The STAR1 magazine reported ‘---environmental degradation in the river water from untreated domestic and industrial effluent has reached such an alarming level that it posses a significant threat to public health, ecosystem and economic growth of surrounding areas.’ This is one of the many examples of water pollution threaten public lives and economic growth in the country. As the indiscriminate dumping of industrial effluents continues, the once vibrant river is on the brink of untimely death. Mushrooming of modern buildings for supermarkets, industrial set up, business houses and residents killed the canal and ponds already. Country’s economic growth is emerging at heavy cost for the society and environment as well. Essentially, therefore, industrial and business houses should take initiatives for a sustainable environmental conservation. Environmental accounting and reporting of business houses can be one of such initiatives that indirectly play a vital role to check pollution resulted from industrial effluents. This study thus purposively investigates the existing laws for environmental accounting and their implications while industrial and corporate houses prepare annual reports. We found a little implication and the business houses disclose a meager amount of environmental information voluntarily as part of their publicity.