Critically discuss the development of green and ethical accounting Essay

Critically discuss the development of green and ethical accounting practices as a new accounting discipline - Essay Example 36). Anticipations of high principles of ethical corporate conduct are rising as corporations face economic and legal penalties for pursuing illegal and unethical practices. Businesses cause environmental degradation, which have negative impacts on society. Environmental degradation is an ethical concern among businesses and society. As a result, businesses have developed corporate strategies in order to address the growing concern of unethical behavior such as environmental degradation (Gowthorpe & Blake 1998, p. 178). This paper seeks to discuss the development of environmental and ethical bookkeeping practices as a new bookkeeping discipline. Green and Ethical Accounting Practices The advantage of corporate environmental bookkeeping initiative is recognized the capability, to establish and create consciousness regarding expenditures related to surroundings, which in turn assists in identifying the methods for avoiding and reducing such costs. This corporate environmental initiativ e has assisted in the improvement of the environment. The ecological costs that arise as a result of the financial results of a company’s operation may be established by means of environmental bookkeeping tool. The operational performance of an organization may be established with an aid of certain processes such as documentation and exposure of emissions of conservatory gases (Farouk, Cherian & Jacob 2012, p. 37). Aronson and Lofgren (2010, p. 21) argue that society commends for the ecological responsible conduct from businesses and government by investigating the environmental degradation and tragedies of world’s ecosystem. Businesses are given this responsibility by the society for solving the ethical troubles by considering either preserving the environment or promoting their profit. Wells (2013, p. 13) argues that there ought to be homogeneous and quantitative measures with an aim of controlling the business activities polluting the surroundings before executing a condition in which businesses are required to clean the effluence emitted by them. It is better preventing environmental degradation rather than avoiding since most of the ecological damages may not be restructured. Wells (2013, p. 18) recommends the establishment of environmental bookkeeping system in order to avert environmental degradation. The system deems the monetary measures, which have an impact on energy generation and utilization on environment. As a result of the process, the energy plant that highly affects natural resources is deemed and consequent actions needed are conducted. He also recommends that ethical predicaments may be resolved when ecological stewardship is put in terms of monetary way, and that achieves extra significance from business. The significance of the ecological predicaments has been augmented, as a result, of the continuous degradation of ecosystem and increasing ecological tragedies. Schaltergger & Burritt (2000, p. 44) argues that in order to en tail ecological predicaments in normal life it is imperative to consider these predicaments with respect to legal, technical, economic, financial and accounting levels. In view of the ecological factors in terms of the economy for instance costs of products and services,