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TITLE PAGE ii DECLARATION iii CERTIFICATION iv DEDICATION v ACKNOWLEDGEMENT vi PREFACE viii ABSTRACT ix LIST OF TABLES xiv CHAPTER ONE INTRODUCTION 1.1 Background to the Study 1 1.2 Statement of the Problem 4 1.3 Research Questions 7 1.4 Objectives of the Study 8 1.5 Research Hypotheses 8 1.6 Significance of the Study 9 1.7 Scope of the

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Design and bases of environmental accounting in oil & gas and manufacturing sectors in nigeria

Design and bases of environmental accounting in oil & gas and manufacturing sectors in nigeria

TITLE PAGE ii DECLARATION iii CERTIFICATION iv DEDICATION v ACKNOWLEDGEMENT vi PREFACE viii ABSTRACT ix LIST OF TABLES xiv

Chapter ONE

INTRODUCTION

INTRODUCTION
1.1Background to the Study 1
1.2Statement of the Problem 4
1.3Research Questions 7
1.4Objectives of the Study 8
1.5Research Hypotheses 8
1.6Significance of the Study 9
1.7Scope of the Study 10
1.8Research Limitations 10
1.9Operational Definitions 12

Chapter TWO

LITERATURE REVIEW

LITERATURE REVIEW AND CONCEPTUAL FRAMEWORK
2.0Theory, Concepts and Models 15
2.1Social Accounting 15 2.
1.1The Social Contract Concept 16 2.
1.2Legitimacy Theory as pertaining to social disclosure 17 2.
1.3Quality of Life Theory 18 2.
1.4Risk Society Theory 19
2.2Environmental Accounting 21 2.
2.1Significance of Environmental Accounting 28 2.
2.2Land Degradation 30 2.
2.3Pollution 31 2.
2.4Levels of Environmental Accounting 32 2.
2.5Problems of Environmental Accounting 34
2.3Legal Foundation on Environment and Accounting 36 2.
3.1The United Nationsâ€™ Protocols and agreements on environment 36 2.
3.2The Kyoto Protocol to the United Nations framework on Climate Change 37 2.
3.3Accounting Guidance on Kyoto Agreement by Governments 39 2.
3.4Environmental Accounting implication arising from the Kyoto Convention 40 2.
3.5EU Directive on Environmental Issues in Company Annual Reports and Financial Statements 41
2.4Models 42 2.
4.1Market valuation of environmental capital expenditure 42 2.
4.2Environmental Cost Primer Model 43 2.
4.3The Cost Benefit Model 50 2.
4.4Eco-efficiency Framework 54 2.
4.5Environmental Quality Cost Model (EQCM) 57
2.5Environmental Audit 60
2.6Environmental Accounting and Reporting 61 2.
6.1ECQM and Financial Reporting 61 2.
6.2Cost Estimation for Environmental Accounting 64 2.
6.3Externality Environmental Costs and Property Rights 65 2.
6.4Internalizing Externality Costs 66 2.
6.5Accounting Standards on environmental issues 68 2.
6.6Treatment of environmental capital expenditure 73 2.
6.7Environmental Accounting for Market Driven Competitiveness 74 2.
6.8Environmental Disclosure 75 2.
6.9Institutional and Policy framework in Nigeria 77 2.
6.10Regulations, standards and codes on environment in Nigeria 79 2.
6.11Policy Assessment 81 2.
6.12Mandatory disclosure for corporate organizations in Nigeria 81 2.
6.13Environmental Standards in Nigeria 82
2.7Environmental Quality Reporting Model (EQR) and Research Operationalization 83

Chapter THREE

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY
3.1Research Design 85
3.2Area of Study 85
3.3Population and Sampling Procedure 86
3.4Sampling Technique and Size 88
3.5Environmental Quality Reporting/DisclosureModel Specification 90
3.6EOQ Model 1 93
3.7EOQ Model 2 94
3.8Data Descriptions 96
3.9Instrument Reliability and Validity 97
3.10Estimation Technique / Rating Scale 99
3.11Technique for Data Analyses 99

Chapter FOUR

DATA PRESENTATION AND ANALYSIS

DATA ANALYSIS AND PRESENTATION
4.1Sources of Data Collection 103
4.2Factor Analysis of Primary Data 106
4.3Secondary Data Analysis 107
4.4Test of Hypothesis 4 (H0) 110
4.5EQR Model 1 Regression Function and Test for Hypothesis 3 (H0) 115
4.6Primary Data Analysis 117
4.7EQR Model 2 118
4.8Tests of Hypotheses 1 and 2 119
4.9Responses to Questionnaire and interview with Environmental Policy Regulators 127
4.10Environmental Performance Reports in some companies in Nigeria 129
4.11Bases and Design of Environmental Cost Accounting 134
4.12Environmental Financial Statements (EFS) Model 135
4.13Reporting of Financial Statements to External Public and Accounting users142
4.14The United States Superfund 142

Chapter FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

DISCUSSION OF FINDINGS, POLICY RECOMMENDATIONS AND CONCLUSIONS
5.1Overview of the Study Objectives 147
5.2Discussions of Findings 148
5.3Policy Recommendations 152
5.4Conclusions 154
5.5Contributions to knowledge 155
5.6Areas of Future Research 156 References 157 – 170 Appendices 171 – 264LIST OF TABLES Table
2.1Environmental Costs in Firms 46 Table
2.2Decline in size of Marine Fishing in the Nigeria Niger Delta 55 Table
2.3Decline in size in Tonnage / Trawler of Marine Fishing in the Nigeria Niger Delta 55 Table
2.4Mangrove Conversion in Nigeria Niger Delta 56 Table
3.1Stakeholder Companies in the Oil and Gas Sector in Nigeria 90 Table
3.2Sample Companies by Year and Sector 101 Table 4.1a Environmental Quality Reporting Summaries in Secondary Data in the Sub-Sectors 105 Table 4.1b Summary of Data (Secondary and Primary) analyzed in Companies106 Table
4.2Environmental Quality Reporting 109 Table
4.3Test of Hypothesis 111 Table
4.4Regression 114 Table
4.5Environmental Quality Reporting through Primary Data 117 Table
4.6T-Test Paired Sample Statistics 119 Table
4.7Model Summaries of R-Squares 123 Table
4.8Regression Statistics 124 Table
4.9Environmental Financial Statement (EFS) Model 137 Table
4.10Environmental Financial Statement (EFS) adjusted profit and loss (highlighted) for three accounting years 139 Table
4.11Pro-forma consolidated external environmental cost accounts for A Company PLC 139 Table
4.12Pro-forma external environmental cost accounts 141 Table
4.13Costs of Environmental Measures 143 Table
4.14Recommendations for Environmental Reporting from the UN CTC ISARâ€™S 9th Session in the Directorâ€™s Report 144 Table
4.15UN ISAR Accounting Guidelines-Environmental Financial Accounting Recognition of Environmental Costs 145 Table
4.16Environmental Costs relating to current accounting period 146FIGURES Figure
2.1The GEMI Environmental Cost Primer Model – Cost Boundaries 44

Project Abstract

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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