Considerations on the Multidimensionality of Financial Reporting in Accounting

The purpose of this paper is to study the evolution of accounting from a purely transactional record-keeping discipline to a multidimensional transparency framework represents one of the most significant paradigm shifts in modern corporate governance. For decades, the primary objective of financial reporting was the reduction of information asymmetry between managers and shareholders, focusing almost exclusively on historical financial performance and capital maintenance. However, the contemporary business landscape, characterized by climate volatility, social inequality, and complex global value chains, has rendered this mono-dimensional focus insufficient. The multidimensionality of financial reporting now integrates environmental, social, and governance (ESG) factors alongside traditional financial metrics, acknowledging that long-term value creation is intrinsically linked to the sustainable management of multiple forms of capital.