GREEN ACCOUNTING - CONCEPT, METHODS, AND APPLICATION WITH REFERENCE TO INDIA
Businesses are integrating the concept of natural components into their operations. Caring for the environment is one of the most important aspects of a company's social responsibility. The economic losses that environmental resources, both renewable and non-renewable, are experiencing are measured through a method of accounting called «green accounting». The achievement of financial performance through long-term growth and profitability is the primary focus of business sustainability. It is expected of businesses to consider and contribute to the well-being of the community and the environment. The public debate has long been dominated by environmental issues. It has been demonstrated that businesses' global sustainability is affected by their use of green accounting. The increased environmental responsibility of Chinese businesses has, according to reports, reduced debt capital costs. Capital restrictions are less severe for businesses with strong environmental sustainability records. India has unreported resource depletion and a disregard for sustainability. Adopting a green accounting method is recommended because it may enable citizens and decision-makers to start a discussion about how to maintain growth. Rewards for good quality should be implemented, comparable to those granted for good environmental performance in other emerging nations. The importance of integrating natural resource management and assessment into the foundations of public policy and administration must be acknowledged. Both internal and external auditors can use the EA system as a roadmap to follow to succeed.
Green accounting, Environmental responsibility, Sustainability, Financial performance, Global reporting initiative