GREEN ACCOUNTING - THE FIFTH ELEMENT OF A THE BALANCED SCORECARD

Managing a company is conditioned by many factors. Among them there are ecological factors closely associated with the consumption of natural resources in the production and the capacity of the natural environment . Depletion of natural resources, constantly progressing environmental degradation are forcing entrepreneurs to focus in addition to profit maximization, also on achieving objectives for the protection of the environment. Entities are increasingly including pro-ecological activities in its core business. Thereupon, the demand for information dealing with this area of activity is increasing and thus it becomes necessary to calculate and determine the costs associated with this segment. Appearing in the economic practice problems with the identification, measurement, valuation and disclosure in the costs and benefits statement of pro-environmental projects is a challenge for modern accounting . Taking the measurement of appearances and processes associated with the natural environment may consist of modification in the already existing accounting system or the separation of the environmental accounting system. For the purpose of generating, processing and presentation of environmental information, it is considered necessary to integrate management accounting and financial accounting tools. Pro-ecological activities of the enterprises are no longer considered only as a source of cost to them, but are increasingly being recognized as an asset, perceived in the sphere of strengths and opportunities for the future. The need to disclose the financial aspects of environmental protection in the company financial statement is dictated by the economic consequences of these activities affecting its property and financial situation. Currently reporting covering environmental issues goes beyond the typical financial statement, representing mostly a separate report or a separate chapter of the statement and information concerning costs associated with environmental protection are usually qualitative data and do not indicate their impact on the company financial position.