Effective delivery of the finance function and sustainable business in hotels in the British Isles

TL;DRAbstract

This chapter reviews the professional accountancy literature to gain an overview of extant definitions of sustainability and value, starting with the Brundtland report and the TBL report on “people, planet and profit”. Sustainability or social accounting is traced up to the most recent IR (integrated reporting) initiative. The accountability framework called Enterprise Governance devised by the IFAC (International Federation of Accountants) is discussed. The two dimensions of conformance or governance and performance are explained, and the value creation imperative is shown to rest within the performance dimension. Using recent literature, the debate moves on to show that value is created through the business model of the organization and the six capital sources and is retained through knowing when to change the model to avoid erosion of value in the face of a fast-changing world. Using academic and professional literature, the key role of the finance function in sourcing, delivering a

Chat with Paper

AI Agents for this Paper