1

Emerging issues in Management Accounting: Digital technologies, governance and sustainability

[Author Name(s), First M. Last, Omit Titles and Degrees]
[Institutional Affiliation(s)]
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Abstract
Corporate enterprises in the 21st century are facing issues to determine whether or not their
operational practices are truly profitable and environmentally sustainable in the context t
accounting management perspectives. Globalization has raised the demands for accounting
management and to make use of relevant and updated technological practices to become
environmentally friendly. This indicates the need for adopting the actions and practices by the
companies that translate the operational processes into processes that do not raise the cost of
processing or manufacturing rather have a sustainable impact on the environment and enhance
profitability or revenue generation. The rising interest regarding environmental and social
performance has made it a statutory requirement just like it happens for accounting in the
financial aspect. Management accountants must adhere to the recent changes where several
problems must be identified and resolved. The impact of the business activities of the
organizations can be detected through making efficient use of environmental management
accounting. The present systematic review thus aims to study the emerging issues in
management accounting while relating the debate with sustainability, governance, and the use of
digital technologies. The systematic review has chosen five research articles to study the
emerging issues and challenges in management accounting via analyzing modern era digital
technologies, corporate policies, and governance as exercised by the organizations as well as
sustainability practices. The study identifies various issues like ineffective regulatory practices,
lack of knowledge and skills as well as the ineffective implementation of environmental
accounting as main factors that hinders the sustainability of the organization in context to
accounting.

Introduction/Literature Review
Background
Management accounting in the present century has been completely revolutionized,
meanwhile, it has been found continuously being criticized by business practitioners because the
practice doesn’t match with the radical changes. In order to practice the relevancy with the
present management accounting practices and to cater the environmental accounting issues better
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while practicing sustainability, it has become evident to take into consideration the use of digital
technologies and governance practices (Hossain, 2019). Doorasamy, (2015) debated that
continual changes in the environment accounting practices have enhanced the challenges faced
by accountants and people practicing auditing as a profession while the governmental
regulations, monitoring, and sanctions continue to drive the changes for the organizations.
The recent changes in product design and processing due to globalization,
implementation of information technology, increased competition among the rivals as well as
continuously changing regulations have enhanced the roles and responsibilities of accountant
managers (Moller et al, 2020). However, over time the use of digital technologies for enhancing
sustainability practices and resolving environmental accounting issues has become quite critical.
Apart from this, globalization has raised concerns for the investors to look for such organizations
that have exceptional management accounting practices.
Moll, & Yigitbasioglu, (2019) refers to environmental accounting as green accounting
where it enhances the level of sustainability for the organizations in context to the financial
practices while their environmental accounting also meets the standards. The rising interest
regarding environmental and social performance has made it a statutory requirement just like it
happens for accounting in the financial aspect. In context to this, the most common issues
indicated in the environmental accounting that damage the integrity for sustainability includes
lack of implementation of rules and regulations regarding environmental accounting, cost-
involvement, inadequate standards of measurement for environmental accounting well as no
specific set of principles being utilized by the companies (Gürdür et al, 2019). Apart from this,
the lack of skilled manpower remains one of the obvious reasons due to which it is unable to
practice to the true means.
Management accountants must adhere to the recent changes where there are several
problems that must be identified and resolved including the environmental factors that
accommodate globalization, rapid changes in technology alongside the responses by business in
case of business to business, business to customers as well as reduced inventory costs and
knowledge about management accounting tools (Liu et al, 2018). Environmental accounting thus
enhances the sustainability practices and leads to high governance through the strict evaluation
of resources through keeping a record while estimating their quantities as well as providing the
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depreciation on them (Burritt et al, 2019). The development of such policies and practices
supports the use of digital technologies.
Dalenogareet al, (2018) studied that there are several reasons due to which they need for
digital technological practices and studying sustainability has become crucial for management
accounting where environmental regulations are being imposed on the companies including the
site clean-ups and others that lead to increased environmental cost that needs to be significantly
reduced or controlled by the accountants. Meanwhile, the monetary consequences of the
environmental impacts have also become higher. In order to improvise the income or revenues,
education on cost through reducing the penalties and non-compliance behaviors needs to be
catered (Tilt, 2018). This can be supported by making effective use of digital technologies to
practice safer and clean energy practices.
Continuing the debate, the promotion of governance for management accounting is
strictly considered by international, national as well as local authorities to enhance the awareness
regarding Environmental Management Accounting (EMA) (Mata et al, 2018). Burritt, (2005)
mentioned that EMA has become an important part of management account ting and is promoted
by United Nations Division for Sustainable Development (UN DSD) and United Nations
Environment Programme (UNEP). Today the management account practices demand the use of
such technologies that are environmentally friendly, whereas all the operating decisions made
must cover the environmental cost of any investment made or decision taken (Ng, 2018). Thus, it
can be said that the environmental, as well as the financial performance of the companies, must
be provided with the same level of attention so that actions to improvise both can be taken to
assure the sustainable success of the organization.
Moreover, environmental changes are a big threat for the company as it continues to raise
the graph high for generating higher costs for the company. The management accounting needs
to be aware of all the costs while assessing how strategically these costs will be covered as
companies fail to determine the magnitude of these costs. The sustainability associated with the
EMA helps in greater transparency that benefits in context to both environmental as well as
economic perspectives (Muñoz-Villamizar et al, 2018). Meanwhile, it also enhances the level of
financial reporting such that the allocation of funds is better evaluated and assessed. Mata et al,
(2018) argues that the biggest challenges faced for sustainability in context to accounting are due
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to the lack of knowledge and experience among the managers regarding the adoption of tools and
technologies that support sustainability and governance.
Companies are still lagging out interest to invest huge sums of money illustrating the
need for high awareness among the accountants about the amount of saving companies can enjoy
by the adoption of cleaner production techniques and technologies (Wyness & Dalton, 2018).
Tiwari & Khan, (2020) discussed that sustainable accounting practices enhance the efficacy of
financial reporting while defining the variables on the basis of the Triple Bottom Line Model
(TBLM) where reporting the actual status of the variables. The data collection in context to the
environmental accounting has different purposes where the collection of such data supports the
organization to witness the detailed view of the financial operations, social practices as well as
accounting systems to conduct the environmental operations.
The cost over the operations was described to be reduced by Bebbington & Unerman,
(2018) as all the internal operations are made through optimized actions while designing the
objectives on the basis of sustainability like maintenance, re-use, re-manufacturing as well as
recycling. The impact of the business activities of the organizations can be detected through
making efficient use of environmental management accounting.
Zainuddin & Sulaiman, (2016) debated the concept of accounting management with
digital technologies and sustainability while bringing in the practices of Industry 4.0. As the new
approach of industrialization has set high remarks for sustainable practices, the intersection
between sustainability and digitalization must be studied in context to management accounting.
The use of technologies has been illustrated as supporting the sustainability practices while
improvising the resource efficiency as well as increased manufacturing performance through
initially evaluating the cost for the operations as well as the environmental impact it might render
(Nkundabanyanga et al, 2018). The use of digital technologies is found to create iterative as well
as restorative systems. The process of digitalization has makes it easier to make informed
decisions and enabled the occurrence of more sustainable business processes and practices.
However, the studies indicating the use of digital technologies and sustainability to
combat the environmental accounting issues are still minimal indicating the need to minimize the
research gap. Thus, it can be said that coupling digital technology to sustainability principles
supports management accounting practices as it continues to provide accurate information for
operations (Alam & Hossain, 2021). While various elements impact the accounting management
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practices concerning its governance and appropriate implementation. The institutional constraints
were found to adversely impact the environmental accounting adoption. Meanwhile, the
insufficient information about the EMA makes it difficult to measure the issues faced during the
product processing and operational journey. It was also diagnosed that organizations continue to
use the traditional methods for measuring the environmental cost where the evaluations for the
organizational environmental performance were also not considered enhances the challenges
faced. (Munfaredi et al, 2021). Thus, indicating the need for abiding by the practices of
Environmental Accounting Management to increase the practices related to sustainability.
Research Objectives
The current systematic research objectives
 To discuss the issues faced by the accountant in management accounting
 To analyze the environmental accounting issues in context to sustainability
 To study the role of digital technologies in governance and sustainability while
reducing environmental accounting issues.
Purpose of systematic review
Systematic reviews are performed to present the critical analysis while catering to the primary
objective of identifying, analyzing, and interpreting the major findings presented by the scholars
and researchers. The systematic reviews assist future researchers to identify the research gaps to
conduct future researches and minimize the study gap indicated. In context to the present
scenario, the present systematic review takes under consideration the management accounting
issues while taking the discussion around the environmental accounting issues while studying
sustainability. Meanwhile, it also mentions the role of digital technologies in supporting
sustainability while accommodating the various identified environmental accounting issues
discussed.
Conceptual Framework
The schematic diagram below presents the issues or challenges faced in management
accounting that are positively impacted through the use of digital technologies where the
industry 4.0 approach brings real-time analysis regarding the increased cost as well as
environmental impact of the operational activities. The enhanced sustainability practices thus
result in decreased issues in environmental management accounting.
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Use of Digital
technologies Decreased issues in
Governance management
Accounting
Sustainability
practices
Research Methodology
The present part presents the chosen research methodological approach utilized for
conducting the systematic review. The research philosophy forms the structural framework of the
studies where the philosophical underpinnings depict the researcher's beliefs, ideas, and thoughts
while making it convenient to make use of reliable knowledge and information. It is also
discussed that research philosophy helps in determining the positive relationship between the
proposed assumptions and reasoning (Mohajan, 2018). In context to the present systematic
review, the researcher has made use of interpretivism and pragmatism to understand the
emerging issues in management accounting while considering its relationship with sustainability
where the researcher diagnosed the environmental accounting issues (Žukauskas et al, 2018).
Amidst this, the study also includes the use of digital technologies as well as governance
practices that support sustainability through accounting management in order to enhance the
efficacy of accounting operations of companies.

A systematic review and secondary data analysis

Yan et al, (2018) determines that systematic reviews support the delivery of the
comprehensive, reliable, and validated overview of the available evidence regarding the chosen
topic. Meanwhile, acting as a major determinant to identify areas that require more research as
well as highlighting the areas of concern to developing new research ideas while gaining the
enhanced amount of critical analysis while synthesizing the existing scholarly work that has
already been presented.
The present research has also chosen the secondary data analysis through considering the
above-mentioned advantages and to inquire the scientific problem through a reliable method.
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Search terms
It is necessary to make use of effective, suitable, and appropriate search terms or
keywords to maximally maintain the reliability and quality of the systematic review being
conducted. Thus, in order to make use of proper search terms, the researcher assured the
relevance of the keywords while taking into consideration the aims and objectives of the
systematic review.
Keyword 1 Keyword 2 Keyword 3 Keyword 4 Keyword 5
“Accounting” “Environment” “Sustainability” “Digital “Profitability”
“Accountant” “Environmental “Sustainable technologies” “Material flow
“Accountant accounting” Accounting” “Industry 4.0” cost”
manager” “Environmental “sustainability” “Lack of
performance” knowledge”

Search Strategy
For the study purpose, the researcher will be making use of the databases where the
relevant keyword will be searched down. The phenomena of interest will be studied through
searching the keyword from Google Scholar followed by the keyword and title of the research
study analysis. Following this, the search practice will make use of the possible keywords that fit
best with the proposed issues will be used.
Inclusion/exclusion criteria
Da Silveira et al, (2021) debates the applying the exclusion/inclusion criteria are
necessary for systematic review where its purpose is to decrease the chances for the vagueness or
reduce the possibility of poor reproducibility. Hence, involving the inclusion/exclusion criteria
reduces the chances of adding biasness to the final review or if the researcher has not
thoughtfully organized the research practices. Therefore, it is identified that common
inclusion/exclusion research practices include the data, exposure of interest, geographic location
of the study to language as well as participants of the study. Among these, it is also based on the
settings and type of study being
Inclusion criteria Exclusion criteria
Date (208-present) Dated ≤ 2018
Management Accounting practices -
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Environmental Sustainability Sustainability issues other than the

accounting context
Environmental accounting issues ---------
Qualitative and quantitative studies No systematic reviews or meta-analysis
both
All the studies published in the English No other native language
language

Data Extraction and Synthesis

The data extraction or synthesis mentions the basic details like the author names, year of
publication, key findings as well as the implication for the future research so that a critical
analysis will be presented while studying the methodological approach utilized by the chosen
studies as well as the outcomes of the studies to indicate the research gaps while discussing the
elements of similarity as well as dissimilarity too. To illustrate the number of papers
included/excluded, the systematic review will make use of the PRISMA tool

PRISMA 2009 Flow Diagram (based on PRISMA guidelines by Moher et al., 2009)
I

ifica
dent

tion

Records identified through Additional records identified

Databases (Google Scholar,
through other sources/hand searches
(n = 2400)
(n = 0)
S

ning

Records after duplicates removed

cree

(n = 1000)

Records screened by title and

Records excluded
abstract (n = 825)
E

(n = 800)
bilit
ligi

Full-text articles assessed for Full-text articles

eligibility (n = 400) excluded

(n =395)
I 10

ude
ncl

Studies included
Findings
for systematic review

(n = 5)
The current study has investigated the emerging issues and challenges in management
accounting through studying modern era digital technologies, corporate and company
governance, and sustainability practices. The findings of the paper are based on issues arising in
firms and their corporate due to different internal and external practices in accordance with the
financing and accounting practices. However, to manage accounting and financing activities in a
respective organization, the study has considered a key factor that affects accounting progress
and practices, while the integration of new modern era digital technologies. The company's
corporate governance decisions and strategies play a key fundamental role in order to manage
company goals and financial accounts. Despite of this, managing accounting and finance is a
critical business practice that required key development activities and methods for sustainable
development in order to eliminate risk potential from its growth. The current paper has studied
five papers related to managing issues of accounting in a context of digital technologies,
governing activities, and sustainability practices. The current study is constructed systematic
review table which is based on following particulars included as; the name of author, year of
paper publications, research aims and objectives, methodology, research method, results, key
findings, and concluding remarks.
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Author Year country Aims & objectives methodology Research results Key conclusion
name method findings
Wanderley 2020 Brazil The aim of the relative study is A systematic Qualitati Identific In The study has examined
et al to focus on corporate political methodology ve ation of manageme practices of management
activities as to rescue penalties has included: four nt accounting that impacted
and other management pre-evaluation roles accountin corporate and strategic
enforcement activities. the of a respective manage g key management activities.
second aim is to establish an available data, ment findings Management accounting has
environment of respective train accounti of been explored in a study
company or organization which stakeholders, ng roles research through focal company CPA.
through effective governing develop in firms dichotomi
methods adopt demands of regulator report. that zed
regulator initiate external
corporat pressures
e of active
political and
activitie passive
s responses.
Ndemewa 2021 Africa Aims and objectives of study are The relative Mixed The The The concluding remarks of
h & Hiebl highly focused on systematic study is method study finding of study had illustrated that firms
review in order to find practices consisting of a had study is and organizations of Africa
of management and accounting systematic drawn based on are suggested to adopt and
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and its relative systems in review method the seven implement management
premises of Africa. that mainly results major accounting practices in
considers that themes operations but many of the
planning, underlie which firms due to many critical
conducting, and to show highlighte challenges are unable to adopt
review. Single significa d key MA in day-to-day operations.
country sample nt manageme
size is included differen nt
in research as ces accountin
18 African regardin g issues
countries out of g present in
54. manage developin
ment g and
accounti developed
ng countries
practice of Africa.
between
developi
ng and
develop
ed
countrie
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s of
Africa.
Olubukola 2021 Zimbab A study has to conduct an The study has Mixed Result The study Concluding remarks of the
et al we effective objective included as; used use method of the finding study illustrate that
to develop creative factors that descriptive relative demonstra government of Zimbabwe is
difficult mining companies for research design study is tes that in not supporting and controlling
adopting environmental and sampling revolvin Zimbabwe environmental accounting
management accounting technique used g there were practices, while though there
practices, determining in research was around unstable should be an extensive need
environmental accounting work purposive. Data the key policies in to develop accounting
that enables for strategic has been factors mining ecosystems.
sustainable managing gathered from of activities
accounting, determine 16 companies knowled which
government role, and implication that are ge and resulted in
patterns of firms to adopt engaging in environ issues and
accounting practices. mining mental challenges
activities. accounti created by
ng, laws and
mining policies.
firm’s
reluctan
ce,
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organiza
tion
accounti
ng
issues,
the
ineffecti
veness
of
regulato
ry
bodies,
enforce
ment of
law, and
environ
mental
issues.
Klymenko 2021 Norwe The relative study aim is to The study has qualitativ Effectiv A finding The study has concluded that
, Halse & gian examine accounting used a e e results of the examination of digital
Jaeger sustainability digital qualitative of four relative technology and accounting
technologies based method to major research sustainability in an operations
15

manufacturing company in collect data digital study of manufacturing companies

Norwegian. from four technolo illustrates are significantly impacted on
digital gical that four its growth. The relative
manufacturing manufac selected companies are activity capture
companies that turing companies available demand for an
have to operate compani are using appropriate sustainable
their operation es are digital development and operational
in Norwegian revolvin technolog practices in managing to
through g y in account.
conducting around operationa
interviews. manufac l and
turers, manufactu
sustaina ring
bility processes
accounti effectively
ng and .
reportin
g
practice,
and key
role of
digital
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technolo
gies in
manufac
turing
compani
es.
Bhimani 2020 The study aims and objectives Current Mixed The A finding The paper has to conduct a
have to explore digital data and research has method result of of study research to study and
accounting management while used qualitative the represents investigate digital data and
including conventional and quantitative related that practices of management
methodologies as to investigate methods. study digitalizati accounting to rethink or
accounting operations in a firm. Moreover, a demonst on has restructure research methods
study has rates immense in order to grow internet,
conducted that growth of digital technologies, and tools
descriptive digitaliz data of digital economy.
explanatory ation included
research has from both
methodologies significa perspectiv
in order to nt es no
collect and impact n forming
analyzation of managin and MIS
data. g as to
17

accounti producing
ng structured
practice and
while unstructur
though ed data.
it has
been
growing
that
increase
d
availabl
e data.
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Discussion
This part of the research study has demonstrated the key discussion of a relative study
that has examined the emerging issues of management accounting by key variables; digital
technologies, governing, and sustainability. Therefore, this section has included the previous
studies findings and results and discussing systematic review literature/ theories in the context of
management accounting issues through modern era digital technologies, company corporate
governing practices and decisions, and sustainability practices in an organization in order to
mitigate the financial risk from its growth potential. This chapter of the study critically discusses
and analyzes key findings of the relative selected articles.
The current paper study emerging issues and challenges of management accounting in the
effective context of digital technologies, company corporate governing practices, and decisions,
and sustainability practices in an organization. To managing financing and accounting
management functions and operations in order to mitigate or eliminate risk factors is a
challenging and complex activity, while though managing accounting practices and operations
strategically and effectively provide an immense benefits in terms of financial growth. Globally
the firms have dealt with a numerous number of challenges in an account of unable to manage
financial risks and operations related to it, and apart from this, it engages with multiple financial
risks included as market risk, credit risk, financial risk, asset risks, profitability risks and many
more included. to mitigate that risk firm's corporate governance and strategic management play a
key fundamental role in terms of critical analysis of firm’s financial performance from the
previous years and comparing it to industry average, this activity able company to analyze its
current financial position in a relative market. Therefore many previous researches have studied
enhancing issues and challenges in a firm’s management accounting practices and operations in a
different context. Wanderley et al (2020), studied management accounting through corporate
political activity in focal companies of Brazil. The findings of a relative study have illustrated
that corporate governing strategies are mainly interlinked with regulators. Focal companies in an
industry are stated as a company that is engaging in ruling and governing supply chain
operations and provides goods and services according to the customer demand. The aim of the
relative study is to focus on corporate political activities as to rescue penalties and other
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management enforcement activities. The second aim is to establish an environment of respective

company or organization which through effective governing methods adopts demands of
regulator. It has been examined in the study that four different factors in a firm corporate
management provide in immense benefits in order to sustain management accounting practices.
In research paper of Ndemewah & Hiebl (2021), the study relatively systematically conducted a
mixed-method in order to examine managing accounting principles and practices in single
countries of Africa. With including 18 African countries, the findings of the study illustrate that
management of accounting in firms are significantly acquire strategic planning, conducting and
review of financial statements in order to analyze current progress of company as compared to
last years. Companies in Africa use accounting principles and critical financial analysis through
ratios for to determine a company’s internal and external position in a competitive market.
despite of this, studies examine that firms and organizations of Africa are suggested to adopt and
implement management accounting practices in operations but many of the firms due to many
critical challenges are unable to adopt management accounting in daily operations.

In contrast, another study has effectively used descriptive research design and sampling
technique for to research as a purposive. Management and accounting practices have been
investigated by Olubukola et al (2020) that examine approximately 16 companies that are
engaging in mining activities. The mining activities are included as gold mining, silver mining,
iron mining, and many other effective natural elements. Supply and provide mined elements in a
different geographical area to maximize sales and profitability ratio but managing financial
operations in an effective and efficient way is a critical process. The companies are dealing with
such issues; managing stakeholders, shareholders, partners, investors, suppliers, and distributors,
while this affected in direct and indirect material and labor costs. Furthermore, the relative study
shows a negative impact of management accounting practices and support of governing bodies. It
is illustrated that government of Zimbabwe is not supporting and controlling environmental
accounting practices, while though there should be an extensive need to develop accounting
ecosystems. In contrast to adopting environmental management accounting practices, the study
has determined environmental accounting work that enables for strategic sustainable managing
accounting; determine government role, and implication patterns of firms to adopt accounting
practices. The study which has conducted in Norwegian has been investigating digital technology
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relationships or connections with manufacturing companies in context of managing accounting

and financial practices. Klymenko, Halse, and Jaeger (2021) have critically evaluated the
manufacturing company’s operations and its financial challenges that have been dealt with in
order to achieve desired goals and objectives. the accounting and financial issues companies are
dealing with are commonly stated as cost-related activities as which to manage and record
accounting particulars in a critical business require excessive manpower and skills related to both
calculative and statistical. The skills required from financial stakeholders are revolving around
accurate records of assets, liabilities, and expenses in correct accounts. Moreover, it also required
from manpower as to command financial tools in order to maintain annual reports, while errors
in that accounts will cause a big loss.
The debate of managing to account is differing according to the nature of enterprise or
business is still in the business world. Bhimani (2020), study paper has to investigate digital data
and practices of management accounting to rethink or restructure research methods in order to
grow internet, digital technologies, and tools of the digital economy. The current study has
investigated the accounting practice's relationship with digital technologies that help in many
regions to increase productivity and profitability ratio of firms. While though companies that are
adopting digital technologies in a country are initiated sustainable accounting practices in order
to use effective tools and methods to mitigate the accounting risks.

Conclusion
The systematic review discusses the accounting management practices where it discussed
the role of accounting management in the 21st century where globalization has revolutionized
business practices. The idea of sustainability is not new in the business practices, however, still
the companies due to using the conventional mediums of calculating the cost are unable to
practice accounting sustainability in a true sense. The literature, as well as the chosen research
studies both, indicate the crucial need for the development of creative practices via assistance
from digital technologies to adopt the environmental management accounting practices to
strategically maintain the competitiveness among the business rivals. The studies included were
either qualitative or adopted the mixed-method design where they continue to signify the
optimistic impact of digitalization. However, one of the major research gaps that were evaluated
was the need to restructure the operational systems and integrate the elements of EMA so that not
 21

only cost-effectiveness is practiced but also the carbon footprint is decreased as well as clean and
green technological practices are advocated.
Several systems like MIS were found to align the operational practices across the
companies apart from this where the sensitive nature of the organizations due to practicing
environmental accounting focuses on legitimizing all those activities that are environmentally
sensitive.
The research practices also illustrated that several parts of the developing nations are still
not used to the environmental accounting management systems due to which they have to face
several problems like increased cost of the resources, total quality management issues as well as
process reengineering. In addition to this, the systematic review also extended the research over
the government practices regarding the implementation of the accounting management systems
while indicating the role of government in determining the organizations about management
accounting ideas and incorporation of the political as well as corporate activities. Thus, the
present systematic review presents implications for future researches that effective
environmental management accounting has a significant impact on the organizations where
challenges of environmental accounting must be managed adequately and appropriately. The role
of government, as well as organizational bodies, is highly crucial in determining the necessary
steps for the EMA implementation and assurance of sustainability.
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Appendices