Existing research argues that impressive environmental and economic benefits can be and have been achieved with Material Flow Cost Accounting (MFCA). This paper examines the body of literature on MFCA and identifies a limited application of MFCA in comparison to its potential application. Examining the scope of MFCA shows that the methodological proposals and applications are largely focused on production related decisions. So far, the growing (but still limited) body of research on MFCA has not been linked with the conceptual developments in environmental management accounting (EMA). By conducting a literature review based on the EMA framework, additional decision situations and decision makers are identified and the potential benefits of expanding MFCA are discussed. This paper provides a research agenda both for developing MFCA tools and subsequently for spreading them to new areas, where they can contribute to the sustainable development of organizations, the economy and society. Practitioners could benefit from this paper by considering additional areas of applications for MFCA in the specific settings of their company.