Sunday Oseiweh Ogbeide, Sunday Nosa Ugbogbo


This study examined corporate water accounting, International Accounting Standard (IASs)/ International Financial Reporting Standards (IFRSs) gap and the role of accounting profession. Firms cost of water and environmental effects are regulated through environmental laws and corporate social responsibility (CSR) disclosure. Extant literature revealed there is neither IASs nor IFRSs by International Accounting Standards Board (IASB) which addresses measurement and disclosure of full costs of water in financial reporting of corporate organizations neither any guiding local standard from Generally Accepted Accounting Principles (GAAP) nor Financial Reporting Council of Nigeria on full water costs measurements and disclosure in financial reporting by local firms relying on water usage. The study adopted the library research which entails a review of literature and finds deficiency in IASs and IFRSs in the recognition of full costs of water in financial reporting by water drilling companies. The study suggests for IASB to develop accounting framework that should guide financial statements preparer in full water cost reporting globally in a uniform manner. Future researchers shall find this study useful when undertaking a similar research. Future researchers should empirically assess the effects that the risks of corporate water could have on financial performance of developing countries companies.


Corporate Water Accounting, Water Resources, IASs/IFRSs, Gap, Risks.

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