Varsity Don Calls For New Accounting Practice
A professor of accounting and strategic financial management, Professor Ishola Akintoye has called for the inclusion of the human asset in corporate entities’ statement of financial position for objective determination of total valuable assets.
Professor Akintoye made the call while delivering the Babcock University’s 28th inaugural lecture.
He noted that many investments and companies worldwide have gone down the drain on account of non- inclusion of the human capital in their statements of financial positions.
In his paper, titled Accounting: A mismanaged concept requiring urgent redefinition, Professor Akintoye said the current concept of accounting and financial reporting system was inadequate to address the strategic life of corporate and individual entities.
He therefore called for the practice of accounting that must demonstrate and lay emphasis on driving the future rather than short or medium term in private and public sectors to achieve long term sustainability would.
“This is a global challenge that needs to be urgently addressed,” he said.
