It is the common understanding of natural environment that underlies environmentalism - a broad political, social, and philosophical movement that advocates various actions and policies in the interest of protecting what nature remains in the natural environment, or restoring or expanding the role of nature in this environment. The article brings forth the fact that the declining state of our environment has become a global epidemic and environment accounting can be utilized as an important tool for making the corporations around the world comprehend (becomes conscious) their accountability and thus help to maintain the environment. The article lays emphasis on the need for regulatory environment disclosures, preventive strategies that can be adopted by the companies, role of accounting professionals and the practices adopted presently in Japan & Europe. An attempt has been made to bring awareness in this direction and to initiate new ideas that can help in evolving effective methods of environment accounting and thereby taking steps towards protecting the Earth for subsistence.