Exploring Environmental Impacts and Responses in the Conduit to Sustainability Accounting in an African Country (original) (raw)
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Vocational and Technical Education Journal, 2020
The depletion of the ozone layer of the earth's atmosphere caused by emission of gasses through industrial activities and processes have given rise to various environmental hazards such as direct ultraviolet rays to the earth surface, global warming, pollution and loss of aquatic lives. One of the major contributors to industrial gas emissions are the oil producing companies. This study tends to explore the environmental accounting practices adopted by the oil companies in South-South Nigeria to determine if the companies have taken cognizance of the hazards caused to the environment through their business activities. The study adopted survey design. The population of the study is 73 consisting 41 accountants from the five selected oil companies and 32 Chartered Accountants from accounting firms. The study adopted purposive sampling technique. The instrument for data collection was a structured questionnaire. The instrument was face-validated by three experts. Two experts from the Department of Business education, University of Nigeria, Nsukka, and one from chartered accounting firm. The reliability of the instrument was tested using Cronbach Alpha reliability coefficient. Mean and standard deviation were used to answer the research questions, while the hypotheses were tested using t-test at 0.05 level of significance. The study found that there is no statutory demand for corporate reporting of environmental accounting of the oil companies in Nigeria. The study therefore recommended that government should through the Ministry of Environment and natural resources and accounting regulating bodies make environmental corporate disclosure a compulsory practice by oil companies in Nigeria.
INOSR ARTS AND HUMANITIES 6 (1), 2020
Sustainability reporting has gained global attention in recent times. This is in view of the fact that activities of companies impact positively or negatively on the environment on one hand, while the effect of the environment on the companies could either be to their advantage or disadvantage. This study attempts to explore literature on the concept, development, concerns and importance of environmental accounting. It went further to review the perception and the challenges of implementing environmental accounting in Nigeria. The data for the study were obtained through questionnaires which were administered on randomly selected accountants. The analysis of the data was done through simple percentages. It was found thatmajority of preparers of financial statement do not have sufficient awareness of environmental accounting. It was also discovered thatenvironmental accounting reports are reflected scantily in the annual reports of companies. Moreover,most companies disclose information on environmental accounting in a manner suitable to them. The study recommends amongst others that appropriate legislation be instituted to guide in the presentation of environmental information in the annual reports of companies.
THE IMPACT OF ENVIRONMENTAL ACCOUNTING ON COMPANY'S SUSTAINANBILITY IN NIGERIA
THE IMPACT OF ENVIRONMENTAL ACCOUNTING ON COMPANY'S SUSTAINANBILITY IN NIGERIA, 2020
Most oil and gas quoted companies in Nigeria has often given insufficient attention to the communities where they operate, this is usually because of the need to regularly increase their profit maximization strategy. This study focuses on the impact of Environmental accounting on company's sustainability of selected companies in Nigeria. It is based on primary and secondary data. The primary data were obtained from questionnaire distributed to the selected oil and gas companies while the secondary data were obtained from the annual report of the companies considered. The syudy used variables such as environmental accounting and financial performance which were represented by questions relating to environmental cost in the questionnaire and profit after tax from annual report of the selected quoted companies. These variables were analyzed using linear regression analysis and the result of the analyses shows that there is significant relationship between environmental disclosure and return on equity of the selected quoted oil and gas companies. Therefore, as a result of this finding, the study concluded that oil and gas producing companies should give preference to their environment so as to improve their future performance and profitability of their operations.
Environmental Accounting for Sustainable Development in Nigeria
Journal of Accounting, Business and Social Sciences, 2016
This paper examines the impact of environmental accounting on sustainable development in Nigeria. The study used content analysis research design. The extant literature reviewed that the efforts made by the Nigerian companies to make environmental disclosures deserve appreciation, but in most cases the quality and quantity of disclosures are not satisfactory as observed that environmental accounting has positive impact on sustainable development in Nigeria. The paper concludes that the impact of environmental accounting is that organizations can track their environmental data and other green house gas (GHG) emission against reduction targets, and facilitates environmental reporting to provide sustainability related data that is comprehensive, auditable, and timely to advance and strengthen the interdependent and mutually reinforcing pillars of sustainable development-economic development, social development and environmental protection in Nigeria. The paper recommends that a standard should be developed by regulatory bodies to guide the practices of Environmental Accounting.
The study involved a benchmark analysis and examination of the state of sustainability accounting and reporting of four gold mining companies in Ghana from 2009 to 2015 comparing and contrasting the sustainability accounting processes and the sustainability indicators being adopted by the these companies as far as sustainability reporting initiatives are concerned. Further, the purpose examines the accounting convention, traditional or otherwise, used to recognize, measure and disclose transactions relating to the environment of four large-scale gold mining companies in Ghana. The study draws extensively on publicly available official documents and interview data. Based on the responses from the interview respondents and information from the publicly available official documents, it develops a case report based on the key questions and other themes that emerge from the literature and the empirical material. The study reveals that environmental accounting and reporting are now critical strategies that environmentally sensitive industries like gold mining companies are seriously tackling. The findings show that although the conventional accounting system was used in the recognition and measurement of environmental transactions, the nature of environmental accounts, presentation and disclosure varies across the companies. Some reports were stand-alone while others were integrated in the main annual reports. The main significance of the study is that the findings, thus, reinforce the proposition that the need for decoupling environmental accounting and reporting within the broader sustainability reporting
This research paper seeks to establish Environmental sustainability Accounting and the performance of Oil & Gas Companies in Rivers State, Nigeria. To achieve the objective of the study, hypotheses were formulated, and a review of related literature was made. The hypotheses were tested using multiple regression analysis with the aid of E-View, using a 5% level of significance. Based on the findings of this study, we conclude that the disclosure of human resources disclosure and environmental sustainability disclosure significantly affect the financial performance of oil and gas companies in Rivers State. It was recommended among others that the government should put in place suitable legislation for all companies to make adequate disclosure of their activities to the Environment, and firms should formulate and implement environmentally friendly policies.
Environmental Accounting and Financial Performance of Oil and Gas Companies in Nigeria
2019
Environmental accounting serves as a systematic approach in managing the environmental aspects of company activities. The shift in business economics towards environmental issues has led to the realization of the increasing importance of research in environmental accounting. This study employs the use of questionnaires in order to receive direct (primary) information from companies that produces environmentally friendly products. The findings in this study suggests among other things, that lack of environmental reporting and disclosure standards significantly affects the reporting and disclosure uniformity of environmental related information in financial statements, annual reports and accounts. Thus, environmentally friendly organizations who voluntary disclose their environmental activities enjoy high level of competiveness. Still, such disclosure is guided by the social responsibility and commitment on the part of entities that work as strong agents for polluting the environment. Conclusively, issues related to financial performance, managerial accounting, external and internal auditing, tax and financial accounting need to be studied further in order to deal with other environmental issues effectively. This study thereby gave some recommendations among others is the recommendation that government should make environmental reporting in annual reports compulsory since most organizations hardly report their environmental activities in their reports.
JOURNAL OF ECONOMICS,MANAGEMENT AND SOCIAL SCIENCES,FEDERAL UNIVERSITY WUKARI, 2020
This paper examined the level of environmental accounting practice in Nigeria. The aim of it was to provide information on how environmental accounting could be used to enhance sustainable development in Nigeria. The exploration of natural resources in Nigeria has increased over the years and this has negatively affected the living standard of Nigerians greatly. This can be seen as the weather conditions are changing and the seasons in the country are gradually becoming abnormal. Experts have explained that it is as a result of the depletion of the ozone layer. This paper takes a look at the need for organizations to account for the effects of their organizational activities on the environment. Also, adequate recommendations were made to ensure a sustainable development in Nigeria through environmental accounting.
Integrating Environmental Accounting into Ghana ’ s Emerging Oil and Gas Economy
There is an increasing interest, study and research at different scales of reference and analysis into environmental protection and its relationship tosocio-political and economic variables at all levels.Thispaper investigates and examines how emerging oil and gas economics like Ghana, could integrate Environmental Accounting into their respectiveNational Accounting Systems (Gross Domestic Product).Although exploratory, descriptive and empirical in nature, the preliminary methodology thus adopted for this research paper is based on the approach of the System of Integrated Economic and Environmental Accounting (SEEA) developed by United Nations and the World Bank. The SEEA attempts to integrate many of the different methods proposed for environmental accounting into a single organized framework. The emphasis is on a nation’s macro-economic measures of the National Income Accounts in which economic indicators such as Gross Domestic Product are measured. Henceforth, environmental accou...
The Impact of Environmental Accounting and Reporting on Sustainable Development in Nigeria
Abstract The consumption of natural resources and incessant emissions of greenhouse gases in Nigeria are on the increase, and stakeholders are agitating increased information on organizations’ interactions with the environment. The study evaluated the relationship between environmental accounting and reporting and sustainable development in Nigeria. Pearson correlation coefficient and OLS were used for data analyses, and was discovered that there is a significant relationship between environmental accounting and reporting and sustainable development; that with environmental accounting encourage organizations to track their GHG emissions and other environmental data against reduction targets, and there are consequences for noncompliance with environmental accounting and reporting. It was recommended that acceptable standard such as ISAR be acknowledged and Graphical indicators be adopted illustrating to users on timely basis whether the organization is performing above, below, or in-line with the targets so that corrective actions can be taken as needed to successfully execute on sustainability initiatives. Keywords: Environmental Accounting, Sustainable Development, Ozone Layer Depletion, Green House Gases (GHG), Water Usage, Material Use, Energy Usage