The activities of corporations and other entities have a profound influence on societal prosperity. They are provided with legal rights and powers to achieve their personal objectives, in order to provide goods and services that serve society. Their accounts should fairly reflect the wider impact of their activities on society, and in particular on the social and environmental wellbeing of its members.
Inclusive Accounting is based on the premise that the purpose of society is to maximise the aggregate wellbeing of its members, as envisaged by Wellbeing Economics. It is a form of accounting that identifies how closely the activities of organisations such as businesses and institutions align with the objectives of society. It is also referred to as Social Responsibilty Accounting and Social Contract accounting.
The Inclusivity Project's work on Inclusive Accounting is the proposal of a new Accounting Standard and the process of establishing the standards.