Environment Accounting and Reporting En Evidence from Vishakhapatnam Steel Plants, India

In recent years, environmental pollution has become so acute and the stakeholders’ awareness to this issue has become so serious that the environmental accounting has become a strong branch of accounting. With increasing social need and focus on the environment, accounting fills an expectation role, to measure environmental performance. Environmental Accounting is a field that identifies resource use, measures and communicates costs of a company's or national economic impact on the environment. While consistently emphasizing on the economic and industrial development, we have taken the environment for granted. The result of such leniency towards environment has resulted into several remarkable incidences in the past including the Bhopal chemical leak (1984), Tsunami in India (2004). The issue of environmental responsibility and the sustainable industrial development has given to the birth of new branch of accounting, i.e. Environmental Accounting and reporting. Environmental accounting is relatively a recent entrant in the domain of accounting. It is the process of identification measurement and commutation of information in the environmental responsibility of the performance of an entity to permit economic decision. In this paper, the theoretical foundation of environmental accounting and reporting is discussed with special reference to steel Industries in India and special reference to Vishakhapatnam Steel plant. The Environmental Policy shows that they are giving fully efforts for the better protection of environment but on the other hand the research findings doesn't shows the ecological cost, liability, and ecological expenditure