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Earth provides enough to satisfy every man's needs, but not every man's greed.
Mahatma Gandhi
Sunitha.S
Assistant Professor,
New Horizon College,
Kasturinagar
Bangalore-43
sunithaparamesh5@gmail.com
Abstract
Green accounting is on an expansion path. With increasing social focus on the environment,
accounting lls an expectation role, to measure environmental performance. The status of
environmental awareness provides a dynamic for business reporting its environmental
performance. The business rms strategy includes responding to capital and operating costs of
pollution control equipment. This is caused by increasing public concerns over environmental
issues. Green accounting is a management tool for the better consideration of environmental costs.
Many organizations are uncertain about the outcomes of Green accounting and are therefore
reluctant to implement such a tool. In order to help organizations to evaluate the need of Green
accounting this research paper aims to identify real advantages of implementation of Green
accounting within an economic entity. Further through its external reporting process
accountability is extended to stakeholder's on the company's financial performance (which has
been subject to an auditing function), enabling them to make economically useful decisions. The
appearance of environmental problems impacts every area of science globally, as a result,
accounting has to answer these challenges as well, one way of which is Green accounting. Recent
years have witnessed rising concern for environmental degradation, which is taking place mainly
in the form of pollution of various types, viz. air, water, sound, soil erosion, deforestation, etc.
Even though Indian corporate comply with the rules and regulations with regard to environmental
protection, till now no clear cut policies are framed and formulated at the National, State or even
at the company level, for ensuring the level of compliance to environmental norms. This study was
intended to find out the major environmental parameters reported by Indian Corporate as part of
their Environmental reporting practice. The study also focuses on the practice and voluntary
environmental reporting with regard to the environmental parameters identified. The main aim of
the study is to explore the roots and the tendencies of the development of Green accounting
Responsibility towards environment has become one of the most crucial areas of social
responsibility.
Introduction
In the last few years, there has been a growing awareness of the need to discover the art of living in
harmony with nature. It is also realized that the environment is not a permanent asset. Rapid
industrialization, in spite of its positive effect on economic development has very seriously
threatened the worlds natural environmental balance. There is a growing pressure from
environmentalists, government, society, customers, employees, and competitors on business firms
to be environmentally accountable. Proper balancing of economic development and environment
protection is gradually being recognized by all concerned. Green accounting is considered one of
the important management systems to enable improvement of economic and environmental
performance of a business firm. Countries like Germany, U K, Japan, USA, and Canada have
issued guidelines for preparation of environmental accounting.
The wind of change caused by sustainability issues is palpable in every aspect of the world. It is
hard for a person to watch television or read newspapers without being informed or acknowledged
with information that related with environmental issues or world sustainability. Align with this
phenomenon, accounting field also moves to the new direction by trying to explore and measures
the contribution of nature or environment in business process that well known as Green or
Environmental Accounting.
The concept of Green Accounting is raising a glimmer interest not only within the academic but
also from the government, business society, social and environmental activist
(Niemann&Tichkiewitch, 2009). However, the implementation of this concept in India still
consider as a difficult concept due to the lack of comprehensive information for the stakeholders
that raising the concern of the implementation effects and the additional cost expenditure that
recognized as a unnecessary cost in the perspective of conventional accounting (Nurhayati, Brown,
& Tower, 2006).. Study by Prasad (2009) in Indian context has thrown some light on availability
of environmental information for decision making. In this background this study makes an attempt
to explore the extent of Green accounting system practiced by Corporate in India. The availability
of this information can help to further strengthen the systems to meet the challenges of improving
environmental and economic performance of business firms.
Green accounting is an inclusive eld of accounting. It provides reports for both internal use,
generating environmental information to help make management decisions on pricing, controlling
overhead and capital budgeting, and external use, disclosing environmental information of interest
to the public and to the nancial community. While Indian companies are complying with the
environmental norms, clear cut policies are yet to be introduced for ensuring the level of
compliance. This study intended to find out the major environmental parameters reported by
Indian corporate as part of their environmental reporting practice.
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The good man is the friend of all living things. Mahatma Gandhi
Review of Literature
Prasad (2009), studied corporate environmental sensitivity in selected Indian companies. The
objective of this study has been 1) To demonstrate the present practice of environmental
accounting and reporting among Indian companies, 2) To establish environmental sensitivity of
Indian companys visa-a-vis less environmental sensitivity of companies. 3) To analyze to what
extent environmental sensitivity influence adoption of environmental accounting and reporting
among Indian companies and 4) To provide a platform for further research and to stimulate Indian
companies to adopt environmental accounting and reporting. The study was undertaken with two
hypotheses namely H1 firms in environmentally sensitive industries are more likely to introduce
environmental accounting procedures than firms in less environmentally sensitive industries and 2.
Firms in environmentally sensitive industries are more likely to externally disclose environmental
information than firms in less environmentally sensitive industries. The data was collected through
a mailed questionnaire to the Chief of Accounting and Finance Departments of 130 Indian
companies listed on BSE & NSE. The final sample included 59 firms identified as being involved
in environmentally sensitive industries and 32 in less sensitive industries. In the conclusion, he has
argued that environmentally sensitive firms are more likely to develop environment accounting
procedure is only supported for activities that are associated with significant environment related
issues for the specific industries. Where issues are of general nature it appears that these firms are
no more likely to develop such accounting processes. Hence the study provides no conclusive
evidence that the environmental sensitivity of the firms operations will necessarily result in
increased likelihood of the development environment accounting procedures of general
environmental issues. Such a result suggests that observations as to what motivates the external
reporting process may not hold true for the development of internal management practices,
indicating the need for further research as to what motivates firms to develop environmental
accounting, auditing and reporting.
Heba Y M &Yousuf (2010) examined the concepts of environmental accounting by exploring the
techniques to develop the environmental reporting that enables the government to utilize and
making businesses more responsible for their externalities. Moreover, as the consideration for the
environmental accounting increases, there is a parallel increase in measuring the environment
performance (Yajhou and Doreweiler, 2004). In this study the integration of environmental and
business policy has been considered to a great extent. The author reveals that the publics
consideration for the environmental accounting and government led incentive based regulation are
the main reason for the study. In upcoming years the companies will be facing challenges with
respect to establishing and implementing business strategies that are concerned with environmental
accounting.
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The work of Lehman (2011) establishes the art of interpretation to management accounting, to be a
way to think about the natural world. The main objective of Interpretive Accounting Research
(IAR) has been determined to be influenced by the desire to understand how accounting disciplines
like management accounting are related to existing issues like global warming, carbon emissions
and sustainability considerations. The issue for management accountants is to keep in mind the
need to broaden and conceptualize how we theorize cultural and environmental dilemmas that
confront the discipline. The art of interpretation with respect to accounting research is a technique
that highlights responsibilities to our shareholders and the natural world. The report of
International Federation of Accounts (IFA) (2005) on EMA evaluates the physical and monetary
accounting process of EMA. The association between material balances, material flow accounting
and physical environment performance indicators (EWPIs) are detailed in the physical accounting
section. Over the past few years, sustainability was incorporated with policy statements of various
organizations (Jasch and Stasiskiene, 2005).
Nasir Zameer Qureshi et.al(2012 )in their research paper, environmental accounting and reporting:
an essential component of business strategy, describes the environmental component of the
business strategy, producing the required performance reports and recognizing the multiple skills
required to measure, compile and analyze the requisite data. Special emphasis of the research is on
generation of reports and their standards, for the range of business and regulatory purposes. They
also identified the major obstacles for environmental accounting and reporting and concluded that
for sustainable development of country, a well-defined environmental policy as well as proper
follow up and proper accounting procedure is a must. Unless common people of India are not
made aware about environmental damages and safety, development of accounting in this regard is
really becomes difficult.
Research Problem
The existence of environmental management accounting is a first step to improve environmental
as well as economic performance. Sustainability Reporting by leading Indian firms indicate their
commitment for improvement of environmental performance. In light of this information it is
likely that business firms have evolved their accounting system to provide information for
environmental related decision making. The Environmental Management Accounting system,
being designed for effective internal management of environmental and economic performances
may be existing in organizations but may not be formally documented and/ or reported as it is not
mandatory or felt necessary by organizations. The industries should focus and set aside a part of
their funds for environmental protection and ecological balance. Thus business organizations are
expected to account for the use of substances which may damage the Environment. Green
accounting is in preliminary stage in India. Indian Corporate are now introducing a separate a firm
environmental policy such as taking steps for pollution control, comply with the related rules and
regulations, mention adequate details of environmental aspects in the annual statements.
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There are several challenges of Green accounting and reporting such as Green accounting method,
social values in applicable assumptions, economic value and lack of reliable industrial data.
Therefore, a need has been felt to study the environmental management accounting system among
Indian companies and suggest improvement if any.
Methodology of study
The study is based on the secondary data collected from sources like websites, trade publications,
books, and articles in newspapers, magazines, and journals.
It permits the computation of income for a nation by taking into account the economic
damage and depletion in the natural resource base of an economy.
Green accounting is a type of accounting that attempts to factor environmental costs into the
financial results of operations. It has been argued that gross domestic product ignores the
environment and therefore policymakers need a revised model that incorporates green accounting.
The major purpose of green accounting is to help businesses understand and manage the potential
quid pro quo between traditional economics goals and environmental goals. It also increases the
important information available for analyzing policy issues, especially when those vital pieces of
information are often overlooked. Green accounting is said to only ensure weak sustainability,
which should be considered as a step toward ultimately a strong sustainability.
The term was first brought into common usage by economist and Professor Peter Wood in the
1980s.
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Objectives of Green Accounting
1. Segregation and elaboration of all environment related flows and stock of traditional
accounts: The segregation of all flows and stocks of assets related to environment permits the
estimates of the total expenditure for the protection of the environment. A further objective of this
segregation is to identify that part of gross domestic product that reflects the costs necessary to
compensate for the negative impacts of economic growth, that is, the defensive expenditures.
3. Assessment of environment costs and benefits: The SEEA expands and complements the
SNA with regard to costing:
a) The use (depletion) of natural resources in production and final demand.
b) The changes in environmental quality, resulting from pollution and other impacts of
production, consumption and natural events, on the one hand, and environmental protection,
on the other.
It helps to know whether corporation has been discharging its responsibilities towards
environment or not. Basically, a company has to fulfill following environmental responsibilities.
Meeting regulatory requirements or exceeding that expectation.
Cleaning up pollution that already exists and properly disposing of hazardous material.
Disclosing to the investors both potential & current, the amount and nature of the
preventative
Measures taken by the management.
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Operating in a way that those environmental damages do not occur.
Promoting a company having wide environmental attitude.
Control over operational & material efficiency gains driven by the competitive global
market.
Control over increases in costs for raw materials, waste management and potential
liability.
1) From Internal Point of view investment made by the corporate sector for minimization of
losses to environment. It includes investment made into the environment saving equipment
devices. This type of accounting is easy as money measurement is possible
.
2) From External point of view all types of loss are indirectly due to business operation
activities. It mainly includes:
a) Degradation and destruction like soil erosion, loss of bio diversity, air pollution, water
pollution, voice pollution, problem of solid waste, coastal and marine pollution.
b) Depletion of nonrenewable natural resources i.e. loss emerged due to over exploitation
of non renewable natural resources like minerals, water, gas, etc.
Environmental expenditures/costs:
These are expenses or costs related to environmental measures including production-related costs
and product research and development expenditures which are incurred primarily for ensuring
protection of environment. Total environmental expenditures can be classified into six categories
such as capital investment, operating costs, research and development cost, environment
administration and planning, expenditures for remedial measures and recovery measures.
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Capitalization of Environmental expenditures:
Capitalization of environmental expenditure is justifiable if the cost extends the life, increase the
capacity or improve the efficiency or safety of the property owned by the company, the costs
mitigate or prevent environmental contamination, the costs improve the property/resource in
comparison to its condition at the time of acquisition, the costs are incurred in connection with
preparing the property for sale.
Environmental liabilities:
Obligation to pay future expenditure to remedy environmental damage that has occurred due to
past events, activities or transactions or to compensate a third party that has suffered from damage.
It may even include a contingent environmental liability that depends on occurrence or non-
occurrence of one or more future uncertain events or to compensate a third party that has suffered
from such damage.
Physical Accounting
Determines the state of the resources types and extent in spatial and temporal terms.
Monetary Valuation
Valuation of resources - tangible and intangible in terms of its monetary aspects
It is a measure of sustainable income level that can be secured without decreasing the stock of
natural assets. This requires adjustment of the System of National Accounts (SNA) in terms of
stock of natural assets. In SNA, allowance is made for capital consumption or man-made capital
while calculating Net Domestic Product (NDP).
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SNA has three main defects:
(1) It neglects the depletion of natural capital such as farmland, forests, fishing stock, minerals, etc.
(2) Environmental degradation mainly from pollution,
(3) Defensive expenditures which the society incurs in facing the external effects of environmental
degradation.
To overcome these drawbacks of SNA, the Statistical Division of UN has developed the
System of Environmental Economic Accounting (SEEA). The SEEA focuses on:
Thus the computation of Green NDP (or EDP) has been replaced by a measure of national product
which includes the economic cost of degrading natural resources which are required to produce
goods and services directly and indirectly.
Environmental responsibility is a potent issue among businesses in this modern age. It has become
necessary for corporation to formulate methods of promoting green causes for the present and the
future. Green accounting helps promote a sustainable future for businesses as it brings green public
procurement and green research and development into the big picture. Penalties for polluters and
incentives (such as tax breaks, polluting permits, etc.) are also a crucial part of this type of
accounting. The System of National Accounts (SNA) defines Net Domestic Product (NDP) as:
NDP = Net exports (X M) + Final consumption (C) + Net capital accumulation (I).
To arrive at Green NDP (Or EDP), if net capital accumulation (I) is replaced by net capital
accumulation of produced and non-produced economic assets minus net accumulation of non-
produced natural assets, the identity becomes
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EDP = (X-M) + + NAp. ec + (NAnp.ec-NAnp.n)
Where
EDP = Environmental domestic product.
(X-M) = Exports-imports
= Capital accumulation
Nap.ec = Net accumulation of produced economic assets.
NAnp.ec = Net accumulation of non-produced economic assets
NAnp.n = Net accumulation of non-produced natural assets.
Table 1.1 shows the basic structure of SEEA or Green Accounting in the form of a matrix. It
also explains the derivation of SNA aggregates in columns and rows from 1 to 4.
Column (1):
Production side covering output, intermediate consumption, consumption of fixed capital (CFC),
net domestic product (NDP) and use of non-produced natural assets in production.
Column (2):
Rest of the world (ROW) account includes exports minus imports (X-M)
Column (3):
Final consumption (C).
Column (4):
Produced assets as a part of economic assets that have come into existence as output from
processes. This includes not only tangible fixed assets but also intangible fixed assets such as
mineral exploration. It includes net accumulation of produced assets and other changes in the
volume of produced assets i.e., gross capital formation.
Column (5):
Non-produced economic assets are defined as non-financial assets that have come into existence in
ways other than the process of production. This includes tangible non-produced assets like land
and sub-soil assets. Intangible non-produced assets like patented entities, leases, and transferable
contract
Column (6):
Records the effects of economic activities on non-produced natural assets such as air, water and
virgin forests that are not included as economic assets in the stock of natural assets.
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The explanation of rows of Table 1.1 is given below:
Column
1.Production 2. Rest of world 3. Final 4. Produced 5. Non-Produced 6. Non-Produced
(row) consumption Assets Economic Assets Natural Assets
8.Environmentally EDP Net Exports Final Net Net Accumulation (-) Net
adjusted (X-M) Consumption Accumulation of of Non-Produced Accumulation of
aggregated in ( C) Produced Assets Economic Assets Non Produced
monetary (Nap.ec) (NAnp.ec) Natural Assets
environmental (NAnp.n)
accounting
Row (1):
It records the entries of opening stock of produced assets being the value of stocks of man-made
capital produced and the value of stocks of natural resources, such as oil, gas and cultivated forests
etc.
Row (2):
It records total domestic production and the value of imports.
Row (3):
Economic uses including elements of intermediate consumption, exports, final consumption
expenditure and gross capital formation.
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Row (4):
Consumption of fixed capital (CFC) also appears as a negative item. Therefore, Net Investment (I)
= Gross Investment (Ig) -CFC.
Row (5):
Net domestic product (NDP) represents the elements that define the national income accounts
identity between net domestic product (NDP) and expenditure categories:
Net Domestic Product (NDP) = Net exports (X-M) + Final consumption expenditure (C) + Net
capital accumulation or Investment (I)
Row (6):
It includes the elements for the use of non-produced natural assets by depletion of economic
natural assets and degradation of non-economic natural assets.
Row (7):
It relates to accumulation of non-produced natural assets which include change in stock of
economic assets and reduction on natural assets relating to environment.
Row (8):
It relates to environmentally adjusted aggregates in monetary environmental accounting. These
macro-economic aggregates of EDP = Net exports (XM) + Final consumption (C) + Net
accumulation of produced economic assets (NAp.ec) + Net accumulation of non-produced
economic assets (NAnp.ec)-Net accumulation of non-produced natural assets (NAnp.n)
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Environmental Financial Accounting (EFA)
Environmental financial accounting (EFA), collects, analyses, records and reports data about
financial events. EFA data involves environmental cost. Environmental information of business is
shown in financial statements by means of EFA. It mostly focuses on reporting environmental
liability costs and other major environmental costs. It is used to provide information needed by
external stakeholders on a companys financial performance. This type of accounting allows
companies to prepare financial reports for investors, lenders and other interested parties. Various
benefits are derived from different aspects of accounting (Anuradha, 2014).
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systems does not provide financial data on the environmental performance of organizations that
will help non-complying organizations/entities to pollute environment and spoil resource and yet
appear more economic efficient than other which incur costs to protect the environment. Many of
the environmental activities are of quantitative and accordingly of financial nature and have a
major effect on organizations costs, assets and liabilities. Environmental risks may result in huge
environmental liabilities and subsequently the organization/entity may be obliged to outlay large
payments which may affect seriously the liquidity and the financial position of the organization.
Environment Accounting (EA) being in developing stage, the language used for environmental
accounting is not standardized. Even within a particular subset of EA, such as EMA, terminology
differs among organizations and countries. For example, EMA has been variously called EA,
EMA, Environmental Cost Accounting (ECA), Full Cost Accounting (FCA), Total Cost
Assessment (TCA) ,Green Accounting (GA) etc. Thus, in discussing any type of environmental
related accounting within an organization or elsewhere, it is important to clarify the definition and
languages being used. Environmental Management Accounting has no single, universally
accepted definition. According to IFACs Statement Management Accounting Concepts, EMA is
the management of environmental and economic performance through the development and
implementation of appropriate environment-related accounting systems and practices. While this
may include reporting and auditing in some companies, environmental management accounting
typically involves life-cycle costing, full-cost accounting, benefits assessment, and strategic
planning for environmental management. A complementary definition is given by the United
Nations Expert Working Group on EMA, which more distinctively highlights both the physical
and monetary sides of EMA. This definition was developed by international consensus of the
group members, representing 30+ nations. According to the UN group EMA is broadly defined to
be the identification, collection, analysis and use of two types of information for internal decision
making
Physical information on the use, flows and destinies of energy, water and materials (including
wastes)
Monetary information on environment-related costs, earnings and savings.
At the Micro (organization) level, EA takes place in the context of both management accounting
(assessment of an organizations expenditures on pollution control equipment; revenues from
recycled materials; annual monetary savings from new energy-efficient equipment) and financial
accounting (evaluation and reporting of the organizations current environment-related liabilities).
Application fields for the use of EMA data are assessment of annual environmental costs /
expenditure, product pricing, budgeting, investment appraisal, calculating investment options,
calculating costs, savings and benefits of environmental projects, design and implementation of
environmental management systems, environmental performance evaluation, indicators and
Benchmarking Setting quantified performance targets, cleaner production, pollution prevention,
supply chain management and design for environment projects, external disclosure of
environmental expenditures, investments and liabilities, external environmental or sustainability
reporting, and other reporting of environmental data to statistical agencies and local authorities.
EMA was defined in the second and third meeting of the expert working group on improving the
role of Government in the promotion of EMA of the United Nations Division for Sustainable
Development to cover the issues in the two middle columns of the table namely MEMA and
PEMA. Figure 1 shows the framework of EMA developed by the said group.
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FIGURE 1.2: FIGURE SHOWING FRAMEWORK OF ENVIRONMENTAL MANAGEMENT ACCOUNTING
Accounting in Monetary Units Accounting in Physical Units
ENVIRONMENTALMANAGEMENT ACCOUNTING
Conventional Accounting MEMA Monetary EMA PEMA Physical EMA Other Assessment Tools
BUSINESS APPLICATION
Internal use for statistics, Internal use for statistics, indicators, Internal use for environmental Other internal use for
indicators, calculating savings, calculating savings, budgeting and management systems and cleaner production projects
budgeting and investment investment appraisal of performance evaluation, and eco design.
appraisal environmental costs benchmarking
External financial reporting External disclosure of environmental External reporting (EMA Other external reporting to
expenditures, investments and statement, corporate statistical agencies, local
liabilities environmental report, governments, etc
sustainability report)
NATIONAL APPLICATION
National income accounting by National accounting on investments
statistical agency and annual environmental costs of
industry, externalities costing
Source: United Nation Division for Sustainable Development, (2001) Environmental Management Accounting Procedures and
Principles, United Nation Publication, New York. Internet http://www.un.org/esa/sustdev/publications/proceduresandprincipal
As per IFAC (2005) to achieve environment and economic performance cost-categories could be
used, which induce environmental-related cost information. The environment cost categories
include
1. Materials costs of product outputs
2. Materials costs of non-product outputs
3. Waste and emission control costs
4. Prevention and other environmental management costs
5. Research and development costs
6. Less tangible costs.
The concept is new and is still in its infancy. Its a new kid on the accounting block and
more efforts are required to make the concept popular. Traditional accountants do not
accept the concept of factoring in environmental costs and benefits.
There is no proper universally accepted valuation method for environment factors.
It cannot be denied that regular collection of information for different activities, their
effect on the environment, and their measurement is a herculean task.
Green Accounting may also lead to an increase in costs visa-vis benefits. At the same time
there is a possibility of more exposure. The companys reputation may take a hit because it
will be publishing the damage it caused to the environment.
There is no incentive on part of the government to incorporate green accounting.
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In India, there has been a guarded approach to green accounting, largely on philosophical
grounds. People here are hesitant to attach a value to natural resources. It is considered
unethical to value soil, water, air and other natural resources, in terms of money.
There are no proper methods for valuation of environmental factors. Most of the
environmental valuation methods try to measure these factors based on the expectations of
stakeholders. Hedonic pricing, productivity approach, and replacement method are some
of the commonly accepted methods. Natural resources are invaluable, and at the same
time, are limited and must be protected. Today, even a common man knows the value of
money.
An entrepreneur knows it even better. Thus, when environmental factors are identified and
measured in terms of money, the value of the natural resources will become more profound and
clearer. If companies begin to realise the value of their environmental costs and the effect on
profitability, there will be automatically more concern to reduce expenses, leading to the protection
of the environment.
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Suggestions
Conclusion
The findings of the study suggest that the disclosure of environment related information is
mandatory in nature if the companies operate in environment prone segments. Besides, there
should be proper accounting which determines environmental related costs, liabilities and
expenditure. All companies provided only information about environmental issues, environmental
expenditure and costs. But at the same time, there is also a lack of quantitative information. There
should be proper accounting pronouncements from regulatory authorities. Environment is an
inseparable part of us.It is said that there are three Ps that should concern a business. The
proprietor and/or owners are always concerned with only one of them i.e. P for profits.
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But with greater accessibility to information, environmentalists and social activists have become
more concerned with the other two Ps: people i.e. human beings, and planet or environment.
Corporates should not endanger environmental balance but should greatly contribute towards
sustainable development. Environmental accounting, as a part of social and management
accounting practices, should apprise the top management of the costs involved in pollution and
degradation. Besides providing information to all, environmental accountants should generate
consciousness about environmental issues in the company. The time has come for corporates to
prepare a firm environmental policy, take steps for pollution control, comply with the norms and
mention adequate details of environmental aspects in their annual report. A well-defined
environmental policy, with proper follow-ups and proper accounting, is necessary for the country.
It is high time that countries across start recognising the responsibilities of corporate both large and
small in saving the earth. Hence, there is a genuine need to develop a concrete guideline for the
Environmental Accounting or Green Accounting in India.
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Alok Kumar, Pramanik (2002).Environmental Accounting and Reporting.Soujanya Books, Delhi.
Dr. Bhawana Rewadikar, Irja-Indian Research Journal, Volume: 1, Series: 2. Issue: March, 2014
ISSN: 2347-7695 , at www.indianresearchjournal.com
Dr. V K Gupta, Dean (Administration) And Professor in Finance & Accounting. Indian Institute
Of Management Indore, India.
Green Accounting by Wathana yeunyong ID 48010960110
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Business
Dr. Minimol M.C and Dr. Makesh K.G Assistant, Asia Pacific Journal of Research Vol: I Issue
XIV, February 2014 ISSN: 2320-5504, E-ISSN-2347-4793,Finance 65-73
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DOI: 10.1002/bse.395
www.icmai.inDecember2015,
Krupa VD Faculty and Chaitra SM Faculty, Kuvempu University
Sarvesha Dhaimodkar Assistant Professor GVMs GGPR College of Commerce & Economics,Goa
Rob Gray and Centre for Social and Environmental Accounting Research Department of
Accounting
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