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ARTICLE BY B C THIMMAIAH
1.
1 Page 1-12
© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 Environmental Accounting and Reporting on Organisation – The Next Generation Importance and Impact Dr. Thimmaiah Bayavanda Chinnappa Professor Department of Management Ivane Javakhishvili Tbilisi State University, Georgia Corresponding Author’s Email id: proftbc@gmail.com Abstract This paper attempts to give an overview of the development of social accounting and corporate social responsibility. Emphasis has been made on the environmental accounting and reporting, its benefits, approaches, existing scenario of reporting and reporting in India. Conclusions are drawn showing impact of environmental accounting and reporting on organization together with, attempts to influence or capture the process of increased disclosure. A sage said, “What gets measured gets managed”. What counts is an ambitious effort to apply environmental accounting to organizations, to make sure that “what counts” about these organizations gets counted and explicitly accounted for. Keywords: Environmental accounting, Reporting system, Valuation techniques, Organizational Performance INTRODUCTION Country like ours, which is in the process of developing are facing the problem of protecting the environment and promoting economic development simultaneously. A balance between environmental protection and development is required. For this purpose, measurement of the impact of the environment caused by the economic activities of the corporate sector is very essential. Though the social and environmental accounting research literature has developed at a rapid rate since 1970 leading to attempt at classification and codification in the Indian context, the corporate sector is not
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 very enthusiastic about it even if they are doing so, they do it to fulfill the legal requirement in order to avoid litigation. In the present world rapid industrialization has threatened the world ecological balance seriously. As a result, the green house and other related problems are posing threat to mankind world over. So it is the responsibility of everyone on this earth to think and act accordingly for the sustainable development of the environment. In many developed countries, the environmental matters have assumed topmost priority. There is a growing pressure for the corporate to consider environmental effects of their operation. As a result, accounting and disclosure of environmental matters have been rapidly emerging as important dimensions to assess the performance of organizations. A business enterprise should encompass the following factors besides profit earning. a) Benefit the local people. b) Preserve the quality of life and environment. c) Preserve scarce resources. d) Preserve health and safety of the staff, Consumers and local people. e) Avoid premature redundancy of workers. f) Develop and maintain employee’s g) Socio-Economic objectives. A REVIEW ON AVAILABLE LITERATURE SOCIAL AND ENVIRONMENTAL ACCOUNTING Social and environmental accountings have attracted comments and proposals from a wide spectrum of opinion. These range from those of the critical , who are concerned about managerial capture and the perpetuation of what they regard as dysfunctional social and commercial structure, to the proponent of the ‘BUSINESS CARE’, who agree that business should only respond to these challenges where there is an opportunity to increase returns on capital. It is agreed in the Business Care scenario, that the way forward is to convince business to make change to procedures and processes because it is profitable to reduce waste, and beneficial in terms of organizational legitimacy, and not because it is right to do so. Historically, corporate performance has been measured by means of limited financial disclosures aimed at a restricted readership. Overtime, the readership has widened, the disclosure have become more
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 structured and both wider and deeper, through the implementation of both legislative and professional requirements. More recently social and environmental reporting has been advocated, and the future is likely to include more detailed reporting, to a broader range of stakeholders. There is a growing demand for on activities, which reflect the contribution of an enterprise to the society as a whole. SOCIAL ACCOUNTING: DEFINITION Social accounting is defined by the NAA committee as “The identification measurement, monitoring and reporting of the social and economic events of an institution on society. It is intended for both internal managerial and external accountability purposes, and is an outgrowth of changing values that have led society to redefine the Corporation’s Social Responsibility”. Social accounting is a branch of accounting which attempts to measure the social benefits, that an organization provides and the social cost that an organization incurs. SCOPE OF CORPORATE SOCIAL RESPONSIBILITY The five possible areas in which corporate social objectives may be found are: a) Net income contribution. b) Human resource contribution. c) Public contribution. d) Environmental contribution. e) Product or service contribution. f) Optimum utilization of Natural Resources in order to achieve Socio- Economic objectives rather than exploiting them. The term contribution includes social costs as well as social benefits associated with organization activities. ENVIRONMENTAL ACCOUNTING: MEANING AND DEFINITION Environmental accounting refers to accounting that includes environment goods and services. It is a process of economically recognizing the exhaustion of natural and free goods and services in the process of making economic goods and services, analyzing reciprocally and balancing the benefits rendered by the environment to a corporate citizen and the costs and benefits tendered to the environment by the corporate citizens. Environmental accounting can be defined as follows “Environment accounting is a method of keeping accounts of natural resources and environmental element, by which efforts are made to get an idea of
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 nations economic activity, social welfare and maintenance of natural resource”. OBJECTIVES OF ENVIRONMENTAL ACCOUNTING a) Better management of environment costs. b) Better formulation of business strategies. c) More accurate cost of product and processes. d) Discover new opportunity to minimize environment cost through environmental thinking. e) Includes potential environmental in appraisal process and investment analysis BENEFITS OF ENVIRONMENT ACCOUNTING a) Better opportunities to minimize compliance costs and reduce operating costs. b) Reduce costs through energy and resource conservation c) Aid strategic decision making regarding continuing or abandoning a particular product or process. d) Gain a competitive advantage by minimizing environmental impact through improved design or product, packages and process. PROCEDURE OF ENVIRONMENTAL ACCOUNTING The following procedure is Adopted for the Environment Accounting a) Profit and Loss Account: All revenue expenditures required for the protection of environment should be debited to the profit and loss account. b) Balance Sheet: The organization should prepare environment balance sheet. All natural resource which are consumed and exhausted by the organization should be shown as assets. The expenses for the same are the liabilities of the organization towards the society. c) Budgets: The Environmental Budgets should be prepared by the organization to ascertain the amount to be allocated for environmental activities. The organization should check whether such amount is actually spent on the environmental activities. The responsible person should check and verify how far the amount is really spent on environmental activities. d) External Reporting: The organization should report for the environmental activities, the cost imposed by the business organization on environment,
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 benefits rendered by the business organization, benefits received from the environment and the cost imposed by the environment. The reporting will fulfill the social responsibility. THE MAJOR BURNING ISSUE AND CHALLENGES BEFORE THE ACCOUNTANT ARE AS FOLLOWS: a) How can one assess the impact of the business organization or environment? b) How to value environmental metamorphosis caused by a business organization? c) What criteria should be evolved to assign monetary value to the environmental changes? d) How to depreciate environmental assets? e) How to estimate the remaining natural resources? f) How the cost, revenue, depreciation and value of natural resource should be accepted for in the books of accounts of the organization? LIMITATIONS OF ENVIRONMENTAL ACCOUNTING 1. Poor Valuation Techniques The techniques for estimating the social values of environmental goods and services are still imperfect, misleading and controversial. 2. Partial Values The values of eco – system components are derived from a diverse range of attributes and functions and shadow pricing techniques capture only a few of them. While the human values assigned to eco – system components have steadily increased, the techniques for measuring them have become more complicate. In contrast to market prices, shadow prices are still only partial valuations. 3. Uncertainty in Values Estimated values for environmental goods and services are often only partly or poorly quantitied or quantified in terms which have no fixed conversion to money. 4. Changing Social Values Social values placed on environmental goods and services are changing so fast that the estimates are likely to be obsolete before they are available for use. The social values are set by the relationship between the quality of environment and the quality of human life. The relationship between material possession and material well being is also a relative one 5. Non – Economic Values There are human values, which are non – economic values. Environmental accounting is a tool in decision – making.
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 In many cases economic values outweigh non – economic ones. 6. Individual and Aggregate Values Economics defines social values as the sum or aggregate of individual values. Effectively, it deals with averages. Different individuals have very different relative preferences for different purchasable and un purchasable goods and services. The relative values of time and money differ between individuals. The individual preferences can be aggregated in any meaningful way to provide a measure of preference for society as a whole. 7. Incremental and Relative Values Economic values are relative, non – intrinsic or absolute; and they are incremental or marginal, not total. 8. In Applicable Assumptions The reason for estimating economic values for environmental goods and services is to include those values in cost – benefit, cost – effectiveness, input – output or other economic analysis. Such techniques however are based on assumptions and if these do not apply in particular cases, conclusions based on them may be wrong. So every analysis should make its assumptions explicit and examine the sensitivity of its conclusion to failures in these assumptions. 9. Uncertainty and Risks There is a need to estimate cost and benefits not just for events that we are confident will occur, but also for those with low probability. There is also need to know how to allow for uncertainties in estimates of costs and benefits. 10. Lack of Reliable Industry Data Often due to unrecorded environment cause and the difficulty in extracting and separating environmental costs, the industry data is usually unreliable. The industry’s concern to maintain confidentially and wisely differing accounting systems also makes the job very difficult. ENVIRONMENTAL REPORTING Environmental reporting means in- corporation of environmental issues into the Corporate Annual Report by corporate entities. It denotes voluntary or involuntary disclosure by corporate entities on the impact of its activities on environment.
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 BENEFITS OF ENVIRONMENTAL REPORTING 1. Reporting on environmental performance strengthens the company’s commitments to gaining a higher level of environmental performance. 2. Environmental reporting would discharge of the organizations accountability and increase its environmental transparency. 3. Reporting on environmental performance demonstrates progress made. 4. Reporting on environmental performance allows problem to be identified. 5. Reporting on environmental performance assists in improving public relations for companies. 6. Environment reporting helps negotiation of the concepts of environment and determines the company’s relationship with the society in general and environmental pressure groups in particular. By taking this enlightenment approach of environmental reporting, companies can increase their image of enlightenment to the outside world and are regarded as ‘Enlightened Companies’. ENVIRONMENT REPORTING: SOME APPROACHES Companies of most of the countries adopting different approaches (to presenting their environmental disclosure) as the environmental reporting are not regulated in these countries. The environmental disclosures practices normally falling into three categories: a) Descriptive and Performance Reporting U.K Companies tended to lead the development of the ‘descriptive and performance approach’ to environmental reporting. This report includes description of environmental policies and corporate activities plus data on performance in such areas as emissions, control and energy savings. b) Quantitative Environmental Accounts The quantitative accounting approach to environmental reporting has tended to some from main land Western Europe. This approach was developed by German, Australian and Swiss companies are greatly influenced by the work of Institute of Environmental Research in economics of Germany and Austria. The report describe the company’s environmental policy, the scope of its
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 market share of ‘Eco–Friendly’ products, and also show the resources used by a company and illustrate the efficiency with which these have been employed. Most of these reports include a form of a ‘quantitative input – output analyses. c) Financial Environmental Reporting This approach has been developed by Eni Enrico Mattei Foundation (FEEM), a non – profit organization based in Italy. The working group of FEEM called ‘Forum for Environmental Reporting’ prepared a comprehensive document entitled ‘Company Environmental Reports: Guidelines for preparation’ and the document specifies the contents of a standard environmental report which should satisfy both stake holders and companies. In the subsequent portion of this paper an attempt has also been made to examine the practices prevalent with regard to environmental accounting and reporting in different countries over the globe. EXISTING SCENARIO ON THE ENVIRONMENTAL REPORTING Most of the companies have formally complied with the statutory requirements as mentioned in the Companies Act and the Directors Report rules 1988. Surprisingly some subsidiaries of reputed parent companies (Brooke Bond, HLL, etc.) have not at all mentioned anything on pollution control. The companies reporting on environmental aspects have generally focused on following areas 1. Pollution Control Equipments: • Conservation of energy • Effluent treatment • Safely arrangements • Achievements and awards of the company relating to conservation of energy, pollution control etc. • Activities like forestation (Green Belt) community health services 2. Hardly any company has reported on failure regarding environment protection or any damaged caused by the concern to the environment and society. Most of the companies have avoided negative reporting. Exceptionally a company Industrial Perfumes Ltd., had to inform that closer to its factory at Seure for failure to the means of safety, health and environment as prescribed by government agencies. 3. On the basis of these studies, it seems that companies have taken reporting on environmental aspects more a statutory
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 obligation and less social responsibilities. 4. The provisions about reporting on environment protection are not enough to give true and fair information about the effect of companies operation on environment. Reporting has become vague and useless. CORPORATE ENVIRONMENTAL REPORTING IN INDIA The environmental reporting practice of companies in India has been very dismal. Very few companies pay attention and space to environmental issues in their annual reports. The listed companies in India are not legally required to make environmental disclosures. Companies in India flout environmental norms merrily and no penalty is imposed on them. The annual reports of very few companies have some mention about environment and that to in general terms without specifying and impending environmental liabilities or losses. Some examples of environmental reporting in India are given below: • Safety, occupational health and environmental protection have always been of prime concern to the company and are integrated with the management of the entire supply chain. The company’s constant endeavor to improve the standards of safety and environment is reflected in the practice of setting annual targets for all round improvement at all its manufacturing locations. Performance is monitored through regular safety and environmental audits, using internationally accepted methodologies. Safety training is imparted to employees at all levels. • Strict adherence to the company’s policies and upgradation of hardware has resulted in a steady decline in accidents, and consequent improvement in employment productivity. The number of lost time accidents has reduced by a significant 33% in 1997. Six sites of the company were awarded Unilever Safety Awards for excellence in safety performance. • In pursuit of sustainable development, the company’s endeavor has been to maximize the efficient use of energy and materials, the safe and responsible disposal of residual waste and the sustainable use of renewable resources, while minimizing adverse environmental and waste generation. Electrostatic Precipitators (ESP) have
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 been installed to control the particulate matter and emissions from boilers and also acid mist from the sulphonation plants. The aggregate discharge of liquid affluent has been reduced by over 15% in the company’s manufacturing operations. • As part of the integrated Rural Development Program at Etah in Uttar Pradesh, the company continued its community development in the villages. These included provision of hand pumps for drinking water, construction of roads, free medical camps, especially of children, animal heath camps, dairy farming, chicory cultivation etc. (Hindustan Lever Limited, Directors’ Report, 1997). • In the area of environmental and pollution control where BHEL is making important contribution, three oil – fired boilers of 150 tonnes/hour capacity IOC Mathura were successfully converted to gas – fired boilers thus minimizing further environmental damage to Taj Mahal. In addition, Electrostatic Precipitators for kiln and coal mill applications in cement industry have also been developed and the first unit supplied to M/s Diamond Cements, Madhya Pradesh. (BHEL Directors’ Report, 1996 – 97). • During the year 1997 – 98, two more Pollution Control Action Plan schemes were completed, bringing the total number of schemes completed to 109. Consequent upon the various pollution control measures implemented, ambient air quality and effluent discharge quality at various SAIL plants and townships are steadily meeting the norms. The stack emission compliance level has increased to 96% during the year. • Several training programs, aim to sensitize SAIL collectively towards environmental awareness, have been conducted throughout the year at various locations. Sustained efforts have been made to green the SAIL plants, mines and townships with plantations of over 5.5 lakh saplings during the year 1997 – 98. • Peripheral development continued to be an important aspect for improving the quality of life around the steel townships. A sum of Rs. 3.60 crore was spent for providing drinking water facilities, healthcare programs, educational and recreational facilities
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 among other things, for the people living in areas near the steel plants/ mines. (SAIL, Directors’ Report, 1997 – 98). ACTION PLAN SUGGESTED • Environmental accounting and reporting by Indian corporate sector should be made mandatory the proposal of requiring disclosure about particulars of compliance with environment laws, steps taken or proposed to be taken towards adoption of clean technologies for prevention of pollution, waste minimization, waste recycling and utilization, pollution control measures, investment on waste reduction etc., should be materialized • Environmental reporting should be published as a part of Annual Report of • Companies. • Publishing the environmental report can minimize gap between the public and Industries communication. • Environment audit should be made compulsory in a phased manner. • Organizations rather than meeting externally designated minimum requirements can start their current level, identifying their environmental aspect and set their Programme for continual improvement. Increasing awareness for environment should be translated into reality by practing environmental accounting, reporting and auditing by the Indian corporate sector and thereby making the next millennium green millennium CONCLUSIONS Government or the industrial enterprises cannot overlook the problem of environmental pollution and emerging requirement of environment preservation. The society has all moral rights to have the information about pollution its effect and steps taken for the protection of the environment by the company. Therefore the companies should accept the environmental reporting as a social obligation and transparency should be maintained in the annual reports. The Directors’ of the companies should whole- heartedly adopt full disclosure concept. Over and above reporting on the achievements and positive aspects of the company’s the negative angle of the environmental losses created by the concern should also be frankly reported. Instead of giving vague presentation the Director’s Report should be supported by
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© MANTECH PUBLIATIONS 2021. All Rights Reserved Journal of Commerce, Accounting and Finance Management Volume 4 Issue 2 the quantitative information about the expenditure and capital investments made by the company for the environment protection the profit and loss account and the balance sheet can have separate schedules detailing environmental activities. Each organization is required to have continual improvement of environmental performance, a need to demonstrate an open dialogue with stakeholders, and Employee involvement in process of continued improvement in the environmental performance. When the economic and industrial growth has achieved revolutionary momentum environmental preservation has become an equally important concern. Government, NGO’s and corporate sector have to play a coordinated role for preservation of environment. In this regard effective reporting can become a very useful instrument. Let us hope the corporate reporting will take a positive modification so as to help indirectly the protection of environment. REFERENCES 1. American Accounting Association. “Report of the Committee on Environmental Effects of Organizational Behaviour”. Accounting Review, 1973, 48(supp), 76-119. 2. American Institute of Certified Public Accountants. The measurement of Corporate Social Performance. New York: American Institute of Certified Public Accountants 1977. 3. Canadian Institute of Chartered Accountants (CICA). Reporting on Environmental Performance 1993. 4. Mathews, M.R., “Twenty-five years of Social and Environmental Research:Is there a. Silver Jubilee to celebrate?” Accounting, Auditing and Accountability Journal 1997. 5. Management Accountant, October 1993, vol.28, No.10. 6. Management Accountant, September 1997, Vol.32, No.9. 7. Mishra, K.K., “A Case for Environmental Reporting”, Indian Management, May 1998, P.322. 8. Mathews, M.R., Social Responsibility Accounting, Chapman and Hall, London, 1994. Singh, D.R. and Abuja, J.M., “Corporate Social Reporting in India”, International Journal of Accounting; Vol.18, No.2, 1983, pp:151-169.
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