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Introduction
Methodology of Environmental Accounting
Forms of Environmental Accounting
Objectives of Environmental Accounting
Limitations of Environmental Accounting
Practices of Environmental accounting in India
Top 20 MCQ`s
Introduction
Environmental accounting is defined as the accountants’ contribution
towards environmental sensitivity in organizations.
It gained prominence in the 1990s. The emphasis on the social
responsibilities of the accountancy profession is not new, having been
led to prominence by the social accounting debate of the 1970s.
The social consciousness of the accountancy profession was started to
receive its attention.
It focused on extending accountability to numerous stakeholders by
necessitating disclosure of social information in corporate annual reports.
The accountability function of accounting was believed to be fulfilled by
reporting (financial and social) information that stakeholders would find
useful in their decision making process.
The following are the key methods used for environmental accounting:
2. Emissions accounting:
4. Green GDP:
The following are the key observations for practice of environmental accounting:
1. Although some countries are using the environmental accounts quite actively,
the accounts are still underutilized, especially in developing countries
2. No country has truly comprehensive environmental accounts.
3. International comparisons are important, but not yet possible because of
differences in methodology, coverage, environmental standards, and other factors.
Testing shop, ambient air quality, stack emissions and effluents are being regularly
monitored and the parameters are maintained well within prescribed limits. Development
of green belt around gas turbine and R&D areas was further augmented by plantation
of 3000 additional saplings.
5. It was also revealed that most of the companies disclose the environment information
in descriptive manner rather than to financial type i.e. no account is made for the
degradation of natural capital when calculating corporate profits.