Green Accounting.docx

Green Accounting.docx - GREEN ACCOUNTING Introduction As...

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GREEN ACCOUNTING Introduction: As the 21 st Century continues to be an age of progress and prosperity, more and more emphasis is being laid on the nature and the Environment that surrounds us. Humans have already caused damage that is beyond repair to the Environment that surrounds them. However, recognizing the importance that the Environment plays in our survival and careful assessment of the damages and repercussions that the world would have to face in the long run, is leading more and more organizations, governments and associations to recognize not just the need to protect the environment but also to create awareness among the masses about the importance of the Environment. Just as Environmental awareness today is growing at a pace like no other; so is the need to account for the well-being of the Environment. Corporates and Businesses alike are understanding and formulating steps to promote green and environmentally friendly causes for the present and the future. Among various other steps that are being taken in this regard is a new branch of accounting called “Environmental accounting or green accounting”. It is also called resource accounting or integrated accounting. Meaning and History: The term Environmental accounting was used for the first time in the year 1980s by Professor Peter Wood. Environmental accounting or green accounting is a new branch of accounting that aims at accounting for the Environment and its well-being. Although it is a completely new field/branch of study and practice; it’s soon gaining relevance because of its importance. In addition to
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