Environmental accounting is an important tool for understanding the role played by the natural environment in the economy. Environmental accounts provide data which highlight both the contribution of natural resources to economic well-being and the costs imposed by pollution or resource degradation. Environmental accounting sometimes referred to as "green accounting", "resource accounting" or "integrated economic and environmental accounting". Environmental Management Accounting EMA is a cover title used to describe different aspects of this burgeoning field of accounting. The focus of EMA is as a management accounting tool used to make internal business decisions, especially for proactive environmental management activities.
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In the past, environmental issues were often ignored by both, large companies and small medium enterprises. However, accounting for the environment or the acronym "Green accounting" is receiving increased attention in the recent times. Many companies, particularly small medium enterprises SMEs are now interested in being "green", as many investors place a high value on environmental responsibility. Many environmental costs can be significantly reduced or eliminated as a result of business decisions, ranging from operational and housekeeping changes, to investment in greener process technology to redesign processes or products. Industry and the green movement are tilting towards consensus on the pivotal concept of sustainable development. Better natural resource and green accounts would provide valuable insights into the interaction between the environment and the economy. However, implementing green accounting in organization such as SMEs in Malaysia, results in resistance or ignored due to some reasons such as lack of awareness, lack of ethical education, etc.
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Authors: Noor Mohammad. Environmental accounting is a recent phenomenon in the modern jurisprudence. It may reflect the corporate governance mechanisms in line with the natural resources and environmental sound management and administration systems in any country of the world. It may be a corporate focused on the improving of the environmental quality.