Developing a Sustainable Accounting Framework in the Indian Cement Industry vis-a-vis Manger Perspectives

Abstract

There is an increasing interest of businesses to make their operations sustainable. But so far, government efforts have led to weak voluntary standards that make companies less accounted for. Companies must manage various performance criteria, metrics, and reporting obligations due to stakeholder requirements as the existing financial accounting procedure restricts the reporter's ability to measure environmental and social initiatives in monetary terms. This study proposes a SAF model for the Indian industry in terms of performance metrics that convey a reasonable presentation of company performance on sustainability heads and ensure that investors can access the total mix of information for the decision-making process. For the study, a sample of 150 officials of the cement companies was taken using a structured questionnaire. The results revealed that there is a lack of any SAR framework for Indian cement companies and there is a requirement of a favourable stakeholder perspective of the need for such measures. The newly developed SAF would improve transparency and performance.

The Impact of Fintech and Digital Financial Services on Financial Inclusion in India

“…In India, over the course of the last decade, the fast development of mobile networks in previously unserved areas and communities has also served as a major engine for this cause (Chouhan et al 2021c;Omojolaibi et al 2019). Payment banks have emerged as an additional alternative to online and mobile banking, contributing to an increase in operational efficiency and a reduction in the expenses associated with providing services to customers located in rural and semiurban areas (Schuetz and Venkatesh 2020;Chouhan et al 2020).…”

Environmental costing and sustainable accounting: A comprehensive review: Delving into methods of accounting for environmental impacts in financial statements

“…The insights from Sapozhnikova and Tkacheva (2021) are instrumental in understanding how environmental costs can be systematically reported and used to evaluate corporate sustainability efforts. Chouhan and Goswami (2022) propose a Sustainable Accounting Framework (SAF) for the Indian cement industry, emphasizing the need for performance metrics that reflect a company's sustainability efforts. Their study reveals a lack of a comprehensive framework for environmental and social reporting in the industry, highlighting the need for a stakeholder perspective on such measures.…”

“…Their study reveals a lack of a comprehensive framework for environmental and social reporting in the industry, highlighting the need for a stakeholder perspective on such measures. The SAF developed by Chouhan and Goswami (2022) aims to improve transparency and performance by providing a structured approach to measuring and reporting environmental and social initiatives. This framework is a significant step towards integrating environmental costing into the broader context of sustainable accounting, ensuring that investors and other stakeholders have access to a complete set of information for decision-making.…”

Impact of Digital Payments in Fintech Innovations

“…Notwithstanding on the web and portable banking, installment banks have become more well known. This has expanded functional effectiveness and diminished the expenses of serving clients in rustic and semiurban regions (Schuetz and Venkatesh 2020; Chouhan et al 2020).…”