Abstract

Author:
Noluthando Mhlongo, Funmilola Olatundun Olatoye, Rosita Eberechukwu Daraojimba, Oluwatoyin Ajoke Farayola, Emmanuel Osamuyimen Eboigbe

Doi: 10.26480/egnes.02.2024.76.83

This is an open access article distributed under the Creative Commons Attribution License CC BY 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

This comprehensive review examines the role of environmental accounting in the United States, analyzing its impact on sustainable business practices and global leadership. The study employs a systematic literature review methodology, focusing on peer-reviewed articles published between 2015 and 2022. The research design and approach, along with stringent criteria for inclusion and exclusion of sources, ensure a robust analysis of the evolution, current state, and future prospects of environmental accounting in the U.S. Key insights reveal the significant evolution of environmental accounting in the U.S., highlighting its growing importance in sustainable business practices. The study explores the historical development, current trends, and successful case studies, providing a comparative analysis with global practices. It emphasizes environmental accounting as a driver for sustainability, impacting corporate social responsibility and reporting. The challenges and limitations in implementation are also critically examined. The review identifies the U.S. as a pivotal player in the global context of environmental accounting, influencing international policies and standards. It underscores the potential future directions for global leadership in this field. The role of technology and innovation in enhancing environmental accounting practices is highlighted, suggesting a promising future characterized by increased efficiency and accuracy in environmental reporting. Strategic recommendations for stakeholders include embracing technological advancements, fostering transparency, promoting education and awareness, and engaging in international collaborations. The study concludes by emphasizing the need for future research focused on the impact of emerging technologies, the development of global standards, and the exploration of the relationship between environmental accounting and corporate financial performance. This review contributes to the understanding of environmental accounting’s role in fostering sustainable business practices and positions the U.S. as a leader in global environmental stewardship.