Environmental accounting and reporting practices of ONGC LTD

Now a day, protection of environment has become an important issue all over the world. Lots of factors and forces are responsible for destruction of and for polluting the environment. Of these, growing hazardous industrialization and unauthorized industrial practices is a major culprit.

There is always a debate in business and society about the degree of business accountability. In layman language, this concerns about two profound questions: ‘for what should accounting actually account?’ and ‘to whom is a business accountable?’ This debate is reflected in models such as the stakeholder/stockholder continuum. A common traditional belief is that businesses need only report upon those things that can be measured and that are required under laws, accounting standards or listing rules.

A range of different pressures has increased on corporates in recent years, however. Among these is the belief that business are ‘citizens’ of society in that they benefit from society and so owe duties back to society in the same way that an individual human citizen do. Many people no longer believe that businesses are able to take from society without also accounting back to society, on how it has behaved with regard to its environmental impacts. This article is about how businesses account for their environmental impacts using environmental reporting.