National Regulation on Green Accounting, 2002.

Iceland Current 2002

The National Regulation on Green Accounting (Reg. 851/2002) amended Act No. 7/1998 on Hygiene and Pollution Control, to require companies operating in environmentally-sensitive sectors to disclose environmental sustainability information related to their operations. The Act had already been amended in 2001 to make it mandatory for businesses in specific polluting industries to keep green accounting: material accounting with quantitative information on the status of environmental affairs. According to the provisions of regulation 851/2002, in their annual reports companies shall include information on the use of raw materials, energy, geothermal water and cold water in the accounting period, as well as the main types and quantities of chemicals that cause pollution. In Action 32 of the 2011 Parliamentary Committee Report it was decided that Regulation 851/2002 shall be amended, based on the accumulated experience of the previous decade. Special emphasis will be on monitoring accounting practices with respect to their reliability, in order to meet requirements on clarity of information and on environmental protection.

Scope

Environmental

Industry sectors covered by the instrument

Specific sector/s

Organizations covered by the instrument

Companies operating in environmentally sensitive sectors

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners