IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 8 2024
DOI: 10.56201/jafm.v10.no8.2024.pg362.372

---

Insights into Blue Accounting Disclosures: Accounting Discipline Paradigm

Kingsley, K. Nwachukwu a, Jane O.M Ande b, Ph.D. Mary, A, Ogenyi, C PhD

---

Abstract

The rapid evolution of marine knowledge necessitates in-depth transdisciplinary ocean sustainability studies that could provide pathways in solving the losses in ocean health and catalyze the blue economy, both of which present significant challenges. This decline in ocean health should be a cause for global concern because the oceans provide food, livelihood, and employment for billions of people worldwide. It also negates the United Nations Sustainable Development Goals. The paper provides a conceptual understanding of blue accounting disclosure from the stand point of accounting discipline in view of conflicting paradigms available in the public domain. The research method used is a qualitative method through literature review and conceptual modeling. The study's findings establish a new paradigm for blue accounting disclosure, focusing on sustainability reporting for the oceans and marine ecosystems by corporate bodies. The findings of this study have policy and practical implications for the advancement of corporate reporting and the accounting profession. The paper recommends a paradigm shift from traditional accounting practices, focused primarily on financial reporting to embrace more forward-looking disclosures in corporate reporting.

keywords:

Oceans, Sustainability, Blue Accounting, Blue Accounting Disclosure, Corporate

---

References:

Abreu, R., David, F., & Segura, L. (2019). Blue accounting: Looking for a new standard.
Responsible Governance, 3(1), 27–43.
Ande, J. O. M (2021). Financial reporting under pandemic: A call for global standard, governance
and professionalism in the 21st Century: Accountant's Blueprint, 4(1), 35-69.
Ardiansyah, A., & Umarella, B. (2022). Disclosure of blue accounting and its contribution to
regional original revenue of maluku province in Indonesia. Akuntansi Dewantara, 6(3),
102-112.
African Union (2022). Information notes on blue accounting in the context of the African union
blue economy strategy. African Union – Inter-African Bureau for Animal Resources.
Beattie, V. (2000). The future of corporate reporting: a review article. Irish Accounting Review,
7(1), 1-36.
Bruntland, G. (1987). Our common shared future: The world commission on environment and
development, 45-65.

Carnegie, G., Parker, L., & Tsahuridu, E. (2021). It's 2020:what is accounting today? Australian
Accounting Review, 31(1), 65-73.

Colgan, C. S. (2016). Measurement of the ocean economy from national income accounts to the
sustainable blue economy. Journal of Ocean and Coastal Economics, 2(2), 12.
Eccles, R. G., & Krzus, M. P. (2010). One Report: Integrated Reporting for a Sustainable Strategy.
John Wiley & Sons.
European Commission (2001a). Recommendation 2001/453/EC, on the recognition, measurement
and disclosure of environmental issues in the annual accounts and annual reports of
companies' final communication from the commission to the European parliament, the
council, the European economic and social committee, and committee of the regions.
Brussels: Official publications of the European commission.
European Commission (2001b). Green paper—promoting a European framework for corporate
social responsibility, COM (2001) 366 final. Brussels: Official publications of the
European Commission.
European Commission (2008). European Commission Regulation (EC) No 1126/2008 of 3
November 2008 certain international accounting standards by regulation (EC) No
1606/2002 of the European Parliament and the council. Brussels: Official Publication of
the European Union.
European Commission (2012a). Blue growth. opportunities for marine and maritime sustainable
growth. COM (2012) 494 final, communication from the commission to the European
parliament, the council, the European economic and social committee, and the committee
of the regions Brussels: Official publications of the European commission.
European Commission (2012b). Marine knowledge 2020—from seabed mapping to ocean
forecasting growth. COM (2012) 493 final, communication from the commission to
European Parliament the European economic and social committee, and committee of the
region. Brussels: Official publications of the European commission.
Failler, P., Liu, J., Lallemand, P., & March, A. (2023). Blue accounting approaches in the emerging
African blue economy context. Journal of Sustainability Research, 5(1), 341-367.
First Global Integrated Marine Assessment (2016). The first global integrated marine assessment:
World ocean assessment I. Available at https://www.unep.org/resources/report/
Fuad, W. K., & Setyawan, H. (2020). Blue accounting of the marine knowledge and sustainable
seas: A conceptual model. In Conference on Complex, Intelligent, and Software Intensive
Systems, 954-958. Springer, Cham.
GRI. (2021). Consolidated set of GRI sustainability reporting standards. Retrieved from:
http://www.global reporting.org.resources/library
Hoekstra, A. Y. (2019). Green-blue water accounting in a soil water balance advance in water
resources green-blue water accounting in a soil water balance. Adv. Water Resource,
129(4), 112–117.

Intergovernmental Oceanographic Commission-UNESCO (2024). State of the Ocean Report
2024: Up-to-date knowledge for ocean action. https://www.ioc.unesco.org/en/articles
Intergovernmental Panel on Climate Change (2007). In M. L. Parry, O. F. Canziani, J. P. Palutikof,
P. J. van der Linden, & C. E. Hanson (Eds.), Climate change 2007: Impacts, adaptation and
vulnerability. Contribution of group II to the fourth assessment report of the
Intergovernmental Panel on Climate change (p. 976). Cambridge, UK: Cambridge
University Press.
Intergovernmental Panel on Climate Change (2014a). In Core Writing Team, R. K. Pachauri, & L.
A. Meyer (Eds.), Climate change 2014: Synthesis report. Contribution of Working Groups
I, II and III to the fifth assessment report of the Intergovernmental Panel on Climate Change
(p. 151). Geneva, Switzerland: IPCC.
Intergovernmental Panel on Climate Change (2014b). Climate Change 2014—Impacts, Adaptation
and Vulnerability: Regional Aspects. Cambridge, UK: Cambridge University Press.
Lee, S. Y., Park, Y. S., & Klassen, R. D. (2015). Market responses to firms' voluntary climate
change
information
disclosure
and
carbon
communication. Corporate
Social
Responsibility and Environmental Management, 22(1), 1-12.
Marine Strategy Framework Directive (2008). Marine Strategy Framework Directive. Available
at EU Marine Strategy Framework Directive - European Commission (europa.eu).
Oyewo, B. M., & Isa, R. (2017). Improving corporate sustainability reporting through the adoption
of integrated reporting: A study of Nigerian and South African firms. African Accounting
and Finance Journal, 1(1), 52-94.
Rahmayanti, A. Y., & Sari, D. K. (2023). Blue accounting to enhance the quality of sustainability
report. In Proceedings 83, (1), 69.

Ram, J., Ramrattan, D., & Frederick, R. (2019). Measuring the blue economy: The system of
national accounts and use of blue economy satellite accounts. Caribbean Development
Bank.
Syah, S., Saraswati, E., Sukoharsono, E. G., & Roekhudin, T. (2020). Blue accounting and
sustainability. In 23rd Asian Forum of Business Education, 2(2), 502-508.
Wanta, D., & Gunawan, J. (2021). Sustainability blue disclosures: Index development and
preliminary implementation. JRAK, 13(2), 97-105.
Wang, T., He, G. S., Zhou, Q. L., Gao, J. Z., & Deng, L. J. (2018). Designing a framework for
marine ecosystem assets accounting. Ocean & Coastal Management, 16(3), 92-100.

DOWNLOAD PDF

---

Back