract

Conscious capitalism is about creating businesses that are concerned with all stakeholders and do not simply focus on maximizing profits for shareholders. It is also about compassion and making the United States and the entire world a better place. Conscious capitalists want to provide employees with meaningful work at fair wages. Organization leaders who follow its principles have to be people of integrity and motivated by a higher purpose than greed and have a desire to serve the public. This paper posits that accountants and auditors must become the conscience of the organization and therefore have an obligation to ensure an ethical tone at the top and have to practice conscious accounting. This paper shows how accountants can provide firms with a competitive edge and create sustainable, flourishing businesses with a higher purpose.