Global warming - Accounting for emissions and issues thereon

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Abstract

It is seen that companies across the countries lack a proper system for accounting and valuation of emissions because the government bodies and standard setters have not been in a position to arrive at a consensus on an acceptable treatment such that the matching concept convention is not violated. The current systems adopted in some countries are seen to cause mismatch in accounting and reporting. Emissions and the resultant effect on climatic changes are persistent problems as of date. While the role of the government is sought to be enhanced to include addressing issues concerning global warming, it is indeed challenging for the auditors as well since statutes do not require any such reports and the auditors might lack the expertise to provide such reports while adhering to 'true and fair view' reporting. With cooperation of all nations, emissions can be controlled to a certain extent provided political consensus is arrived at among the countries. The accounting and the auditing profession should equip itself with proper accounting framework and guidelines to address environment related issues without marring 'true and fair view' of financial statements.

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APA

Ramachandran, J., & Subramanian, R. (2011). Global warming - Accounting for emissions and issues thereon. Corporate Ownership and Control, 8(2 G), 427–435. https://doi.org/10.22495/cocv8i2c4p2

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