How might the accounting profession redefine value creation in a circular economy, integrating non-financial capitals in mainstream reporting?

ANSWER: The accounting profession can redefine value creation in a circular economy by integrating non-financial capitals such as social, environmental, and human capitals into mainstream reporting. This involves adopting frameworks like Integrated Reporting (IR) and Sustainability Accounting Standards (SASB) to measure and report on these capitals. By shifting focus from short-term financial gains to long-term sustainable value, accounting can drive transparency and accountability, promoting resource efficiency and holistic value creation.