• SALAUDDEEN SHAIK

The Green Accounting term was first introduced into usual utilization by Economist and Professor Peter Wood in the 1980s. Green accounting is a popular term for environmental and natural resource accounting. The key point of this paper is to analyse and study the accessible literature grounded on the green accounting and to recognise how it has been studied and assessed by various authors who are working in this study area. Firstly, to point out briefly the scope of Green Accounting such as internal and external aspects. Secondly, to list out the types of green accounting such as segment, eco-balance, corporate environmental accounts. Thirdly, to classify the Environment National Accounting such as system and standard of accounts. Fourthly, to briefly explain approaches of Green Accounting. Finally, to describe the limitations of Green Accounting in India. The Green Accounting also called as various names they are Environmental Accounting or Resource Accounting or Integrated Accounting. This paper focuses on the Concepts and Importance of Green Accounting in India. It is an expanding field focused on factors like resource management and environmental impact, in addition to company’s revenue and expenses. Green accounting is an accounting system that measures the currently economic losses that are experienced by renewable and non-renewable resources in the environment. By incorporating these losses into all levels of economic accounting, all parts of the economic sectors can make informed decisions that support long term sustainable development and help strengthen human rights affected. Green accounting will help the organizations to identify the resource utilization and the cost incurred on the eco system by the activities of the industries. This green accounting is a new system in accounting which records costs and benefits rendered by the eco system to a business concern. Green accounting or environmental accounting is a new challenge of accounting system. Practically for developing countries like India it is a twin problem about saving environment and economic development. This method records cost and benefits of a business concern. Green Accounting and reporting in India is in developing stage both at the corporate level and at the national level. Green accounting is on an expansion path. With increasing social focus on the environment, accounting fills an expectation role, to measure environmental performance. The status of environmental awareness provides a dynamic for business reporting its environmental performance. The business firm’s strategy includes responding to capital and operating costs of pollution control equipment. This is caused by increasing public concerns over environmental issues. Green accounting is a management tool for the better consideration of environmental costs. Many organizations are uncertain about the outcomes of Green accounting and are therefore reluctant to implement such a tool. The appearance of environmental problems impacts every area of science globally, as a result, accounting has to answer these challenges as well, one way of which is Green accounting. Recent years have witnessed rising concern for environmental degradation, which is taking place mainly in the form of pollution of various types, viz. air, water, sound, soil erosion, deforestation and so on. Even though Indian corporate comply with the rules and regulations with regard to environmental protection, till now no clear cut policies are framed and formulated at the National, State or even at the company level, for ensuring the level of compliance to environmental norms. This study was intended to find out the major environmental parameters reported by Indian Corporate as part of their Environmental reporting practice. The study also focuses on the practice and voluntary environmental reporting with regard to the environmental parameters identified. The main aim of the study is to explore the roots and the tendencies of the development of Green accounting Responsibility towards environment has become one of the most crucial areas of social responsibility.

Green Accounting, Green Life Cycle, Gross Domestic Product, System of National Account, environment protection, International initiative, social responsibility, Economic development, Business operation, environmental protection, environmental performance, environmental accounting, environmental Reporting.

"IMPLEMENTATION OF GREEN ACCOUNTING IN INDIA WITH RESPECT TO LEGAL FRAMEWORK", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 4, page no.b48-b59, April-2022, Available :http://www.jetir.org/papers/JETIR2204107.pdf

"IMPLEMENTATION OF GREEN ACCOUNTING IN INDIA WITH RESPECT TO LEGAL FRAMEWORK", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 4, page no. ppb48-b59, April-2022, Available at : http://www.jetir.org/papers/JETIR2204107.pdf