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Just like all other industries in the world, even accounting has gone through a vast face of evolution in the past couple of decades and this is why when you will compare the old accounting operations with the new wood-crafting operations, and will find a wide array of differences between both types of accountants. There are many different things that have played an important role in changing the way people deal with accounting.

 

With the passage of time, humans are becoming much more advanced. Slowly and steadily we are moving into an era, where machines will become our housekeepers, workers, and friends too. But with such drastic evolution in the field of technology, we have destroyed a major part of our environment as well. 

After years of destruction and disaster on the environment, finally, people have started becoming aware of safeguarding nature. Better late than never and such awareness has given birth to many eco-friendly initiatives such as Go Green, Green computing, etc. but do you know that the approach of saving the environment has been applied in accounting as well? It is called Green Accounting.

 

So, in the blog post, we will be looking at all the details which you need to know about Green accounting. 

 

What is Green Accounting?

 

It is a new branch of accounting that focuses on accounting for the environment and its protection. Although it can turn out to be a completely new form of accounting it is gaining momentum in terms of popularity because of its importance. Instead of just checking the profit & loss, revenue & invoices, green accounting focuses on accounting for environmental impact. 

 

Talking in a layman's language, green accounting incorporates the environmental assets and resources into the corporate account. Green accounting is also known as environmental accounting and is a popular term for environmental and natural resource accounting.

 

You must understand the fact that in the modern era we are dealing with environmental issues on a very large scale and this is one of the main reasons why most of the business is out there focusing on green accounting with seriousness and dedication.

 

If you will not address the issue of the environment now then we will have to deal with a wide range of issues in the future and this is why we should prepare and take a proactive approach in order to save our environment and the only home in the entire universe.

 

Which companies have implemented Green Accounting?

 

There are various reputed companies that are already using the concept of Green accounting and in near future, more firms are expected to implement it in their business function. Following is the list of companies using Green accounting:-

 

  • Apple

  • Google

  • Puma

  • Microsoft

 

After reading this you might have started thinking that green accounting is only for joint business is out there but this is not true as with time green accounting will become new normal for even small and medium-sized businesses just like cloud computing has become normal for each and every type of business out there.

Whenever a new technology or concept arrives in the market one thing is there for sure that that technology will be available for only chain business but with the passage of time technology becomes available for even small and medium-sized businesses as well and the same thing will happen with green accounting.

 

How is it measured?

 

Green accounting measures the impact of the environment on the company in nominal or monetary terms. But rather than measuring the impact of the natural environment on the company in terms of monetary units, it is measured in physical units like Kilograms of waste produced by the firm.

 

One of the main things that you need to understand about women accounting is that it is not in its natural state and this is why only giant companies are able to use it. but with time delay and accounting will become a mature technology or concept and this is why it will become more acceptable among each and every type of firm out there.

 

If you are looking forward to gaining a competitive advantage in the market and getting ahead of your competitors then you should start using the competitive advantage of green accounting without any second thoughts as this will give you a competitive advantage in the market without spending a fortune.

What is the importance of Green accounting?

 

Everybody knows that change in the environment has a direct effect on the natural environment but in addition to this, it also affects the economy of a country. And it is a proven fact that changes in the economy of a country have also a direct impact on the businesses running in that particular country. The GDP of a country is also affected by climatic changes. And by keeping all these factors in mind, there was a need for a system or concept which would help or motivate businesses to take care of the environment as well and not just the market and their profits.

 

What are the initiatives being taken by different countries in this regard?

 

There are many developed countries like the U.S, France, Spain, which have realized the need and importance of conserving our environment and making it sustainable. That’s why these developed countries have welcomed the concept of Green accounting and have implemented it in various ways.  For example, in the U.K, there are various regulations that make it compulsory for businesses to contribute a particular part of their profit through CSR. Even in France, there are strict rules regarding the CSR of a company, failing which results in strict actions from the government.

 

So the concept of Green accounting might be a small step towards recovering the damage we have done to the natural environment or it’s better to say it’s a small step towards saving what we are left with.

All that you need to know about green accounting

23 April 2021

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