Environmental accounting regulation for protection and remediation - An UAE perspective

• Main Author: Inguva, Srinivas
• Format: Conference or Workshop Item
• Language: English
• Published: 2007
• Subjects: HF5601 Accounting
• Online Access: http://repo.uum.edu.my/2562/1/Srinivas_Inguva.pdf; http://repo.uum.edu.my/2562/

The purpose of any accounting system is to provide managers across the organization with information that facilitates not only Control of activities and refinement of operational plans but also the accountability. With changing accounting policies both the corporate and financial worlds’ effective and consistent deployment of accounting logic by keeping environmental protection is highly essential for rapidly polluting current environment. In years past, environmental issues were often ignored by both corporations and individuals. Environmental accounting is used to determine measures to promote sustainable environmental management. Implementing measures that strike a balance between cost reduction and environmental impact reduction is crucial to promoting sustainable environmental management. The release of new International Accounting Standards (IAS), the World Bank, United Nations, and International Federation of Accountants (IFAC) environmental guidance documents has added pressure to the IASC to come out with an environmental standard. UNCTAD has been at the forefront of work on environmental accounting. The Group recommended that it concentrate its future efforts on examining available guidance on the main issues in environmental financial accounting and on identifying key environmental performance indicators and their relation to financial performance. Ultimately, this has given a focus to form a framework for environmental accounting which may be used by national standard-setters. Such a framework will comprise a set of recommended "best-practices" which will be drawn from the work of national professional accounting bodies, industry groups and accounting standard setters. The present study is aimed to focus the environmental accounting issues and the legal frame work for environmental protection and remediation in the UAE. The required information for the study has been collected from secondary sources those include the official publications of the government and non government agencies. The study is limited to the law and regulation related to the environmental accounting issues in the UAE and; the summary of the study would reveal the effective environmental protection and remediation frame work for current environmental accounting practices in UAE.