Accounting provides information service, apart from referencing, generating and communicating information to the legitimate stakeholders. Attempts have been made to establish that accounting inquiries should aim at understanding the environment, where business operates by the twin arguments of the engineering and the ethical approach in modern organizations. This article discusses the ethical considerations that can shape individual and social judgments towards societal progress.

Human life can hardly be imagined without institutions. Individuals live and function in a complex network of institutions. Among these, business institutions are of great importance to us because they provide the means by which we realize our chosen ends. Our individual opportunities and achievements, vis-à-vis the societal accomplishments, largely depend on the efficient running of these institutions. How they organize and function, accomplish or value our participation and add to our life is all-important to us. Particularly, in the modern world, the power and influence of business institutions has reached such a stature that they can affect our lives to a greater extent, than ever before. They have the potential to substantially affect a good number of stakeholders in our society, in terms of providing basic goods and services, generating employment, paying taxes, sponsoring education and health, reducing the environmental degradations and most of all, acting as an engine for economic development, in the face of shrinking role of governments at the backdrop of globalization and open market capitalism.

Business failures can cause tremendous harm to individuals, communities and the environment. Since the last quarter of the 20^th century, business has been undergoing a thorough scrutiny. Little concern for the non-shareholder stakeholders, including consumers, indifference over the deteriorating social order, business malpractices, deceptive accounting and a careless attitude to the problems of the minorities and environmental threats are the main allegations against it and hence, the concern to define the responsibilities, business has towards the society in which it survives and prospers.

The Accounting World Magazine, Ethical Perspectives in Accounting, Globalization, Open Market Capitalism, Economic Development, Business Enterprises, Transportation System, Social Evils, Corporate Stakeholders, Information Service Provider, Social Judgments, Managerial Efficiency, Accounting Motivations.