Examining the Impact of Accounting Practices on Socioeconomic Growth and Equity

Abstract

This research investigates the impact of accounting practices on socioeconomic growth and equity through a qualitative approach, drawing insights from existing literature. The study aims to provide a comprehensive understanding of the multifaceted relationship between accounting practices and societal outcomes. A systematic review of literature from academic databases such as PubMed, Google Scholar, and Web of Science was conducted, focusing on keywords like "accounting practices," "socioeconomic growth," and "equity." Thematic analysis was employed to identify patterns, themes, and relationships within the collected data. Findings reveal that transparent financial reporting and robust accounting standards play a crucial role in fostering economic development and promoting social equity. Additionally, the integration of environmental, social, and governance (ESG) criteria into financial reporting frameworks has gained prominence in recent years, contributing to more inclusive growth and sustainable development. The study underscores the importance of accounting practices in shaping socioeconomic outcomes and highlights the need for evidence-based policy interventions and corporate practices that promote equity and sustainability.