Accounting is very powerful ... but in the prevailing situation, it is only used to record money transactions and report on the money performance of organizations. The Burgess Method for Value Accounting (BMVA) is taking the basic framework for money accounting and using it also to account for value transactions. This is a major paradigm change.
The economy works with value consumption, value creation and the net which is either value adding or value destruction. There are many situations in modern society where profits are being made while society ends up with value destruction ... and in the end, this is a formula for disaster.
One area of change is that BMVA uses both money and value constructs. Another is that BMVA uses community as the primary reporting entity rather than the organization. This is because quality of life depends not only on one single organization, but on the behavior and performance of all the organizations in the community ... and it depends not on one sector alone but many sectors.
There are many ... perhaps hundreds ... of initiatives intending to improve reporting and evaluate social impact more effectively. All of these initiatives would benefit from the adoption of concepts along the lines of the BMVA.
My experience in this field is substantial. I read engineering and economics at Cambridge. I have worked in heavy engineering and large scale construction. I am a professionally trained Chartered Accountant with Coopers and Lybrand in the UK and have been a VP Manufacturing in the USA. I was also the CFO of an international fishing company based in the USA. I have been a consultant to the World Bank and the UN on and off since 1978 ... with many assignments to assist development country initiatives from government financial reform and national level development planning to refugee emergencies and community development.
My views regarding the performance of the international relief and development assistance community are well known ... and especially my concern that without accounting and accountability it is impossible to manage anything ... let alone very large complex projects.
The BMVA is paradigm change ... hopefully it will become widely used quite rapidly.