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The Institute of Environmental Accountants was incorporated on the 28th day of April, 2008 by the Corporate Affairs Commission under section 26(1) of the Companies and Allied Matters Act (CAMA) 1990 of the Federal Republic of Nigeria with registration number RC 744380.

“Environmental accounting is a broad based term” otherwise known as “resource or wealth accounting”, “green accounting,” “social accounting” or “integrated economic and environmental accounting”: It refers to that aspect of accountancy that deals more specifically with environmental concerns which incorporate  the modification of system of National Accounts to incorporate the use or depletion of natural resources i.e. the aspect of the information system that enables data collection and valuable policy analysis for major economic indicators including gross domestic product (GDP), gross national product (GNP), performance follow-up, decision-making and accountability for the management of environmental costs and risks. Environmental Accounting
deals with the ways where the existing accounting theory and practice fail to adequately account for the increasing environmental concerns and crises which are attributed to the economic activities of nations, states and organizations.

Taking care of the environment has become an enormous preoccupation virtually around the world and accounting for the environment and related issues are beginning to take on increasing importance/demand.

Environmental accounting evolved since the 1970s through the efforts of individual countries and practitioners, each developing their own frameworks/methodologies and techniques to represent their environmental policies/priorities.