international business

Topics: Environment, Sustainability, Environmentalism Pages: 20 (3582 words) Published: September 22, 2013
Advances In Management

Vol. 5 (9) Sep. (2012)

General Article:

Environmental Accounting and Reporting In India: An Appraisal Sharma V.K.
New York Institute of Technology, Bahrain Campus, BAHRAIN
vks123@gmail.com

Abstract

killed over 3,000 people, blinded several thousand and
affected over 1,50,000 people.

Earth’s environment is a rich heritage handed over to
us by previous generations. The present civilization is
involved in varied activities. Many of these activities
generate waste with potential constituents. The ultimate
disposal of the waste leads to environmental pollution.
One of the significant buzzwords emerging out of the
globalization and privatization paradigms has been
corporate social responsibility. Responsibility towards
environment has become one of the most crucial areas
of social responsibility. We have witnessed
environmental degradation during the recent years.
Environmental pollution is a worldwide phenomenon.
In many parts of the world, the magnitude of pollution
of environment has already reached an alarming level.
It spoils human health, reduces economic productivity
and leads to loss of amenities. Now-a-days, consumers
expect firms to meet high health and safety standards
for workers, respect human rights, protect the interests
of consumers and meet environmental standards.

This concern had been repeatedly expressed in a series of
international summits right from the sixties. Between 1968
and 1972, two international conferences met to assess the
problems of the global environment and to suggest corrective action. For the first time the World Conference on global
environment was held in June, 1972 and it was considered the pivotal event in the growth of the global environment
movement. It was the first occasion on which the political,
social and economic problems of the global environment
were discussed at an inter-governmental forum with a view to taking corrective action. It aimed at creating a basis for
comprehensive consideration with the United Nations of the
problems of the human environment and focusing the
attention of governments and public opinion to various
countries on the importance of problem.4, 9
It ultimately gave a birth to a special United Nations Agency titled “United Nations Environmental Program (UNEP)”. In the mid- eighties, on the basis of changing situation and
becoming the environmental issues a world-wide
phenomenon in the developed and developing countries,
World Commission on Environment and Development
(WCED), known as ‘BRUNTLAND COMMISSION’,
headed by Norway’s Prime Minister, Mrs. Gro Harlem
Bruntland, was established by the UN. The Commission
published a report called “Our Common Future” in 1987 with the proposed concept of Sustainable Development. The
concept received worldwide acceptance and led to the
convening of the United Nations Conference on Earth and
Development (UNCED) in Rio de Janerio, Brazil, known as
“EARTH SUMMIT”. In this conference, heads of different
states signed four agreed documents including the Agenda
–21 which contains a checklist of do’s and don’ts to protect the environment throughout the next century.12, 14

Keywords: Environmental Accounting, Earth, Pollution,
Social Responsibility.

Introduction
Conceptual frame work of environment accounting may be
traced to the ‘Rig Veda’. According to Hindu Philosophy
"sky is like a father, earth is like a mother, a space as their children". Thus, the Rig Veda ordains that environment is to be valued like parents and loved like children. The concept of environment accounting may be new for western accounting

thinkers.1

Global Realizations of Environmental Pollution
Peoples all over the world became more concerned about the
quality of their environment during early fifties and sixties of the 19th Century. Well-known environmental tragedies, like
the cause of mercury poisoning in Japan, severe smoke
pollution episode in...

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11. Paul K. C. and Pal B., “Corporate Environmental Reporting in
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Standards of Accounting and Reporting (1991).
(Received 25th May 2012, accepted 18th July 2012)
(65)
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