Environmental accounting in the indian corporate sector

With the beginning of the industrial era man has been continuously damaging the environment and ruining the ecology. The achievement of sustainable development remains the greatest challenge faced by the human race. Besides the successful story of economic growth and progress over past generation many people still live in poor conditions and suffer from inadequate access to resources such as health and educational services, land asset and infrastructural facilities which are required to give to those people a change for better life. Sustainable development is the form of development which aims at sustainable consumption and sustainable economic growth and tries to protect the environment. Due to challenges of global warming, nations and people these days have all time high concern for environmental protection and a new format of business has emerged as Green Business. This has led to a need for consistent, decisive Environmental accounting principles. Environmental accounting, which entails a subset of GAAP, presents additional, valuable information about non-monetary transactions to provide a more holistic picture of both financial activity and associated risks. This paper tries to bring the out need for environmental accounting in today's corporate scenario.