Globally, environmental problems have negatively impacted every area of human endeavours. Global increase in economic activities and the growing challenges generated by environmental activities have made the traditional accounting system ill-equipped to provide adequate information about the environmental activities of organizations. Conventional approaches of cost accounting have become inadequate because they have ignored important environmental costs and activities impacting consequences on the environment. Corporate neglect and avoidance of environmental costing have left a gap of financial incompleteness and absence of fair view of financial information reporting to users of financial statements and environmental regulatory agencies. The study seeks to provide a theoretical overview of accounting for social and environmental challenges and pointed out the superiority of Environmental Accounting over the Traditional Accounting in this wise, Our review showed that environmental accounting operating expenditures are not charged independently of other expenditures. There is also, absence of costing system for tracking of externality costs. Environmental accounting disclosure does not however, take the same pattern among listed companies globally. Considering the current limited exposure of many organizations to environmental accounting methodology, this study proffers an insight into new bases and design for environmental accounting. This paper posits that a lot can be done to douse environmental and social challenges and pacify those directly affected by applying palliative and preventive remedies using environmental accounting aspects of corporate social responsibility (CSR) policies as a tool.