The Influence of Contemporary Neo-Liberal Capitalistic Practices to the Accountants’ Conceptualisation of Business Ownership: Towards a Common Good Centric Ethical Critique

Abstract

Purpose: In our contemporary times, everything in the economy has come to be determined by money. The idea of ownership is thus inevitably replaced by money. Consequently, accountants have narrowly seen the concept of ownership solely in terms of the market and investors. The objective of this study is to provide an insight to the problem that is inherent to the conceptualisation of business ownership, by the accounting profession, as it excludes the role that is played by the stakeholders in the economy.
 Methodology: A theoretical approach was adopted and literature relevant to accounting and applied ethics was used.
 Findings: It was concluded that accountants are not giving due regard to their standards codes of ethics and conduct by not acknowledging everyone who has a stake in a business as part of the business owners for the benefit of those with a financial stake, that is the stockholders.
 Recommendations: It is recommended that accounting profession adopt the social and ethical accounting approach that accommodate all the stakeholder with their varied needs and expectations. Accountants must pursue their professional responsibilities within an ethical framework of the Common Good. In a world that has become sensitised to the reality of interconnectedness, it is argued that it is time that the accounting profession considers the implications of systems theory with specific reference to their conceptualisation of business ownership.