GREEN ACCOUNTING: CONCEPT AND IMPORTANCE

Abstract

"Go Green" is the slogan which is being chanted, not only in India but also in the whole world. From toothpaste to the fuel we use, all are getting greener, day by day. According to Tim Jackson, “Prosperity consists in our ability to flourish as human beings -- within the ecological limits of a finite planet. The challenge for our society is to create the conditions under which this is possible.” There has been a growing awareness about the fact that environment is not a permanent asset and humankind needs to discover the art of living in harmony with nature. With the global warming becoming a huge threat to human survival, proper balancing of economic development and environment protection is gradually being recognized by all concerned stakeholders and has emerged as the need of an hour. The concept of "Economic Growth" has shifted to Sustainable Economic Growth. It has been realised that though rapid industrialization has a positive impact on economic development, but it has also very seriously threatened the world‘s natural environmental balance. The main objective of this paper is to study and analyze the available literature about green accounting and to understand how it has been studied and evaluated by different professionals who have worked on it. This paper also concentrates on understanding the concept and importance of green accounting.