The concept of environmental accounting and reporting standards: An overview

Abstract

Industrialization is the cornerstone of economic growth in any nation, but unplanned, rapid industrialization without regard for the environment causes environmental crisis, which is now a much more significant social, political, and economic issue globally. Some of India\'s progressive corporations suggest preparing reports on environmental conservation separately or attempting to add a dimension to their financial reporting in this direction. These corporations also claim that the corporate sector should engage in better business practices. It is essential to maintain appropriate accounting of environmental effects on sustainable development in the context of this issue and to have an understanding of how to make the natural environment more environmentally friendly. In the light of this motivation, this paper examines how the concept of environmental accounting and corporate reporting practices is relevant and beneficial to the society. The study also focuses on the emerging environmental accounting and reporting practices being undertaken by Indian corporate sectors.