Civilization Costs Mother Nature: Tracing the Conceptual Ideals and Legal Landscape of Environmental Accounting in Bangladesh

Abstract

Today, environmental conditions are deteriorating fast, and a tragedy is imminent. Business's careless environmental practices largely cause these transformations. Thus, corporations must demonstrate morality through protecting the environment (Shil & Iqbal, 2005). Bangladesh has inadequate waste management, air and water pollution, and land degradation (Masud et al., 2017). So, environmental deterioration and natural resource waste must be avoided for future generations (Gao, 1995). Due to these challenges, universities, government, and advocacy groups have intensified social and environmental research (Abdalla et al., 2014). This research aims to comprehensively examine the existing literature on Environmental Accounting (EA) and establish EA's conceptual and legal foundations in Bangladesh. This study analyzes Environmental Accounting and Reporting (EAR) scholars' concepts rigorously. Additionally, it delves into the legal framework by analyzing relevant laws and international treaties, conventions, standards, codes, and guidelines related to EAR. This study also reviews Financial Accounting Standards (IFRS & IAS) relevant to EAR. This concludes that different authors conducted substantial research at different junctures. They presented several ideological frameworks, and this paper uses Michael John Jones' probable conceptual model for EAR, environmental accounting within a neo-classical framework, and Simon S Gao's suggested new framework (1995). Bangladesh also has several EA regulations, international treaties, agreements, and standards. These frameworks will be the foundation of future EA research.

Keywords:Environmental Accounting (EA), Environmental Accounting and Reporting (EAR) Framework, International Accounting Standards (IAS), International Financial Reporting Standards (IFRS), International Accounting Standards Committee (IASC), International Accounting Standards Board (IASB).

DOI: 10.7176/RJFA/14-19-01

Publication date: November 30^th 2023