Design and Bases of Environmental Accounting in Oil & Gas and Manufacturing Sectors in Nigeria
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Abstract on Design and Bases of Environmental Accounting in Oil & Gas and Manufacturing Sectors in Nigeria
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 gap of
financial incompleteness and absence of fair view of financial information reporting to users of financial statements, environmental regulatory agencies and the general public. The research instruments utilized in the study were primary data survey and secondary data elucidation. For this purpose, cross-sectional and longitudinal content analyses were carried out. The test statistics applied in this study were the t-test statistics, Pearson Product-Moment correlation tests, ANOVA, and Multivariate Linear Regression Analysis. The study investigated best practice of environmental accounting among companies currently operating in Nigeria. Specifically, the study assessed the level of independence of tracking of costs impacting on the environment; level of efficiency and appropriateness of environmental costs and disclosure reporting. Findings are that environmental 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 in Nigeria. 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. Recommendations among others are that corporate organizations should develop Plans and Operating Guidelines expected to meet
Industry Operating Standards which should focus on minimizing impact on environment. There should be continued evaluation of new technologies to reduce environmental impacts. Standard cost accounting definitions should be agreed for environmental spending, expenditure and management accounting in the Oil & Gas and manufacturing sectors operating in Nigeria. Both the Nigerian Securities and Exchange Commission (SEC) and accounting practice in Nigeria should consider the urgency of placing demand for mandatory environment disclosure requirement on corporate organizations which impact degradation on the environment.
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