Integrating Dharmic Principles into accounting ethics for Sustainable Business Practices

Abstract

Ancient Indian philosophy is rooted in many valuable frameworks for managing ethics in accounting practices by applying the dharmic principles. The incorporation of these values such as Satya: truthfulness, Asteya: non-stealing, Aparigrha: non-greed, and the concept of karma, the accounting professionals can demonstrate being more transparent and can design a trustworthy financial environment. The concept of dharma itself refers to righteous living and moral duties, which can inspire accounting professionals to promote an ethical code of conduct over the short-term gains and personal interests. Application of these principles has the potential to enhance the quality in terms of financial reporting by promoting accuracy, completeness, and transparency in disclosure. The principles of karma inspire the professionals to consider the consequences of their decisions, and actions and their effects on various stakeholders and the broader economic ecosystem. Satya: truthfulness can be implemented to showcase the transparency in financial reporting., Asteya: non-stealing defines maintaining secrecy and Aparigrha: non-greed for comprehensive disclosures. The study explores how dharmic principles when applied in the accounting practices by accounting professionals can shape an ethical and sustainable business environment. Furthermore, it also defines how these principles can contribute towards maintaining the harmonious relationships between business and society for long-term sustainability.