ENVIRONMENTAL REPORTING AND ACCOUNTING RESEARCH IN NIGERIA: CURRENT PRACTICES, PROSPECT AND FUTURE DIRECTION

Concerns for the environment have led to the emergence of environmental accounting and reporting that will account for human and industrial impact on the environment. There is a widespread acceptance that organisations should provide accounts of their social and environmental performance in addition to financial performance. This study therefore provides a review of environmental reporting practices by companies in Nigeria; assess current research status, prospect and future direction with implications for chartered accountants. This was with a view to shedding more light on the development and implementation of environmental accounting and reporting in Nigeria. The results found an absence of a standardised guideline and a lack of commitment towards environmental reporting system in Nigeria which has resulted in haphazard disclosure of environmental data; a deficient corporate environmental reporting that is not of international standard to satisfy the information needs of various classes of shareholders; and a failure of organisations to recognise the economic value of natural resources as assets as well as the business and financial value of good environmental reporting. Additionally, the study found out that the volume and quality of published research on environmental accounting in Nigeria is low and the methodology is largely descriptive in nature. Majority of the studies are focused on the oil and gas sector to the neglect of other industries. The study concluded that there is a need for measurement system that will assess industries’ impact on the environment and organisations should disclose their environmental performance to stakeholders as part of the discharge of their stewardship function. There is also a great scope for expanding the amount and quality of research in this emerging discourse. Finally, the study suggests ways in which the future development of environmental accounting practice might be given further impetus in the Nigerian context. Keywords: Environmental Reporting. Environmental Performance.