ABSTRACT
Corporations are facing increasing pressures to be accountable and transparent, and to disclose a wide variety of information about activities, including their sustainability. Sustainability is an emotionally-charged topic and its meaning may differ between individuals and corporations. For the purposes of this project, I define sustainability reporting as the communications which corporations make concerning their corporate social-responsibility (CSR) activities, including social and environmental impacts in addition to financial performance. This research discussed “Sustainability Reporting Past, Present and Trends for the future. It is divided into five chapter. In which the chapters contain introduction, literature review, research design and methodology , data presentation and analysis, conclusions, recommendations and summary. The researcher made use of both primary and secondary data, structured questionnaires were the methods used for the collection of primary data, and secondary data were also collected from textbook and various research materials. The researcher used population of 140 selected randomly. But using Taro Yamani, a sample size of 4 was used. In chapter four table was used as a statistical tool for analyzing the data. In which he recommended that the If sustainability information is included in financial statements, it will be in separate sections (with separate assurance, if any). Non-financial sustainability information will become more standardized, but due to its nature, will not achieve the level of completeness that we have for financial information. Consequently, corporations will continue to provide sustainability data that is tailored to their specific circumstances and recommendated that Provide a management tool to help continuously evaluate and improve sustainable performance. Promote a true picture of the organization. The more candid the report, the more positive its effect on the organization’s reputation. Stakeholders will feel confident that the organization will strive to achieve its goals over the long term.
TABE OF CONTENTS
Cover Page i
Title page ii
Approval page iii
Dedication iv
Acknowledgement v
Abstract vi
Table of Contents vii
CHAPTER ONE
- Introduction 1
1.1 Background of the study 1
1.2 Statement of the problem 5
1.3 Objectives of the Study 6
1.4 Research Questions 8
1.5 Significance of the Study 8
1.6 Scope of the Study 10
1.7 Limitation of the study 11
CHAPTER TWO
- Review of Related Literature
2.1 Overview of Financial Reporting 13
2.2 Definition of Accounting 14
2.3 Accounting Concepts and Convention 16
2.4 The Meaning of Financial Statement 28
2.5 Classification of Financial Statement 30
2.6 Objectives of Financial Statement 31
2.7 Characteristics of Financial Information 34
2.8 Types of Financial Statement 39
2.9 The use of Financial Statement 48
2.10 The Role of Accounting Concept and Convention in the Preparation of Profit and Loss Account and the Balance Sheet 51
2.11 The Profit and Loss Account 53
CHAPTER THREE
- Research Design and Methodology
3.1 Research Design 57
3.2 Area of the Study 58
3.3 Population of the Study 58
3.4 Sampling Method 58
3.5 Research Instrumentation 61
3.6 Source of Data 61
3.7 Methods of Investigation 63
CHAPTER FOUR
- Presentation of Analysis of Data 64
4.1 Analysis and Interpretation of data 65
4.2 Testing of Research Questions 94
CHAPTER FIVE
- Summary of Findings 97
5.1 Conclusions 99
5.2 Recommendations 100
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
- BACKGROUND OF THE STUDY
Corporations are facing increasing pressures to be accountable and transparent, and to disclose a wide variety of information about activities, including their sustainability. Sustainability is an emotionally-charged topic and its meaning may differ between individuals and corporations. For the purposes of this project, I define sustainability reporting as the communications which corporations make concerning their corporate social-responsibility (CSR) activities, including social and environmental impacts in addition to financial performance.
The International Integrated Reporting Council (IIRC) has proposed a revolutionary change in the way that corporations report activities to stakeholders, essentially by replacing current financial statements with integrated reports that contain financial information, operational data and sustainability information.
In a philosophical shift in thinking about corporate accountability, integrated reporting not only changes the form of reporting, but also its purpose.
The underlying agenda is to make corporations more sustainable. Sustainability proponents argue that, in addition to providing information to a broad range of stakeholders, integrated reporting will change the way that corporations operate, helping them to make more sustainable decisions (IIRC 2011). This is very different from the traditional role of financial reporting, centre on providing financial information to external investors.
How sustainability reporting develops has profound implications for accounting and auditing practice in the future. Even if we do not fully move to integrated reporting, increasing sustainability disclosures pose challenges to the accounting profession in terms of measurement and assurance.
The ideas behind sustainability reporting also challenge us to think about the role of accounting in business and society. In this talk, I will trace the history of sustainability reporting and make some comments about issues associated with the development of integrated reporting.
There is a growing movement, worldwide, to not only be a more responsible corporate citizen, but to trade on that fact and Sustainability Reporting is the lynchpin of this undertaking for many organizations. Sustainability Reporting is the practice for commercial, public sector, and non-profit organizations alike of raising awareness and making positive change to how the organization impacts the environment and people. But this research shall focus on Ministry of Environment, Enugu since sustainability reporting is a relatively new discipline, without the global standards and accepted controls of financial accounting; however, this is fast changing. Sustainable Business, Corporate Social Responsibility,
1.2 STATEMENT OF PROBLEMS
Is very important for the functioning of any business. The sustainability reporting in most business organization. The flow of information, the cost of collecting an information and the internal control procedures have some loops roles.
In reality, it would be impossible for the researcher to study all the information system in all or even one the organizations. The study therefore, involved a study of some typical sustainability reporting on the management of a business.
Sustainability will be coordinated through billions of people talking to each other, and talking to your brand. Relevance and responsiveness will be crucial. Current reports are rarely either. In this world social media could kill sustainability reporting. Or save it.
So now the world is more complex, reporting becomes even more important as a key tool by which companies understand that complexity and develop a coherent focused strategy to address key issues and deliver long-term value, backed up by metrics that show progress along the way. But it’s just a tool. Sustainability can be enhanced if the tool is wielded more effectively by companies and used better by stakeholders, especially investors, but it never has, nor will it ever be, the answer to the sustainability challenge.
This is case in Enugu State ministry of Environment which by a huge amount of report are maintain for ensure smooth running the ministry under this section.
1.3 OBJECTIVES OF THE STUDY
This address this topic. The project is aimed at identifying the following:
- To identify the extent of sustainable report in corporate organization, past present and future trend.
- To determine the organisation’s competitive positioning in the emerging sustainability space
- Detailed overview of organizational initiatives relating to social, human and natural capital.
- To assess if sustainability reports provide stakeholders with a reflection on past performance and a view to the future in respect of environmental, social and governance initiatives.
- To make reasonable recommendations on the problem identified.
1.4 RESEARCH QUESTIONS
These research questions of this study are as follows:
- To extent should sustainable report in corporate organization, past present and future trend be determined?
- How do organisation’s competitive positioning in the emerging sustainability space be assessed?
- How should overview of organisational initiatives relating to social, human and natural capital be detailed?
- How do stakeholders with a reflection on past performance and a view to the future in respect of environmental, social and governance initiatives be enlightened?
- What should be recommended on the problem identified pertaining sustainability reporting in Enugu State Ministry of Environment?
1.5 RESEARCH HYPOTHESIS
Hypothesis One
H0: Sustainability report in corporate organization, past present and future trend be is essential in recent business organization?
H1: Sustainability report in corporate organization, past present and future trend be is not essential in recent business organization?
Hypothesis Two
H0: Sustainability report has helped in improving corporate image in Enugu State ministry of Environment.
H1: Sustainability report has no helped in improving corporate image in Enugu State ministry of Environment.
1.6 SCOPE OF THE STUDY
The scope of the study sustainability reporting: Past, Present and Trends for the future using Ministry of Environment, Enugu.
1.7 LIMITATIONS OF THE STUDY
The researcher has encountered so many difficulties in the course of the work. Some of them have been discussed below:
Against this background most of the workers were afraid to disclose some relevant information to the researcher as some of the staff claimed that disclosing certain information to the researcher will be an offence to the ministry.
Again, a few of the respondents were not willing to fill the questionnaire, while some of the respondents declined returning their filled questionnaires.
Time constraint was another factor, for a well thorough job, more time would have being allowed to carryout the project because the researcher have to read for her exams, do some jobs to be paid to enable her carryout the financial activities needed by the project as well as carryout other personal duties.
Insufficient fund, a lot of money was needed to pay transport fares to and from the ministry of environment Enugu, pay for the production of the questionnaire, pay for the printing and binding of the project as well as the reprint of the corrected versions.
Sometimes, when the researcher tries to browse out some needed information from the net, internet does not provide such information due to bad communication network. This is to mention but a few.
1.8 DEFINITION OF TERMS
- Sustainability: Sustainability is the capacity to endure. Sustainability is the potential for long-term maintenance of well being, which has ecological, economic, political and cultural dimensions. Sustainability requires the reconciliation of environmental, social equity and economic demands – also referred to as the “three pillars”.
- Report: A report or account is any informational work (usually of writing, speech, television, or film) made with the specific intention of relaying information or recounting certain events in a widely presentable form.
- Ministry of Environment: To ensure effective coordination of all environmental matters, which hitherto were fragmented and resident in different line Ministries. The creation was intended to ensure that environmental matters are adequately mainstreamed into all developmental activities.
4. Triple Bottom Line: Financial, social, and environmental effects of a firm’s policies and actions that determine its viability as a sustainable organization.
- Financial: Financial usually refers to money matters or transactions of some size or importance.
REFERENCES
Buhr, N. (2007). in Sustainability Accounting and
Accountability, Unerman, E, Bebbington, J & O’Dwyer, B (eds) pp. 57-69.
Deegan, C & Rankin, M. (1997). ‘The materiality of
environmental information to users of annual reports’, Accounting, Auditing, and Accountability Journal, vol. 10, no. 4. pp. 562-583.
Elkington, J. (1998). Cannibals with Forks: the Triple Bottom
Line of 21st Century Business, New Society Publishers, Gabriola Island.
Global Reporting Initiative (2011). G3.1 Sustainability
ReportingGuidelines ttps://www.globalreporting.org/resourcelibrary/G3.1-Sustainability-Reporting-Guidelines.pdf
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