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Title of the research paper:
COMPLIANCE OF ENVIRONMENTAL ACCOUNTING AND DISCLOSURE PRACTICES:
A STUDY OF SELECTED INDUSTRY IN GOA.
*Mr. SUDESH SATYAVAN SHETKARRESEARCH SCHOLARGOA UNIVERSITYAddress: E – 1000 RUMDAMOLHOUSING BOARDDAVORLIM MARGAOGOA.403707Mob. No.: 9421157062Email: [email protected]
**Dr. ANTHONY RODRIGUESASSOCIATE PROFESSORGOA UNIVERSITYAddress: DEPARTMENT OF COMMERCEFr. AGNEL COLLEGE OF ARTS AND COMMERCEPILAR-GOA.403203Mob. No.: 9326109072Email: [email protected]
Title of the research paper:
COMPLIANCE OF ENVIRONMENTAL ACCOUNTING AND DISCLOSURE PRACTICES:
A STUDY OF SELECTED INDUSTRY IN GOA.* Mr. SUDESH SATYAVAN SHETKAR,
** Dr. ANTHONY RODRIGUES
ABSTRACT
The current research meant to examine Goa’s companies’ ascertains the extent of compliance of business
firm on environmental accounting and disclosure practices. To Study & Analyse ISO - 14000, an essential
component of business in environmental accounting. To Study & Assess role of Environmental management
system in environmental accounting and disclosure practices of Industries in Goa was the main objective
behind this study. After accurate analysis the researcher has felt that the scenario of companies in Goa that
their haven some generally expected standard are followed or adopted by industries as International
Financial Reporting Standard (IFRS) showing significance as per the Chi Square X2 been use in the study.
Investigation identified that even most of companies don't have Special Environmental Management System
in Place but companies have management system which look after environmental activities of companies.
Which is one of the positive sign of companies in Goa are taking positive step towards Environmental
protection & sustainable development, but still some firms need to adopt some general accepted standard
and based on that Environmental management system need to be carrying out, which are accepted world
wild and not just at corporate level or at state level.
KEY WORD: Compliance on environmental accounting & disclosure practices, ISO - 14000,
Environmental management system, General accepted accounting standard.
INTRODUCTION
During the previous few decades, one of the key policy issues that have gained significant importance is that
the environmental protection and pollution. Business operates within the overall societal environment. They
take their wealth from the environment to manufacture merchandise and/or provide services to satisfy the
demands of the society. They operate within the social ambience from where they collect resources
including workforce. In fact, the business entities largely depend upon the society and its environment for
their overall success and growth. As such they are responsible toward the society and the environment. The
model of Environmental Management (EM) emerged as an alternate to the traditional sectoral approach to
resolve the environmental problems that prevailed throughout the l97Os. EM aims at conciliating
socioeconomic development objectives with the preservation of environmental quality and ecological
functions through the adoption of policy instruments and measures so on build the developmental activities
within the boundaries of environmental tolerance. Environmental management, a term encompassing
environmental planning, monitoring, assessment, protection, research & development, education,
conservation and sustainable utilization of resources, is currently universally accepted as a significant
directing factor for national development and more so far industrial development. (Kumar, 2012)
The worldwide economic fallout and growing concern with sustainable growth and global climate change
has spawned a brand new breed of ethical investors. They're urging corporations to report on the
environmental and social costs of their operations and improve corporate governance. A business or
company is taken into account to be ethical only if it tries to achieve a trade-off between its economic
objectives and its social obligations, like obligations to the society wherever it exists and operates; to its
people for whom it pursues economic goals; to the environment, from where it takes its resources.
Throughout the initial phases, when business was organized as sole proprietorship or Partnership
Corporation, profit was the dominant barometer of the success of business. After, with the formation of joint
stock companies and also the development of stock markets, companies performance was judged by market
capitalisation, share price value and certain financial ratios like Earnings per Share (EPS), Return on Equity
(ROE), etc. Currently within the 21st century, company’s performance is going to be judged by corporate
social responsibility (CSR) whose disclosure will fall under non-financial reporting. One of the crucial
parameters to be evaluated during this context would be the value created by the corporate for the society
and whether such value creation is going to be sustainable. (Singh & Dhingra, 2014)
In 1984 the Union inorganic compound disaster at its plant in Bhopal, India, That killed thousands of
individuals and wounded several hundred thousand, attracted world attention on the chemical industry. This
led to the chemical industries adopting a voluntary code of ethical conduct recognized as Responsible Care
that became a model for other industries. Business ethics are the moral principles that should govern
business activities. These grant code of conduct that guides business managers in performing their work. A
'Code of Ethics' goes further than separate values to become a collection of principles that construct a clear
statement of what the business corporation is willing to do, or not to do. Moving towards environmental
sustainability may gain advantage to corporations in many ways. Several research findings discuss those
advantages. The advantages were presented in various approaches. They additionally came from business
method that considers moral, social, and ethical factors. The advantages are interpreted into quality of life
such as quality of work life, customer satisfaction, and environmental impact. It is usually and progressively
believed that humanity’s survival depends on implementation of sustainable development practices that are
based on adequate satisfaction of the quantitatively outlined and interrelated sustainability “pillars” of
economics, environment and society, within appropriate space and time boundaries. Building of universally
ethical character and investment into Ethical Value Added is the long-term sustainable way to adopt if
minimal regulation and maximal long-term effectiveness most sustainable development is required, in the
construction of a solid foundation of universally ethical behaviour. (REBELLY & RAGIDI, 2007)
OBJECTIVES OF STUDY
1. To ascertain the extent of compliance of business firm on environmental accounting and disclosure
practices.
2. To Study & Analyse ISO - 14000, an essential component of business in environmental accounting.
3. To Study & Assess role of Environmental management system in environmental accounting and disclosure
practices of Industries in Goa.
RESEARCH METHODOLOGY
This research utilized the content analysis technique like percentage, mean, median, mode, standard
deviation and also analysis of study is done with Chi Square X2 Test which is research method for making
replicable and valid inferences form data. Where Chi Square X2 Test been done with the help of IBM SPSS
(Statistical Package for the Social Sciences) Statistics. To operationalize the extent of compliance of
business firm on environmental accounting and disclosure practices, Analyse ISO - 14000, An essential
component of business in environmental accounting, Assess role of Environmental management system in
environmental accounting and disclosure practices of Industries in Goa . The study made use of primary and
secondary source were based mostly entirely on the use of firms corporate web site and annual report of
chosen pharmaceutical sector of companies in Goa and different relevant information was additionally
collected supported on personal visit to government offices like IDC, Industrial development corporation,
director of industries trade and commerce, Goa state pollution control board etc and their official web site.
LITERATURE REVIEW
(Namakonzi & Inanga, 2014) The aim of this study is to seek out what actions, if any, manufacturing industries
in Uganda are taking to develop effective environmental management, the extent to that environmental
management accounting (EMA) is applied, as well as costs and challenges that these industries face in the
process of implementing EMA to achieve effective environmental management. There are few
manufacturing companies listed on the Uganda Securities exchange out off total 60 companies was selected
and 60 questionnaires were distributed respectively. The researcher managed to get only 30 responses from
30 companies out of the 60 questionnaires distributed. The data analysis was based on statistical techniques
like mean, median, mode and percentage focuses on presentation of detailed analysis, summary of findings
and provides a clear presentation of the information in graphs, charts and tables. The study findings reveal
that manufacturing companies in Uganda are definitely, taking environmental issues seriously. Some
companies are adopting internally developed environmental policies, setting environmental goals and
objectives. Companies also hired environmental specialists or external auditors to enable the identification
of environmental impact of the organization’s activities, products and services. Over 70% of companies
always and often measure the quantity of resources like water, energy and material used by the
organizations. However, few companies do this for emission, effluents and waste.
(Singh & Dhingra, A multi-dimensional ethical approach to accounting and reporting practices, 2014) The purpose
of this research analysis is to search out the multi-dimensional ethical approach to accounting and reporting
practices happening in India and abroad. What has been the shift in Reporting Practices by Indian
companies? What drives the Indian corporates to report on the non-financial matters? This paper primarily
focuses on the inclusion of Non-Financial Matters within the Corporate Annual Reports. An associated
Empirical Survey was carried out and the questionnaires were administered to 122 respondents including of
75 academicians and 47 chartered accountants. The results were tested using the t-test analysis. The research
analysis suggests that more companies should report on their environmental, social, and corporate
governance performance and discover a way to express them in their Annual Reports and the reporting of
data concerning the carbon emissions, energy use, pollution, impact on the local economy, etc., should be
made mandatory for companies.
(Jamil, Faidzulaini, & Amin, 2015) This study investigates factors and barriers that influence the practice of
environmental management accounting (hereafter known as EMA). This study focuses on small medium
enterprises (hereafter known as SMEs) specifically, Malaysian small medium manufacturing firms. This
study employs a postal survey to collect data. Firms are derived from the directory of the Federation of
Malaysian Manufacturers (FMM). Out of 350 samples of questionnaires sent to SME managers, only 32
(9%) were returned and found to be usable. This study uses descriptive analysis and regression analysis to
analyze the data. Study reviles that with increasing coercive pressures, manufacturing SMEs are more
willing to practice EMA. The finding conjointly shows that financial constraint is the main barrier to the
development of EMA in the manufacturing SMEs. The inadequate environmental knowledge (with regards
to true costs and benefits), and skills also restrict the integration of environmental problems into the
accounting systems and practices. This study finds that the absence of a guide to EMA is also an obstacle to
the integration of environmental problems into the existing accounting systems and practices.
ANALYSIS
GAAP GHGRR IAS IFRS CO. ACT 2013 ISO 140000
2
4
6
8
10
12
14
16
7
5
8
10
65
3 32 2
5
2
5
7
5
34
8
15 15 15 15 15 15
AGREE
NUTRAL
DISAGREE
TOTAL
COMPANIES ADOPTING & FOLLOWING ACCEPTED STANDARD
Source: Survey.
GAAP -- General accepted accounting standard.
GHGRR -- Greenhouse Gas Reporting Rules. (2009)
IAS -- Indian Accounting Standards.
IFRS -- International Financial Reporting Standard
CO.ACT 2013 -- Company Act 2013.
ISO - 14000 -- International Organization for Standardization 14000.
COMPANIES ADOPTING & FOLLOWING ACCEPTED STANDARD
Study has been conducted by Researcher in this Research paper as to find out that Goan business firm are
Acting according to certain accepted Standard on environmental accounting and disclosure practices. where
some identified standard were like General accepted accounting standard (GAAP), Greenhouse gas
reporting rule 2009 (GHGRR), Then Indian Accounting standards (IAS), International financial reporting
standard (IFRS), Company Act 2013(CO.ACT 2013) which has been newly constituted for all companies of
India will be able to follow same paten of disclosure practices and International organization for
standardization 14000. (ISO -14000) Which are most worlds widely used as based line by companies for
their environmental accounting & disclosure practices. This are some generally accepted standard has been
selected for identification purposed.
Chi Square X2- Test Statistics At 95% Confidence Level.GAAP GHGRR IAS IFRS CO.ACT2013 ISO14000
Chi-Square X2 1.600a 1.600a 3.600a 7.600a .400a 3.600a
df 2 2 2 2 2 2
Asymp. Sig. .449 .449 .165 .022 .819 .165
Monte Carlo Sig. Sig. .499b .499b .181b .028b .950b .181b
95% Confidence Interval Lower Bound
.490 .490 .173 .025 .946 .173
Upper Bound
.509 .509 .188 .032 .954 .188
a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 5.0.
b. Based on 10000 sampled tables with starting seed 1585587178.
Investigation reviles that General accepted accounting standard (GAAP) has been followed by only by 46.67
% companies, Where 33.33% is companies are not following this particular generally accepted standard,
where on other hand some around 20% companies are either in stage of following the standard as they are
neutral at this stage. Where Chi Square X2 test also displays the similar results at both the Monte Carlo
Significant confidences level that is at 95% confidence level (GAAP) probability (P) value is .490 which is
more than .05 as when P > .05 is said to be not significant or insignificant that say most of companies are not
following or dint adopted this Particular standards. Similarly at 99% Monte Carlo Significant confidences
level P value is .487 which is also more than .05 that is (P > .05), (.487 >.05) is said to be insignificant as
most of companies are not following or dint adopted this Particular standards. While environmental
accounting and disclosure practices being carried out by firm.
Greenhouse gas reporting rule 2009 (GHGRR) Standard has been used by only 33.33% Industry in Goa,
Where 46.67% industries has ignored this particular, and other remaining 20% industries are either in a stage
of following the standard as they are neutral at this stage. Where Chi Square X 2 test also reviles the similar
results at both the Monte Carlo Significant confidences level that is at 95% confidence level (GHGRR)
probability (P) value is .490 which is more than .05 as when P > .05 is said to be not significant or
insignificant that say most of companies are not following or dint adopted this Particular standards. Likewise
at 99% Monte Carlo Significant confidences level P value is .487 which is also more than .05 is said to be
insignificant as most of companies are not following or dint adopted this (GHGRR) standards.
Indian Accounting Standard (IAS) is one of the widest standards which are used by most of Indian
companies it's also show cast in study as 53.33% companies are using it, where 33.33% still have not
adopted the standard where only 13.33% are at a stage where implementation procedure is going on. As per
Chi Square X2 test reviles that there is no significant or insignificant in implementation of (IAS) by
companies as P value at 95% confidence level is .173 as P > .05 but as compared to above to standard the
probability value is quit closer to .05 as more the half selected sample companies have adopted (IAS)
Similarly at 99% confidence level P value is .168 which as higher than .05 as all together companies not
adopted and companies at stage of adoption comes to 46.67% which is almost 50% that's why the p value is
little bite higher.
Chi Square X2- Test Statistics At 99% Confidence Level.GAAP GHGRR IAS IFRS CO.ACT2013 ISO14000
Chi-Square 1.600a 1.600a 3.600a 7.600a
.400a 3.600a
df 2 2 2 2 2 2Asymp. Sig. .449 .449 .165 .022 .819 .165Monte Carlo Sig. Sig. .500b .500b .178b .029b .946b .178b
99% Confidence Interval Lower Bound
.487 .487 .168 .024 .940 .168
Upper Bound
.513 .513 .188 .033 .952 .188
a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 5.0.b. Based on 10000 sampled tables with starting seed 2000000.
Research Analysis the reviles that International Financial Reporting Standard (IFRS) is only one standard
which has been used adopted and followed by almost 66.67 % Companies in GOA, Where only 20%
companies are not following this particular standard, Where more 13.33% companies are in frame of
adopting (IFRS). As per Chi Square X2 test Probability P value at 95% confidences level of ( IFRS) is .025
which is much less than .05 and when P value is said to be less than .05 it is known as significant. Which
say that most of companies in Goa are following this particular standard Similarly when Chi Square X2
tested at 99% confidence level P value is .024 which is less than .05 (P < .05), (.024<.05) it is said to be
significant as it give clear picture that Companies are Acting according to certain accepted Standard on
environmental accounting and disclosure practices.
Companies Act 2013 (CO.ACT2013) has been followed by 40% of companies, where only 26.67%
companies did not adopted this particular standard for environmental accounting and disclosure practices,
Where 33.33% of companies are in stage of adoption of this particular standard. Where Chi Square X2 test
also reviles at 95% confidences level that P value is .946 which is very much higher than .05 as any think
higher than .05 is said to be not significant or insignificant which say most of companies are not adopting or
following (CO.ACT2013) Where it also been identified at Chi Square X2 test 99% confidences level that P
value is .940 that is also very much higher than .05 so it is said to be insignificant.
Examination also cleared that International Organization for Standardization 14000 has been adopted by just
33.33% Companies in Goa, Where most of 53.33% companies dint adopted (ISO - 14000) where only
another 13.33% companies are in the stage of adoption and following this particular general standard. Where
Chi Square X2 test reviles that at 95 % confidences level P value is .173 which is little bite higher than .05 as
compared to other above standard but as it is higher it will be not significant or insignificant. where at 99%
confidences level P value is .168 which is similarly higher than .05 so it will be consider as insignificant as
most companies does not adopted the (ISO - 14000) as standard on environmental accounting and disclosure
practices.
ISO - 14000 an essential component of business in environmental accounting
About ISO 14001 Certification
The ISO 14001 is an Environmental Management System (EMS) Standards – This normally provide the
requirement of EMS and parameter for use. The ISO 14001 standard is a prescribed standard for
Environmental Management system. The ISO 14001 (EMS) is appropriate to any organization that wishes to
demonstrate sound environmental performance of the organization by monitoring the impacts of their
activities, products and services on the environment, consistent with their environmental policy and
objectives and Complying with applicable legal and monitoring requirements.
Summary of ISO 14000 Series Standards
STANDARD NO. TITLE
14000 Guide to Environmental Management Principles,Systems, and Supporting Techniques
14001 Environmental Management Systems: Specificationwith Guidance for Use
14004 Guidelines on the Elements of an EnvironmentalManagement System
14010 Guidelines for Environmental Auditing: GeneralPrinciples of Environmental Auditing
14011 Guidelines for Environmental Auditing: AuditProcedures—Part 1: Auditing of EnvironmentalManagement Systems
14012 Guidelines for Environmental Auditing: QualificationCriteria for Environmental Auditors
14013/15 Guidelines for Environmental Auditing: AuditProgrammers, Reviews, and Assessments
14020/23 Environmental Labelling
14024 Environmental Labelling: Practitioner Programs—Guiding Principles, Practices, and CertificationProcedures of Multiple Criteria Programs
14031/32 Guidelines on Environmental Performance Evaluation
14040/43 Life Cycle Assessment General Principles and Practices
14050 Glossary
14060 Guide for the Inclusion of Environmental Aspects inProduct Standards
Source: ISO 2002.
Benefits of ISO 14001 Certification
o Improve the environmental performance of the organization.
o Environmental pollution reduced.
o Compliance with Legal and regulatory requirements related to Environment.
o Awareness about preparedness of potential Emergency situation.
o Improve the business potential among the competitor.
o Reduce wastage of Energy, natural resources, Raw materials.
o Operation control over the process shall improve.
o Commitment to Nation towards reduction pollution and obedience with legal regulatory requirement
shall improve.
Validity of ISO 14001 Certificates
Though ISO 14001 Standard doesn’t specify the validity period of certification however it is valid for 3 years, and also the certification has to be renewed after every three years. Throughout the validity of certificate, internal audit and surveillance audits are conducted to ensure that EMS is maintained as per environmental management plan.
ISO 14001 - Environmental Management System Certification Process
o Application review and contract Sign up between OSS and applicant organization.
o Stage-1 Audit.
o Stage-2 Audit.
o Certification decision.
o Issue of certificate.
o Surveillance audit (annually or half yearly as finalized during application review process and agreed
by client).
o Re-Certification Audit (within three years before expiry of certificate).
Importance of ISO - 14000 in environmental accounting
The ISO 14001 standard defines an EMS as ‘‘a management tool permitting an organization of any size or
type to control the impact of its activities, products or services on the environment’’ The ISO 14001
establishes a framework for managing through the development of formal processes and procedures the
environmental aspects of an organization. The standard contains 17 key elements grouped into five major
areas: environmental policy, planning, implementation and operation, checking and corrective action, and
management examination. A unique feature of the system is that it is designed to be appropriate for any
company, regardless of industry, size, location, level of their environmental responsibilities. ISO 14001 is
viewed as necessary, but not sufficient, for effective environmental management it is also possible to adopt
some or all elements of the ISO 14001 standard without becoming certified. Many firms go beyond the ISO
14001 EMS requirements by adding additional elements for goal setting and public reporting of emissions
beyond legal needs / requirements. This is becoming the footprints’ to other companies which are in same
line of either adoption or already following the standard. This takes the whole new change in EMS not only
of that particular company but to whole world. All are looking towards conservation & protection of our
environment. As per investigation hardly 5 or 33.33% companies have adopted the ISO - 14000 in Goa.
Where companies also in stage of adoption of ISO - 14000 in coming year is hardly 13.33% where
53.33% half of selected companies have didn't adopted ISO standard which is one of the reasons of Chi
Square X2 test becoming insignificant at both 95% & 99% the confidences level. This indicates that most of
companies in Goa have failed in adoption of ISO - 14000 standards. This is one of the important aspects of
Environmental Accounting. As it guides companies to acting according to certain accepted Standard on
environmental accounting and disclosure practices.
Role of Environmental management system at Industries in Goa
EMA has been defined as the management of environmental and economic performance through the
development and implementation of an appropriate environment-related accounting system and practice
which may include reporting and auditing. Given the increasing importance of environmental management
and its role in managing and reducing environmental impacts, the development of an environmental
management system (EMS) has begun to attract greater interest and attention. EMA has become an
important part of environmental accounting infrastructure. EMA practices involve the tracking, tracing and
treatment of costs, earnings and savings incurred in relation to the company’s environmental-related
activities. EMA which uses such standard accounting techniques as Activity Based Costing to identify,
analyse, manage and reduce environmental costs mutually benefit both the company and the environment.
Source: Commission for Environmental Cooperation (CEC)
Investigation has identified that role of Environmental management system in environmental accounting and
disclosure practices of Industries in Goa, very crucial as 66.67% of companies developed EMS. As they fill
that only by adopting EMS they can completely focus on the products and services of companies which are
likely to destroy or make harm to environment, take suitable action either to stop or reduce impact of
business activities. Where some companies also have set environmental Target, Goals, Mission, Objectives
to be archived by companies within year or coming year. Study also reveals that EMS has becoming most
important aspect when it comes to internal & external communication of environmental activities, issues,
cost, revenues which need to be disclosed for internal as well as external parties of business. Where it is also
seen that 33.33% companies have failed in adopting of EMS. This may become serious issues as even on
company doesn't not take care towards environment every think can go wasted as even one incident are
more than engage to destroy the complete habitat of natural environment.
EMS
Environmental Responsibility
Policy
PLANNING• Identifying aspects, impacts and operational controls• Indentifying legal and other requirements• Meeting objectives, targets and environmental programs
IMPLEMENTING AND OPERATION•Defining training needsImplementing training• Internal communication and reporting• External communication• Document control• Contractors and suppliers
CHECKING AND CORRECTIVE ACTION
• Monitoring and measuring• Process improvement• Records• EMS compliance audits
MANAGEMENT REVIEW
Industry Adopted EMS67%
Industry dint adopted EMS33%
Environmental Management Parctices in Goan In-dustry.
Source: Survey
CONCLUSION
On the basis of above discussion, it is determined that business organisation in Goa are Acting according to
certain accepted Standard on environmental accounting and disclosure practices are increasing day by day.
Where it can be identified through Chi Square X2 Test that most of companies are following International
Financial Reporting standard (IFRS) as it is only one identified standard showing Significances were other
rest identified standard are not significant or insignificant that's give us a clear picture that companies are
following some certain standard in there day to day business activities. Which infect is good sign but still the
organization is required to enhance the scope compliance of business firm on environmental accounting and
disclosure practices. As it also can ne analysis that companies adopting ISO - 14000 Certification are also
much less which comes to just 33.33% where other either not have were in companies in stage of adopting
ISO - 14000 is just 13.33% which is one of the not good sing Looking towards environment & sustainable
development. It is also identified that even though companies do not have adopted ISO-14000 Standard,
most of companies have management system. That’s looks after management of environmental issues &
actives. Environmental management system is not only a management tool of the interaction with the
environment between many others; environmental management system is rather a set of principles and
methods that provide data about materials and energy consumption and costs that are required by the success
of all the activities in this field of management. Environmental management system becomes increasingly
significant not only for environmental management but also for other routine managerial activities, such as
the design of processes and products; the allocation and control of costs; capital budgeting; supply process;
price policies; performance evaluation. An environmental accounting and disclosure practice is one of
important vehicle for the corporate bodies to communicate with external world. With the increases of the
complexities of the business world the role of information has been gradually increasing for making
economic decision. It is also recognised fact that due to increase in level of environmental awareness of
stakeholder, environmental reporting now becomes a part of financial reporting in Goa. Even though Indian
corporate comply with the rules and regulations with regard to environmental protection, till nowadays no
clear cut policies are outlined and formulated at the National, State or even at the company level, for
ensuring the level of obedience to environmental norms. Adoption of EMS practices facilitated the
development of planned resources, which have positive effect on the innovation capabilities in general. This
will take companies to the next level in terms environmental protection & sustainable development.
Even in becoming role model for other companies which are adopting & moving forward in similar line.
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