1. Introduction
The third edition of Sustainability Accounting and Accountability (2021) by Matias Laine, Helen Tregidga, and Jeffrey Unerman provides a comprehensive and critical examination of the relationship between accounting practices and the pursuit of a sustainable society. This edition extends beyond the description of reporting standards to analyse the fundamental influence of accounting on organisational behaviour and broader economic systems. The authors contend that sustainability accounting and accountability expand the range of information considered in organisational decision-making and are essential for evaluating organisational success (Laine et al., 2021, p. 2). The discipline is positioned as a transformative force that necessitates engagement with critical questions concerning power, ideology, and the overarching purpose of corporations in a resource-constrained world.
2. The Conceptual Foundation and Urgency
Laine, Tregidga, and Unerman underscore the urgency of sustainability accounting by contextualising their analysis within ongoing global environmental and social crises. They assert that the prevailing economic system’s emphasis on short-term financial gain has produced a sustainability gap between human activities and the Earth’s carrying capacity (Laine et al., 2021, Chapter 2). Sustainability accounting is described as a social and institutional practice that can either reinforce existing structures or facilitate significant change. The authors dispute the perception of accounting as a neutral or objective tool, demonstrating that accounting shapes reality through selective measurement of impacts. The traditional prioritisation of financial capital is criticised for externalising social and environmental costs, thereby contributing to systemic crises. The incorporation of these externalities is advocated as a means to hold organisations accountable for their comprehensive impact on society and the environment.
3. Strategic Frameworks and Theoretical Lenses
The text examines various strategic frameworks for sustainability disclosure, including the Global Reporting Initiative (GRI) and the Task Force on Climate-related Financial Disclosures (TCFD). The authors differentiate between “accounting for sustainability,” which supports internal management and decision-making, and “sustainability reporting,” which is intended for external communication (Laine et al., 2021, Chapter 6). Multiple theoretical perspectives are introduced to explain organisational engagement in these practices, such as stakeholder theory, which addresses the management of relationships with diverse groups, and legitimacy theory, which posits that organisations report to maintain their social license to operate. The authors advocate for a transition toward a more rigorous accountability model that emphasises transparency and comprehensive performance measurement against objective social and environmental standards, rather than prioritising impression management.
4. Operational Strategies for Organisational Transformation
The authors contend that for sustainability accounting to achieve transformative impact, it must address the systemic nature of global challenges rather than focus exclusively on incremental changes. Realising this transformation necessitates the integration of sustainability considerations into core operational strategies and management accounting systems. The text explores the redesign of management accounting practices, including capital budgeting and performance measurement, to incorporate environmental and social criteria. A notable strategy is the development of shadow or counter accounts, which are external reports produced by third parties or activist groups to challenge official corporate disclosures. These accounts are instrumental in exposing greenwashing and providing a more comprehensive understanding of organisational impacts. Additionally, the alignment of organisational strategies with the United Nations Sustainable Development Goals (SDGs) is emphasised, with the SDGs framed as a strategic framework for long-term value creation rather than as a marketing instrument (Laine et al., 2021, Chapter 4).
5. Limitations of the Field and the Business Case Critique
The authors adopt a critical perspective and identify several significant challenges within the field. Concerns are raised regarding the potential for powerful business interests to dominate the sustainability agenda. The authors caution that framing sustainability solely in terms of the business case risks prioritising profit over authentic social and environmental objectives (Laine et al., 2021, p. 250). This approach may result in the use of accounting primarily for perception management, thereby undermining genuine accountability. The limitations of voluntary reporting regimes are also examined, with the argument that, in the absence of mandatory and standardised global regulations, disclosures remain inconsistent and difficult to compare across sectors. The text further addresses the technical challenges of measuring complex issues such as biodiversity loss and social inequality. Excessive reliance on quantitative metrics is criticised for potentially oversimplifying these multifaceted problems and neglecting their qualitative and contextual dimensions.
6. Practical Tools for Monitoring Specific Themes
Despite these challenges, the book evaluates practical tools for measurement and monitoring within specific sustainability domains. In relation to climate change, the authors examine carbon footprinting and the Greenhouse Gas (GHG) Protocol, which facilitates the tracking of emissions across all three scopes. The increasing significance of climate risk assessments and the transition toward net-zero targets is also analysed (Laine et al., 2021, Chapter 10). For water accounting, the text reviews tools designed to assess scarcity, usage, and stewardship, emphasising the necessity of understanding water impacts within specific geographic and local contexts (Laine et al., 2021, Chapter 11). The emerging field of biodiversity accounting is acknowledged, with attention to new frameworks for evaluating organisational impacts on natural habitats and species (Laine et al., 2021, Chapter 12). The book further discusses social audits and human rights due diligence as mechanisms for monitoring complex global supply chains, underscoring the importance of transparency that extends beyond direct corporate operations.
7. Conclusion and Synthesis
Laine, Tregidga, and Unerman conclude that sustainability accounting and accountability are at a critical juncture. Although the field has witnessed increased professional interest and reporting volume, its potential for substantive transformation remains unrealised. The authors predict that escalating environmental and social pressures will intensify the demand for genuine accountability. They argue that the future of the field depends on addressing fundamental questions, including the distribution of wealth, limits to growth, and business ethics in the twenty-first century. In summary, the book functions as both a comprehensive academic resource and a call to action, asserting that accounting must be reimagined to serve all stakeholders and protect nature for future generations.
Reference
Laine, M., Tregidga, H., & Unerman, J. (2021). Sustainability accounting and accountability (3rd ed.). Routledge.
Clement Ong 
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