The entire universe is dependent on the balance of the five basic elements namely earth, water, air, fire and space. Excessive or injudicious use or exploitation of any of the basic elements causes imbalance in the mother nature. Thus it leads to the changes in environment because the nature tries to maintain its balance. Environmental Changes have become a global issue, and the situation is rapidly deteriorating, directly and indirectly affecting global social, economic and ecosystem. One current argument is that corporate world are unconcerned about the environment, thus policymakers revised the accounting model and included Green accounting to make them accountable. The Green accounting system ensures that the costs to the environment are also considered and accounted for while calculating the cost for goods and services. This paper highlights the need, and importance of green accounting. The study introduces and explores the "True and Thrift” Accounting Model. In this model "True" means to keep accurate records. "Thrift" is to reduce unnecessary consumption.. This model aims to make people less dependent on materials and change people's high-energy-consumption lifestyles to low-energy and consumption lifestyles. The study firmly believes that it is not the time to do addition any longer in terms of the cost to environment. Instead, we need to do subtraction, preservation and conservation. We should look at accounting as a whole instead of accounting for everything separately, e.g., social and environmental accounting, biodiversity accounting, carbon accounting, health and safety accounting, ecological accounting, and sustainability accounting. In our country, We produce an incredible amount of trash. Rich and Wealthy consume and discard, yet refuse to give to the poor. Many rich and influential users often go for adoption of new product with latest features even if the balance life of the older version of the product was still there and many of the older products are in good working conditions. This discarding of older products before expiry of their working life cycle often leads to waste generation. Handling and safe disposal of this waste is fast becoming a new and serious challenge. The study focuses on the mantra of Reduce, Recycle and reuse for saving the environment from the damages being caused by excessive exploitation of scare natural resources. Now the mantra of reduce, recycle and reuse need to be strengthened and augmented by Introduction of Green Credits and rebuilding a relationship with Truth and can restore a harmonious relationship with nature and between ourselves. This paper has various sections. Section 1 provides an Introduction, objective, and literature review. Section 2 Outlines the scope & methodology, Need, and importance of Green Accounting,. Section 3 Renew and Redefined model of accounting. Section 4 offers concluding remarks. Finally, the study also highlights some suggestions.