Comparison of Financial and Non Financial Environmental Reporting

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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS
VOL 3, NO 8
DECEMBER 2011
Comparison Of Financial and Non Financial Environmental Reporting

Farah Zamir Lecturer Faculty of Management Sciences International Islamic University, Islamabad Tahira Awan Research Associate Faculty of Management Sciences International Islamic University, Islamabad Dr.Arshad Hasan Faculty of Management Sciences Muhammad Ali Jinnah University, Islamabad
Abstract The paper focuses on the comparison of financial and non financial aspect of reporting in a comparative study between Pakistan and UK firms. Previous studies have proven a mixed trend in reporting. However, the trend of reporting is growing in both developed and developing countries. This study examines a sample of listed Pakistani and UK companies, using content analysis model to identify the value relevance of financial and non financial reporting trends. Furthemore, the analysis is also extended to incorporate the two different types of environmental reporting: voluntary and compulsory. Results suggest a significant trend of reporting non financial corporate environmental issues in both the countries. An unappreciable trend of financial reporting is observed to be a part of the annual reports of either of the countriess annual reports. Keywords: Financial Environmental Reporting, Non-Financial Environmental Reporting, Environmental Disclosures ,Annual Reports.
1. INTRODUCTION
Environmental regulations have gathered attraction and attention because companies in all sectors have accepted the fact that they can increase profits by meeting and even exceeding adapting these regulations. Environmental accounting is the measure that can be used by companies to discover more of these opportunities and, further, bring environmental concerns earlier into planning, decision making, and operations, thereby, making a full disclosure of such issues (Bailey and Soyka, 1996). The complexity of decision making has risen due to the increment in the environmental information from various internal and external sources of the financial markets, which help measure different dimensions of environmental performance.According toa study by United Nations Environmental Programme (UNEP) (2004, p. 4), too many analysts and financial institutions tend to insufficiently acknowledge andappreciate environmental, social and corporate governance issues.
COPY RIGHT 2011 Institute of Interdisciplinary Business Research
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Thepresent research study focuses on the financial and Non Financial Environmental Reporting in the annual reports of listed companies of UK and Pakistan. Environmental reporting is the disclosure of such information revealing an effect that the operations of the business have on the natural environment. Such disclosures are required under certain International Accounting Standards. The research is conducted for Pakistani and UK companies working in 3 industries i.e., Pharmaceuticals, Cement, Oil &Gas industry. The industries selected are those having a close relationship to the environmental degradation. The objective of study is to find the environmental disclosures in company's annual reports In this context, researchers have considered environmental information any information, expressed in qualitative terms (only descriptive) or in quantitative terms, physical or financial, that affects environment due to company's activity and that can affect company as well as its stakeholders. This research will add valuable inputs to existing literature. The study is an extension of the previous work of the author Farah (2011). It will create the awareness about environmental issues in this developing country in comparison to a developed country. The findings of this study can help the policy making regarding environmental disclosures. The study will further provide baseline for studying environmental reporting in other industries as well. 2. LITERATURE REVIEW There is a growing need for the companies to make disclosure of Environmental issues in their Annual Reports. There is a discrepancy regarding presence of such disclosures by companies. Critics like International Chamber of Commerce(1989) &Brian Jenkins, Head of audit at Coopers & Lybrand Deloitt say that proper reporting of such environmental issues is not possible because of their "soft" nature (more qualitative in nature). However, number of companies tending to include such disclosures in their annual reports is on increase. Few companies devoted more than one page on such disclosure & there was no mention of "bad news". Mostly just Human Resource data is presented without including "Consumer-oriented & Community Involvement data". Besides the qualitative level of this kind of disclosure, in terms of relevance, reliability, clarity, comparability, timelines and credibility, is not generally very high.
Institute of Business Ethics (1990) worked on a sample of 500 CEOs to know about disclosure of EA in annual reports of British Companies. Detail of such issues was shown in disclosures of just 12 companies & 16 were thinking about it. Coopers & Lybrand Deloitt (1990) found by a survey of Finance Directors & Chief Accountants that only 29% of companies ever mentioned EA issues in their reports. An extensive study has been conducted by Tilt on the Corporate Environmental Policy (CEP) of Australian Companies. The disclosures of SEP is analyzedin the annual reports of the respective companies and it is found that Australian companies also lag behind other countries in the trends of environmental reporting.Harte & Owen (1991) conducted work on 30 British companies esp. with respect to Water Companies assumed as Best Reporters. It was found out that even those companies which are considered Best reporters, did little disclosure on issue concerning environmental reporting.One reason of such attitude as per
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research may be the status of EA as voluntary issue without much strict requirement & that without any external standard to comply with. (Harte & Owen 1991). A similar study was conducted on Indian firms by Pramanik, Alok, Shil, Chandra & Das, Bhagban. The study proved a poor quality of environmental disclosures & qualitative as well. Studies proved that much of the disclosure pertains to build a positive image of the company as a good corporate citizen. There is a sort of general reporting of Environmental issues without talking in terms of financial cost or gains. Another study deals with EA issues in developing countries like U.A.E & Jordan by Yousef (2003). Environmental awareness, environmental involvement, and environmental reporting, were the focus areas of his research. Using Mann-Whitney Test, he examined no dissimilarity in the circumstances that lead to environmental reporting in UAE and Jordan. Another study conducted by Keith& Roger (1991) tends to describe the accounting of ecological crisis. It emphasizes on a pro-active or ex-ante approach in accounting of Environmental issues. In certain Irreversible problems in Ecological crisis e.g. loss of species when primary forest areas are felled, ex-post analysis cannot serve the purpose. Even the most basic concepts in accounting need a revision to incorporate EA. It includes going concern principle, accruals, consistency & prudency. Accounting information as per such conventions has significant defects in terms of ecological usage. Concept of EA is related to sustainability. Researchers like Gallhofer and Jim (1997) tried to find the nature of regulations for incorporating Environmental Accounting in Annual Reports of the companies.'Good environmental management, has often been related to Sustainable development (SD). However, Bebbington (2000) argued that though environmental management is a part of SD, it should not be considered the core issue associated with this concept. According to Laine (2009), the alleviation of social problems and environmental degradation can be enabled by stressing the need for corporate social and environmental disclosures, further enhancing accountability and transparency in corporate operations. Business world promotes a voluntary approach to Green Accounting provisions that it must not be a part of legislation (Buck, 1992). Coincidentally, academic literature supports this view. Even some deep Greens are against centralized & co-ordinate intervention (Maunders & Burritt, 1991). For Buck (1992), of the Institute of Directors, the market will come to force a proactive concern for the environment upon companies (see also Lester, 1992, p. 43): While concern for the environment may be seen at the moment as marketing edge to attract the green consumer, in time it will become the price of entry into the market (Buck, 1992, p. 39). And in attempting to justify a voluntarism stance Buck (1992, p. 35) also stresses that: a thing done willingly will be much better done than a thing done unwillingly. Power (1991) acknowledges the significance of specified rights to environmental information by accepting the challenging nature of voluntary disclosure practices.A study was conducted by Carlos Larrinaga-Gonzalez, Francisco Carrasco-Fenech, Francisco Javier CaroGonzalez, Carmen Correa-Ruz, Jose Mara Paez-Sandubete (2001). They said that notion of Environmental Accounting is used by the companies that have not undergone any significant change. They applied Gray at al.'s model on 9 companies in Spain. It was found that Spanish organizations are not actually changing their conventional perception of the
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environment, even in those cases where organizational and structural and changes are taking place. Moreover, environmental accounting is used in combination with an effort to control and negotiate the environmental agenda. Liyanarachchi and Theivananthampillai (2005) used the laboratory experiment procedure to conduct a study on a sample of 77 undergraduate students from a major Australasian university. The study exposed that students are willing to support corporate disclosure policies, when they are concerned about what others may think of their decisions but their focus is on only the legally required minimum information and are unwilling to support certain additional disclosures. Kuk, Fokeer&Hung (2005), used the BiE Index for analysis of companies involved in business sectors of chemicals, pharmaceuticals and food production. The results revealed in the formation of 11 categories and it was found that "compliance with regulations, legislation, codes of practice and other relevant standards" (75.8%), was the most cited subcategory in CEPS, closely followed by "conserve natural resources and raw materials" (72.7%). Thus it was proven that the non-participating firms focused more on extenuating any adverse effect that supported operations might have on the environment whereas the participating firms held more attention on strategizing, process reengineering and building new capabilities. Apart from support for this topic, some researchers still consider it a debatable issue. Its role in resolving environmental issues is often questioned. Maunders and Burritt (1991), in pursuit of deep green approach they are vague about accountings role, inclining towards the view that accounting has no role at all in Ectopia. Cooper (1992), in a feminist critique of green accounting drawing mainly from Cixous and Kristeva, suggests that mobilizing green accounting could well contribute to rather than solve the environmental crisis. For her; The introduction of green accounting, however well thought out, will, under the present phallogocentric system of accounting, do nothing to avert todays environmental crisis. In fact, it could make matters even worse (Cooper, 1992, p. 36). But this reality cannot be ignored that Environmental Accounting is an emerging issue. Bebbington, Gray & Owen (1999) have written a research article on number of papers presented at APIRA conference. The content analysis of such papers shows that business world is taking EA as an opportunity to take Competitive Advantage. This attitude gives a positive signal for further development of this field. Countries are moving towards legislation regarding EA in Pakistan; we have Pakistan Environment Protection Act 1997. This act state asIt is an Act to provide for the protection, conservation, rehabilitation and improvement of the environment, for the prevention andcontrol of pollution, and promotion of sustainable development. However, it should be pointed out that neither Pakistan Environment Protection Act1997 nor Pakistans laws specified the role of accounting or accountant, even though the responsibility of enterprises toward the environment will be expressed in terms of financial responsibility. 3. DATA DESCRIPTION &MEHODOLOGY This study is conducted to compare the financial and non financial environmental reporting trends between thePakistan and UK firms. The population of the study consists of industries operating in Pakistan and UK. On the non random sampling basis, 3 industries are selected.
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The criterion of selecting this sample is based on their close relation to the environment. These 3 industries are considered to be affecting the environment by their operations. These include pharmaceuticals, cement and oil & gas industry. Out of these 3 industries, 12 firms are selected non-randomly on the basis of convenient sampling (convenience in the availability of data). For each firm, 3 year data is taken from its annual report for year 20062008. The listed companies of the respective insutries are studied using content analysis. Annual reports of 12 firms are analyzed in total. Each type of environmental information is gathered using a code that can assume two different values: 0, if the information is missing; 1, if information is stated The annual reports are analyzed to incorporate following disclosures financial and Non Financial disclosures. For analyzing the non financial disclosure, Environmental Policy, Environmental Impact, Environmental Targets, Environmental Management System (EMS), Ecological Products and Promotional Messages (ecological image) are taken into account. However, for financial disclosures, the relevance of Environmental Expenses, Environmental Liabilities, Accounting Policies, Environmental Contingencies and Commitments, Environmental Insurance and Extraordinary Costs and Environmental Assets is scrutinized. i. Non-financial statistical information o Environmental Policy o Environmental Impact o Environmental Targets o Environmental Management System (EMS) o Ecological Products o Promotional Messages (ecological image) ii. Financial reporting o Environmental Expenses o Environmental Liabilities o Accounting Policies o Environmental Contingencies and Commitments o Environmental Insurance o Extraordinary Costs and Environmental Assets 4. EMPIRICAL RESULTS For the purpose of analysis, all the firms included in the study of the respective industries were carefully examined. As a result, the Content analysis based on the Information coding was used to produce graphical analysis of the industries. Thus, the empirical results found show a mixed trend of disclosure of such information in both the sample countries companies. For the sake of simplicity, the aggregation of companies of each industry was plotted on the same graph. All the graphs are shown in the respective charts.
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4.1. 4.1.1. NON FINANCIAL ENVIRONMENTAL REPORTING Environmental Policy
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Amongst the factors considered for non financial reporting, a separate section of Environmental policy was rarely found in the industries. It was observed that Cement, Pharmaceuticals and Oil and Gas Industry had no information or environmental policy statement. So companies operating in Pakistan lack the disclosure of a clear statement of Environmental policy. In case of UK, the companies have a fair reporting on the environmental policy. Especially, Cement industry is disclosing such information. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart I. 4.1.2. Environmental Impact
Information on the environmental Impact was found in all industries in Pakistan. It was found out that out of the total data studied, the maximum information with respect to environmental impact was found in Cement and pharmaceutical Industry. The even numbers in the figures with disclosure depict that some industries had the disclosure of the relevant information in some years taken under observation whereas, for the other years, the information was not disclosed. In case of UK, such impact is not much observant. Only cement industry is making such disclosures. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart II.
4.1.3.
Environmental Targets
The financial reports of many companies of the industries under study showed that Environmental targets were mentioned specifically. It was thereby highlighted what goals the companies aim to achieve with respect to the environmental policies and procedures. Mari Gas Company is making this disclosure as a part of its mission statement in following ways, Therefore, the highest information was reported in the Cement Industry, and then in the Oil & Gas Industry and Pharmaceuticals Industries respectively. In UK, only cement industry is disclosing such information. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart III.
4.1.4.
Environmental Management System (EMS)
Compliance with and adaptability of the Environmental Management Systems (EMS) was reported extensively in the Oil and Gas Industry. The next ranking is of Cement Industry. It is worth highlighting that the Pharmaceutical Industry had not mentioned the adaptability of EMS in their financial reports.
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In case of UK, Cement industry leads with respect to making disclosures of environmental management system. While other 2 industries are making only a little disclosures. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart IV. 4.1.5. Ecological Products
The production of high quality products with an additional factor of having environmental impact was not at all found to be highlighted in the financial reports of Pharmaceuticals Industry. Whereas, the Oil and Gas Industry had the conviction of manufacturing Ecological products throughout the sample study. And all the 4 companies in 3 years showed this trend in Pakistan. The situation is totally opposite in case of UK where not a single company is making the disclosure of such information. On the other hand, Cement Industry had stated this in the Statement of Ethics and Business Practices. And similarly, the information on ecological products was also found to be highlighted in reports Of these companies.The comparison of UK and Pakistan firms in this respect are shown graphically in Chart V. 4.1.6. Promotional Messages (ecological image)
The promotional message is linked to the advertising and promotion strategy of the companies. Thus it was depicted from the sample study that companies in the cement Industry had the Promotional message or ecological image of their products mentioned in all 3 years of 2 firms. Whereas, the rest of industries had stated the promotional message in some years of sample study not for all.In case of United Kingdom, except for the Oil & Gas sector, other all companies are disclosing information regarding promotional messages. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart VI. 4.2. FINANCIAL ENVIRONMENTAL REPORTING 4.2.1. Environmental Expenses
This is one of the minimal reported information. As companies do reveal the qualitative aspects of environmental costs they incur but do not highlight its quantitative part.Still, the Oil and Gas Industry was found to have the maximum information regarding environmental expense in both these countries but still no quantitative figures were mentioned in the financial reports. The Cement Industry was found to have no information mentioned at all in UK, whereas the rest industries had also rarely mentioned any environmental expenses incurred. Items of cost may include: Effluent treatment plant Seminar conducted to create awareness about Global warming & Green House Effect
The comparison of UK and Pakistan firms in this respect are shown graphically in Chart VII.
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4.2.2. Environmental Liabilities
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The Environmental liability is the one of the aspects that has not been reported by either of the Industry and the company under investigation in both the countries. A thorough study of the financial reports was undertaken but there was not any information mentioned that depicted the environmental liabilities incurred by either of the industries and its firms in either year. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart VIII. 4.2.3. Accounting Policies
Accounting policies (with respect to environment) is the one of the aspects that has not been reported by the Industry and the company under investigation except Pharmaceutical firms in Pakistan & Cement Company in UK. A thorough study of the financial reports was undertaken but there was not any information mentioned that depicted the accounting policies were changed to account for environmental reporting by either of the industries and its firms in either year. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart IX. 4.2.4. Environmental Contingencies and Commitments
This aspect has not been reported by the Industry and the company under investigation except some firms in the cement industry in Pakistan and Pharmaceutical industry in UK. A thorough study of the financial reports was undertaken but there was not any information mentioned that has quantified the items of environmental contingencies & commitments. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart X.
4.2.5.
Environmental Insurance
This aspect has not been reported by the Industry and the company under investigation except some firms in the cement industry in UK. A thorough study of the financial reports was undertaken but there was not any information mentioned that has been quantified the items of environmental contingencies & commitments. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart XI. 4.2.6. Environmental Extraordinary Costs and Environmental Assets
This aspect has not been reported by the Industry and the company under investigation except some firms in the cement industry in Pakistan. While in UK, no company is disclosing any such information.
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A thorough study of the financial reports was undertaken but there was not any information mentioned that has quantified the items of environmental contingencies & commitments. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart XII.
5. INDUSTRY WISE QUALITY OF ENVIRONMENTAL REPORTING: i. Pharmaceutical Industry This industry is not making relative good environmental reporting. All the firms in the sample are making a disclosure of the environmental issues in separate section of Environment, Health & Safety issues (mostly located in the Director's Report) except Ferozsons Company Limited. The sample firms do not make a disclosure of the Environmental Management System (EMS). Companies are disclosing environmental information under the heads likeEnvironmental Policy, Promotional Messages (ecological image), Environmental Expense and change in Accounting Policies. GlaxoSmithKline pharmaceutical company can be ranked best regarding environmental information disclosure in this industry although this information is still in qualitative terms. It makes disclosure about Effluent treatment plant. To build ecological image, it has mentioned Seminar conducted to create awareness about Global warming & Green House Effect andEarth Week celebrated in June 2007. It has mentioned winning of certain awards like CEO's EHS excellence award, Environment Excellence Award AEEA2008 & EHS Excellence award.
Pharmaceutical Industry of Pakistan and of UK is making disclosure of variables in this way. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart XIII. ii. Oil & Gas Industry The extent of overall environmental reporting is not appreciable in this industry. All the firms in the sample are making a disclosure of the environmental issues in separate section of Environment, Health & Safety issues (mostly located in the Director's Report). Half of sample firms do not make a disclosure of the Environmental Management System (EMS). Companies are disclosing environmental information under the head of CSR (Corporate Social Responsibility). Comparative study tells us that Pakistani companies in this sector outperformed the UK ompanies. Especially, performance of Sui Northern Gas is fairly good. But generally, only 3 or 4 items are disclosed. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart XIV. iii. Cement Industry This industry is not making a competitive environmental reporting disclosure. Not all the firms in the sample are making a disclosure of the environmental issues but some firms such as Cherat Cement and Best Way Cement have separate section of Environment, Health & Safety issues. The Cherat cement also has statement of corporate objectives with respect to
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the environment. Information on Environmental policy and Environmental Impact is found to be highlighted in Best way Cement. Whereas Cherat Cement has information on Environmental Impact and Environmental Targets. It was explored from the study of the financial statements that Cherat Cement had the most information on environmental disclosure though not complete with Bestway along with it. But the rest three companies Fauji Cement, D.G. Khan and Kohat Cement had no or minimal information reported. The health, Safety and Environment section of the Best way Cement (2008) report had stated their claim to have environmental concern in these words, In case of UK, Renew Holding Company is comparatively better than rest of all companies in this sector. Overall comparison sows that both the countries are observing almost same trend of environmental reporting in Cement Industry.A company is making such disclosure in its report under the head of CSR & Community Work. The comparison of UK and Pakistan firms in this respect are shown graphically in Chart XV. 6. CONCLUSIONS & POLICY IMPLICATIONS This article is meant for providing the extent of financial and non financial environmental reporting in Pakistani and UK companies. The researchers have focused on the information provided in the annual reports considering the fact that mostly it is a suitable means of public accountability on environmental issues. The findings have shown that companies are now focusing on environmental reporting. However, they lack specifications in this concern. Mostly it is in the form of general commitment of the enterprise to green issues. This makes the comparison of companies difficult on the ground of quality of environmental reporting. This certainly explains the high percentage of environmental disclosures addressed by the companies studied. Furthermore, most companies produce a separate section dedicated to the environmental issues within their Annual Reports. Quantified financial information on environment is still less common. Formal Health Safety and Environmental (HSE) management systems are not yet prevalent in Pakistan. The disclosure of environmental targets is justified by the implementation of a formal HSE management system since target identification is one of its most important requirements. The study showed that information on contingent liabilities, provisions and accounting Policies are not disclosed in quantitative type.Out of the 3 industries analyzed in this research work, cement industry is making relatively better disclosures than other firms. There is a strong need of regulations for the companies in disclosing environmental information. It will facilitate not only the comparison but also make reader more informed about company's response to the environmental issues. The comparative research between UK and Pakistani companies show the same trend of environmental reporting. In pharmaceutical industry, UK companies are better reporters. Whereas, Oil & Gas sector of Pakistan is better than UK in regard of Environmental reporting. Performance of Cement industry in disclosing the environmental reporting is almost similar in both the countries. One possible reason for such a gap in the disclosures in both countries may be due to the legal requirements of making the disclosures. Pakistan is a highly regulated country in regard of making disclosure of each and every affair the company is dealing with. However, the quality of such information is not very good as only qualitative information is displayed.
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This research study provides many guidelines for further research in this area. The future research can be conducted for the greater sample of companies. The reason being that the results may be misleading in such a short sample size. The further research may use some quantitative techniques to measure the impact of environmental reporting on the performance of the firm. This study provides a kind of preliminary information for the policy makers regarding the quality of environmental reporting by the corporate sector.
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References
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American Institute of Certified Public Accountants (AICPA), 2004. Tools and Techniques of Environmental Accounting for Business Decisions, . Retrieved from: http://www.aicpa.org/cefm/tools.asp. Bailey, P. E. and Soyka, P. A. (1996).Environmental accounting making it work for your company. Environmental Quality Management, 5: 1330. doi: 10.1002/tqem.3310050404. Bebbington, J. (2000). Sustainable Development: A Review of the International Development, Business and Accounting Literature. University of Aberdeen Accounting, Finance & Management, Working Paper 00-17. Buck, J. (1992). Green awareness: an opportunity for business, in Owen, D. (Ed.), Green Reporting: Accountancy and the Challenge of the Nineties, Chapman & Hall, London, pp. 35-9. Coopers & Lybrand Consultants.(1991).Environmental Management Practices: A Survey ofMajor Australian Organisations. Coopers & Lybrand, Sydney. Carlos Larrinaga-Gonzalez, Francisco Carrasco-Fenech, Francisco Javier Caro-Gonzalez, Carmen Correa-Ruz, Jose Mara Paez-Sandubete (2001). The role of environmental accounting in organizational change.An exploration of Spanish companies. Accounting, Auditing & Accountability Journal, Vol. 14 No. 2, pp. 213-239. Cooper, C., (1992).The non and nom of accounting for (m)other nature, Accounting, Auditing & Accountability Journal, Vol. 5 No. 3, pp. 16-39. Farah Z., (2011). Comparison of Corporate Environmental Reporting between Pakistan and UK firms. World Business Economics and Finance Conference. Available online at http://www.wbiconpro.com/ Glenn-Marie Lange (2003).Policy Applicationsof EnvironmentalAccounting. The World Bank Environment Department. Harte, G., and Owen, D. (1991). Environment Disclosure in the Annual Reports of British Companies: A research note. Accounting Auditing & Accountability Journal, 4(3), 51-61. Ilinitch A, Soderstrom S, ThomasT (1998) Measuring corporate environmental performance. Account Public Policy 17((4-5):383408 Jahamani, Y. F. (2003). Green Accounting in Developing Countries: The Case of U.A.E. and Jordan. Managerial Finance, 29 (8). Keith T. Maunders & Roger L. Burritt, 1991.Accounting & Ecological Crisis . Accounting, Auditing & Accountability Journal, Vol. 4, No. 3, Pp. 9-26 Kuk, G., Fokeer, S., Hung, W. T. (2005). Strategic Formulation and Communication of Corporate Environmental Policy Statements: UK Firms' Perspective. Journal of Business Ethics, 58 (4), 375-385. Keith T. Maunders & Roger L. Burritt, 1991.Accounting & Ecological Crisis . Accounting, Auditing & Accountability Journal, Vol. 4, No. 3, Pp. 9-26. Laine, M. (2009). A way of seeing Corporate Sustainability Reporting. Retrieved from http://acta.uta.fi/pdf/978-951-44-7935-9.pdf. Accessed on: 25th May, 2010. Liyanarachchi, G. A., Theivananthampillai, P. S. (2005). Accounting students information disclosure decisions: Is there a need for changing the status quo on disclosure through accounting education? Retrieved from http://eprints.otago.ac.nz/1/1/Accounting_Students_Information_Disclosure_Decisions.pdf. Accessed on: 18th March, 2010.
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Power, M. (1991), Auditing and environmental expertise: between protest and professionalisation, Accounting, Auditing and Accountability Journal, Vol. 4 No. 3, pp. 3042. Pramanik, A, K., Shil, N.C., and Das, B. (2008).Corporate Environmental Reporting: An Emerging Issue in the Corporate World. International Journal of Business and Management, 3(12). Sonja Gallhofer and Jim Haslam, 1997.The direction of green accounting policy: critical reflections. Accounting, Auditing & Accountability Journal, Vol. 10 No. 2, 1997, pp. 148174. Tom Burke, Julie Hill, Institute of Business Ethics (1990). Ethics, environment and the company: a guide to effective action. ISBN 0951367153, 9780951367155. PUBLISHER Institute of Business Ethics Tilt, C. A. (1998). The Content and Disclosure of Corporate Environmental Policies: An Australian Study. Paper prepared for the Asia Pacific Interdisciplinary Research in Accounting Conference, Osaka City University. Jan Bebbington, Rob Gray & David Owen (1999) seeing the wood for the trees Taking the pulse of social and environmental accounting. Accounting Auditing & Accountability Journal, Vol. 12 No. 1, pp. 47-51. United Nations Environmental Programme (UNEP) Finance Initiative (2004) TheMateriality of Social, Environmental and Corporate Governance Issues to Equity Pricing. UNEP Finance Initiative, Geneve
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Annexure Chart I
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Environmental Policy
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Chart II
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Environmental Impact
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Chart III
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Environmental Targets
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Chart IV
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Environmental Management System (EMS)
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Chart V
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Ecological Products
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Chart VI
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Promotional Messages (ecological image)
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Chart VII
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Environmental Expenses
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Chart VIII
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Environmental Liabilities
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Chart IX
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Accounting Policies
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Chart X
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Environmental Contingencies and Commitments
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Chart XI
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Environmental Insurance
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Chart XII
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Extraordinary Costs and Environmental Assets
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Chart XIII INDUSTRY WISE QUALITY OF ENVIRONMENTAL REPORTING:
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Pharmaceutical Industry
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Chart XIV
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Oil & Gas Industry
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Chart XV
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Cement Industry
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INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS