This debate argues that accounting nowadays faces significant challenges in both the private and public sectors as declarations about non-financial reporting being at the same level as financial accounting and connectivity between sustainability information—in all their facets—and financial information have created a new reality. In this new reality that tries to meet the new reporting information needs of a plethora of stakeholders, the role of accounting changes, evolves and expands and there might be a need for the development of a new accounting theory. This may take accounting out of its comfort zone, but it may restore its central role in society as there are signs that is drifting away. In this new accounting, multidimensionality should be preserved. Different variations should be developed to meet the different information and accountability needs of the constellations of stakeholders, each of them following specific rules, principles and standards. Taking pluralism seriously results in recognizing different standards for the various groups and coalitions.