Advanced Management Accounting Assignment

AMA- Theme: Environmental Cost Management

1. Introduction on Strategic Cost Management (600)

- How company manage costs before the Strategic Costs Management
- The problem arises before strategic costs management arises
- The intro of Environmental costs management (Where it started, how it works and what is
that?)
- What are the specialty of it? (Top benefits)
- Small conclude
2. A real case (Toyota)
- A brief of what is Toyota 400
- The time it start implement the strategy + What specific details/ policies it propose in the
strategy that affects the company (Any policies, design, costs- e.g. zero waste landfil policy,
solar panels, hybrid cars) 630*3
3. The effects after X period of time (700)
- Company performance comparisons (Before/ after)
4. Conclusion (400)
- A short brief of what is Environmental Costs Management
- A short brief of the top advantages of the strategy
- short conclude on the Toyota case
- Add: a short assumption on the potential future of the strategy
 Faculty of Business and Management (FBM)

BBA3074 – Advanced Management Accounting

Jan 2023 – April 2023

Lecturer: Dr. Marcia Edna

Word Count: 666 words

No. Name ID

1 SHERMAN CHAN CHI MAN 10021622701

2 WONG ZHI WEN 1002163189

3 Sharon Ha Mong Hong 1002267207

4 Teo Kim Shiuann 1002059564

Table of Contents

1.0 Introduction on Strategic Costs Management......................................................................1

1.1 Story before Strategic Costs Management.......................................................................1
1.2 Environmental Costs Management..................................................................................2
2.0 Application of Environmental Cost Management: A case study on Toyota.........................3
2.1 What is Toyota..................................................................................................................3
2.2 How Toyota Implements Environmental Cost Management?.........................................4
2.2.1 Zero Waste Landfill Policies.....................................................................................4
2.2.2 Solar Panels...............................................................................................................7
2.2.3 Hybrid Cars and Electric Vehicles............................................................................8
3.0 The effects after X period of time......................................................................................10
3.1 Net Revenue and Operating Income..............................................................................10
3.2 Sales of Hybrid Vehicle..................................................................................................11
3.3 Actual Economic Effect.................................................................................................12
3.4 Reduction in CO2 Emissions.........................................................................................13
4.0 Conclusion..........................................................................................................................14
References................................................................................................................................16
1.0 Introduction on Strategic Costs Management

Toyota Motor Corporation began as a subsidiary of Toyota Automatic Loom Works Co.
Toyota Motor Corp was established in 1937 and renamed Toyota Motor Corporation in 1982
when the parent company merged with Toyota Sales Corporation. Moreover, 1993 was
historical as Toyota Motor Corporation (Toyota) is the largest automobile company in Japan.
Toyota's business model is about designing, manufacturing, and selling various types of
vehicles. For instance, their products include passenger cars, buses, minivans, and sport-
utility vehicles. Besides, Toyota provides financing services to customers or dealers who
purchase or lease vehicles. Toyota also expands in housing, financial services,
telecommunications, and information technology businesses.

1.1 Story before Strategic Costs Management

Before deploying strategic cost management, Toyota uses target costing. Target costing
started in Japan during the 1960s. Since the 1980s, target costing plays a role in strengthening
the competitive position of Japanese companies. Target costing commences with determining
customer demand and estimating an acceptable selling price for the products. Toyota first
calculates the total cost of their product and obtains an estimated profit, then it is compared
with the target costs. Target cost considers the goal of the R&D, design, and production staff
and other departments in the value chain. Thus, the management consumes substantial time
meeting the target costs in their business model. Nevertheless, target costing is part of the
management accounting process. The detailed activities include collecting, categorising,
summarising, analysing, and reporting information to achieve management control. When the
management plans to launch a new product, the analysis could support the downstream cost
management for the organization (Mahmud Hematfar Ph.D, 2023). To achieve cost
efficiency, Toyota set a cost-planning goal when developing an aggressive design. Hence, the
objective of cost planning helps identify the profit per unit required to achieve the profit
target. Therefore, determine the amount to be reduced from the cost of the new product
through cost planning activities (PhdEssay, 2017).

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However, using target costing from businesses may reduce the quality of products and
services. If Toyota plans to earn more profits from one product, it may manufacture the
product with lower target costs. In industry services, the costs are exclusively dependent on
labour. Therefore, if cost reduction is required to meet the target cost, the only way to achieve
this is to reduce the time spent and use lower-graded employees. Not to mention, the
company may incur errors with the costing calculation. Since the target costing relies on
estimating the selling price to earn a profit, any miscalculation may hurt the entire market
strategy. Otherwise, when the company does not sell the total amount of products, they
manufacture at estimating price, the result can be a major loss in our businesses.

1.2 Environmental Costs Management

In the 1990s, Environmental cost management became popular in the market. It focuses on
the decision settings, tools and information needed by the manager to manage the
combination of economic and environmental dimensions of their business activities; For
example, overseeing, evaluating, and improving the company's costs to seek a lasting cost-
competitive advantage. Structures, driving forces, objectives, processes, performance, and
behaviour are fully planned, determined, controlled, accounted for, evaluated, and improved.
Environmental cost management strategy is a combination of environmental cost
management and strategic management, an adaptive change of strategic cost management to
environmental changes and their needs, and to achieve and maintain a lasting competitive
advantage for the company. It aims to adapt to the internal and external environment and
takes environmental cost management strategies and tactics that match the company's overall
strategy, so it is applied throughout the process of environmental and sustainable
development. Hence, a strong sense of pursuing a long-lasting cost-competitive advantage.
By improving the environmental cost (Fengzhou Wang, 2017), the environmental cost should
be prepared in the reports in the following categories which are environmental protection
costs, environmental appraisal costs, environmental internal failure costs and environmental
external failure costs. The protection cost is the cost undertaken activities to prevent the
production of waste and protect the environment. Then, the environmental appraisal costs are
the cost used to accessing compliance with environmental policies and regulations. The
internal failure costs are contaminants and waste produced to perform the activities. And the
external failure costs are the cost incurred on the activities after the environmentally damaged
cause by the outside organizations.

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2.0 Application of Environmental Cost Management: A case study on Toyota

2.1 What is Toyota

Toyota Motor Corporation, founded by Kiichiro Toyoda in 1937 as a spinoff from his
father's company, Toyota Industries, is a multinational automotive manufacturer based in
Toyota, Aichi, Japan. Toyota's first product, the Type A engine, was developed three years
before its foundation, and the company launched its first passenger car, the Toyota AA, in
1936, leading to the establishment of Toyota Motor Company in 1937. In the 1960s and
1970s, Toyota continued to thrive, exporting large numbers of automobiles to foreign
markets, and acquiring companies such as Hino Motors, Ltd., Nippondenso Company, Ltd.,
and Daihitsu Motor Company, Ltd (TOYOTA, n.d.).

Today, Toyota produces and sells vehicles under five brands, namely Toyota, Hino,
Lexus, Ranz, and Daihatsu. The company is also listed on several stock exchanges around the
world, including the London Stock Exchange, New York Stock Exchange, and Tokyo Stock
Exchange. Toyota is known for being a global market leader in selling hybrid electric
vehicles and hydrogen fuel-cell vehicles, and its Prius is the world's top-selling hybrid
vehicle with more than 6 million units sold worldwide. Toyota has been producing over 10
million vehicles per year since 2012, and in January 2020, it raised 15 million through
cumulative global sales of Toyota and Lexus hybrid passenger car models (Team, 2021).

Throughout its history, Toyota has faced numerous challenges and setbacks. During
World War II, the company postponed production of passenger cars and focused on trucks.
With destroyed facilities and a chaotic economy, Toyota struggled to recover but eventually
did so with the help of government incentives. In recent years, Toyota has faced numerous
recalls, including the recall of 10 million vehicles in 2009 and 2010 due to unintended
acceleration issues (KK, 2023). Toyota has since implemented more rigorous quality control
measures to prevent similar issues from happening in the future.

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 In conclusion, Toyota is a multinational automotive manufacturer that has a long and
storied history. Despite the numerous challenges and setbacks it has faced, the company has
continued to innovate and adapt, remaining a leader in the automotive industry. Today, Toyota
is known for producing reliable, fuel-efficient, and environmentally friendly vehicles, and it
still considers the Toyota Production System crucial to remain competitive in the automotive
industry. Overall, Toyota's long and impressive history demonstrates its ability to overcome
obstacles and remain a prominent player in the automotive industry.

2.2 How Toyota Implements Environmental Cost Management?

2.2.1 Zero Waste Landfill Policies

Toyota, a multinational automotive manufacturer, is committed to sustainability and

environmental responsibility. One way the company achieves this is through its
implementation of environmental cost management strategies. Toyota began implementing
zero waste landfill in its strategic cost management practices in the early 2000s. The concept
of zero landfill was introduced in 2003 by Tim Hollkamp, the then ISO 14001 management
representative at Toyota Industrial Equipment Manufacturing (TIEM), following TIEM's
Environmental Action Plan (StackPath, n.d.). The plan aimed to achieve zero emissions of
direct landfill waste by fiscal year 2005, and the TIEM facility became a zero-landfill facility
in 2004, indicating Toyota's commitment to environmental responsibility. One of Toyota's
environmental cost management strategies is its zero waste to landfill policy, which aims to
reduce landfill waste by at least 99% (Nick, 2020). This policy encourages waste producers to
explore alternative solutions and value their waste, cutting costs and increasing efficiency.
Achieving zero waste to landfill involves prioritizing waste prevention, reuse, recycling, and
recovery before landfill (Recycling, n.d.).

Toyota's zero waste to landfill policy involves the reduction of waste in its
manufacturing processes, which is achieved through a "reduce, reuse, and recycle" approach.
The company focuses on reducing the amount of waste generated by developing and
deploying new production technologies while taking continual daily measures in terms of the
sources of waste, resource recycling, and resulting cost reductions. In FY2018, Toyota
continued its waste reduction activities, resulting in a decrease of 3.3 percent year on year in
total waste volume and a decrease of 3.1 percent year on year in waste volume per unit
produced. However, due to changes in the recycling market, the total volume of waste
increased by 5.3 percent year on year, and the waste volume per unit produced increased by

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5.4 percent year on year (Environmental Report 2018, 2018). Despite this, Toyota remains
committed to reducing waste by improving production efficiency, reusing materials, and
choosing methods for processing industrial waste that have a minimum environmental
impact. Through these efforts, Toyota is able to save on disposal costs and reduce its
environmental impact.

Another aspect of Toyota's zero waste to landfill policy is resource conservation.

Toyota achieves this by focusing on reducing landfill waste through recycling, reducing water
consumption, and reducing the number of materials used for product packaging. The
company aims to efficiently use its resources by recycling nearly all waste generated, which
helps minimize the environmental impact of its operations. However, Toyota also considers
the impact of recycling treatment on the environment, such as the global warming effect
generated by energy consumed in treating waste (Recycling, n.d.). To further reduce waste,
Toyota will continue to improve production efficiency, reuse materials to reduce the volume
of industrial waste, and choose methods for processing industrial waste that have a minimum
environmental impact. By implementing these measures, Toyota is able to effectively manage
its environmental costs and promote sustainability.

Toyota also collaborates with other companies to reduce industrial waste. For
instance, Toyota Tsusho, a Toyota group company, implements a zero waste to landfill policy
by collaborating with other companies. Toyota Metal Corporation, a subsidiary of Toyota
Tsusho, sorts of automobile shredder residue (ASR) into materials such as melted and
solidified material, plastics, metals, and glass, achieving 99% recycling of melted and
solidified materials and plastics through collaboration with a steel maker. In addition, Toyota
Tsusho has conducted demonstration trials investigating the possibility of car-to-car recycling
of plastic materials used in automobiles and has been contracted to build an efficient and
suitable end-of-life vehicle resource recycling system in Thailand (Effective use of resources |
Toyota Tsusho, n.d.). These initiatives reflect Toyota's commitment to environmental
sustainability and cost management by reducing waste, saving disposal costs, and minimizing
environmental impact.

In conclusion, Toyota's zero waste to landfill policy and implementation of

environmental cost management strategies highlight the company's dedication to
sustainability and environmental responsibility. By focusing on reducing waste, resource
conservation, and collaborating with other companies to reduce industrial waste, Toyota can

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effectively manage its environmental costs and promote sustainability while also reducing
disposal costs and improving process efficiency. Through these efforts, Toyota sets an
example for other companies to follow and helps create a more sustainable future.

2.2.2 Solar Panels

a. Solar panels on factories

For the first solar initiative, Toyota's West Virginia factory solar project not only included the
installation of 10,601 solar panels but also featured a 7.75 MW battery energy storage system
(Assembly, 2020), which helps stabilize the electricity grid and provide backup power during
peak demand. The company also installed a similar solar project on its Burnaston factory in
England, which features 17,000 solar panels covering an area of 90,000 square meters,
making it the largest solar panel array in the UK auto industry (Biddle, 2017). Additionally,
Toyota has installed solar panels on the rooftops of some of its dealerships in Japan, such as
the Toyota Ecoful Town dealership, which features over 1,800 solar panels that generate
440,000 kilowatt-hours of electricity per year.

b. Solar panels on dealerships

For the second solar initiative, Toyota has been actively partnering with solar companies to
install solar panels on the rooftops of its dealerships worldwide. In addition to the Philippines
(SOLARIC, 2019) and the United States (Arlington Toyota in Palatine, 2021), Toyota has
installed solar panels at its dealerships in foreign countries such as Australia, Thailand, and
Japan. The company is also committed to achieving 100% renewable energy use at all of its
dealerships in Europe by 2025, which will involve the installation of solar panels and other
renewable energy sources. Furthermore, Toyota has been implementing various energy-
saving measures at its dealerships, such as LED lighting and energy-efficient HVAC systems,
to reduce its overall energy consumption.

c. solar-powered charging stations

For the third solar initiative, Toyota's solar-powered charging stations (Edwards, 2009) are
part of its efforts to promote sustainable mobility and reduce carbon emissions. The company
has also developed a mobile solar power generator called the Toyota Solar Support Car,
which provides electricity to disaster-hit areas and events. Furthermore, Toyota is
collaborating with other companies and organizations to promote the development of
hydrogen fuel cell vehicles and infrastructure. Hence, Toyota plays a significant role in

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achieving a low-carbon society today. The company has already launched several fuel cell
vehicles, including the Mirai sedan and the Sora fuel cell bus.

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d. Investment in Solar energy

For the fourth solar initiative, Toyota's investment in solar energy projects is part of its
broader strategy to address climate change and promote sustainable development. In addition
to the Hawaii (Toyota Motor North America, 2020) and Kenya (Toyota Tsusho, 2022)
projects, the company has invested in several other renewable energy projects worldwide,
such as wind power, biomass, and geothermal energy. Toyota is also working to reduce the
carbon footprint of its production processes, such as by using renewable energy and
improving energy efficiency. The company has set a goal to achieve net-zero carbon
emissions from its operations by 2050. Thus, we expect Toyota to continue to invest in
sustainable solutions that help address the challenges of climate change.

2.2.3 Hybrid Cars and Electric Vehicles

Toyota, a top pioneer in environmentally friendly vehicles focuses on reducing greenhouse

gas emissions and fuel consumption. The company has invested heavily in the development
of hybrid and electric vehicles as a way to reduce the environmental impact of its products.

Toyota's hybrid models have been very successful, with millions of units sold worldwide. The
Toyota Prius, first introduced in 1997 (PhdEssay, 2017), is one of the most iconic and
recognizable hybrid vehicles on the market. The Prius was a game changer for Toyota, and
the company has continued to improve and expand its hybrid line-up over the years.

The Toyota Camry Hybrid, released in January 2006 (TheNewsWheel, 2023), is one of the
most popular hybrid vehicles in the United States. Soon, the Toyota Corolla Hybrid was
released in August 2013. It is another popular option for consumers looking for a more
environmentally friendly car. Then, the Toyota Highlander Hybrid, released in July 2005
(TheNewsWheel, 2023), is a mid-size SUV that has been very successful in the North
American market.

Following the trend, the Toyota RAV4 Hybrid, released in 2016 (Singh, 2022), was the first
hybrid SUV from Toyota. It has been very successful, and Toyota has continued to improve
the RAV4 Hybrid with each new model year. Not to mention, Toyota RAV4 Prime, released
in 2021, is a plug-in hybrid SUV that offers even greater fuel efficiency and electric-only
driving range.

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Moreover, the Toyota Sienna Hybrid, released in October 2020 (AutoEvolution, 2022), is a
hybrid minivan that offers impressive fuel efficiency and a comfortable ride. In addition, the
Toyota Venza Hybrid, released in February 2009 (AutoEvolution, 2021), is a mid-size
crossover that has been very successful in the North American market.

In addition to its hybrid line-up, Toyota has also been working on developing all-electric
vehicles. The bZ4X, which is set to be released in 2023 (Toyota, 2022), is an all-electric SUV
that will offer a range of over 300 miles on a single charge.

Overall, Toyota has been very successful in its efforts to reduce the environmental impact of
its vehicles. The company's hybrid models have been dominating the hybrid car market, and
Toyota has continued to invest in the development of new and improved hybrid and electric
vehicles. With the upcoming release of the bZ4X, Toyota is showing its commitment to
reducing greenhouse gas emissions and creating a more sustainable future for all. Hence,
showing an environmental costs strategy could also dominate the market with its unique
characteristics.

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3.0 The effects after X period of time

3.1 Net Revenue and Operating Income

In order to clarify the comparisons between before and after Toyota Motor Corporation
adopted environmental cost management, it is necessary to look into the business
performance of Toyota. According to the earliest report which could be referred to in the
official website of Toyota, it shows that the revenues and income have increased steadily
every year from 2003, which is after applying the environmental cost management
(ToyotaMotorCorporation, n.d.). As mentioned above, one of the most iconic hybrid vehicles,
Toyota Prius was introduced in 1997. After this, Toyota also launched the new hybrid cars
and electric vehicles intermittently. As the figure 3.1, 3.2 and 3.3 shown, the net revenue and
operating income are grown steadily from year 2003 to year 2018, which are corresponding
to the period when Toyota keep continuing for improvement and released the new hybrid cars
and electric vehicles that reduce the environmental impact and fulfil the demand of the
market (ToyotaMotorCorporation, n.d.). Although there is a drop of the during 2009 and
2010, Toyota has clarified that it is due to the consumer market having shifted the demand
towards the compact and low-priced vehicles (ToyotaMotorCorporation, n.d.). Thus, it could
be seen as the launch of the hybrid cars and electric vehicles have brought a positive effect
towards the net revenue and operating profit of the Toyota since it provides a good
combination of vehicle needs and environmental damage reduction which can meet the
expectation of the consumers. Nevertheless, the growth in the net revenue and operating
profit could also be due to the application of environmental cost management since it is able
to achieve cost reduction efficiency.

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 Figure 3.1.1 Net Revenues and Operating Income (2003-2010)

Figure 3.1.2 Net Revenues and Operating Income (2010-2014)

Figure 3.1.3 Net Revenues and Operating Income (2014-2018)

3.2 Sales of Hybrid Vehicle

Apart from looking at the net revenue and operating income, the effect could also refer to the
sales of the hybrid vehicle. According to the Toyota City, there is an official announcement
that the cumulative sales of the Toyota hybrid vehicle in the global market have exceeded 10
million units (ToyotaMotorCorporation, 2017). Figure below shows that the cumulative sales
of the hybrid vehicles are increasing steadily every year till 2017. Toyota has advocated for
the widespread adoption of hybrid vehicles worldwide, as Toyota believe that
environmentally friendly vehicles can only make a substantial positive impact when they are
utilised on a large scale. Hence, Toyota believes that this is not only a numerical milestone,
this indicates that the hybrid vehicle has become a mainstream solution in order to reduce the
emissions of greenhouse gas and other pollutants (ToyotaMotorCorporation, 2017). In a
nutshell, these cumulative sales also represent another positive effect of implementing
environmental cost management since it enables to reduce greenhouse gas emissions and
develop a more sustainable future.

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 Figure 3.2.1 Toyota Hybrid Vehicle’s Cumulative Sales

3.3 Actual Economic Effect

Actual economy effect is measured by incorporating savings resulting from energy

conservation, such as the reduction in energy costs, as well as income generated from the
sales of recyclable goods (ToyotaMotorCorporation, n.d.). According to the sustainability
report of Toyota, it shows that the implementation of zero waste landfill policies enables
Toyota to reduce the costs associated with waste processing, while also generating income
through the sale of recyclable goods, every assessment year. With all of this actual economic
effect, Toyota is able to enhance its efficiency, reduce environmental damage and contribute
to environmental sustainability. Thus, this also indicates the good performance and positive
effect of Toyota after implementing environmental cost management.

Figure 3.3.1 Example of Toyota Actual Economic Effect

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3.4 Reduction in CO2 Emissions

Furthermore, the implementation of environmental cost management also brought another

positive effect in the aspect of reduction in the total CO2 emission from both the production
and non-production areas. Toyota has placed significant emphasis on the CO2 emission from
various aspects such as production line, administration, engineering, logistic operations and
other aspects in order to achieve effective control and reduction in CO2 emission.
Additionally, Toyota has taken proactive measures to incorporate the use of renewable
energy, which has resulted in a significant reduction in CO2 emissions
(ToyotaMotorCorporation, n.d.). As a result, Toyota has demonstrated a strong commitment
and outstanding performance in reducing CO2 emissions.

Figure 3.4.1 Reduction in CO2 Emissions (2010-2013)

Figure 3.4.1 Reduction in CO2 Emissions (2014-2018)

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4.0 Conclusion

Environmental cost management is a cost management method that enables a company to

recognize, examine and manage the cost that is related to the environmental impact
throughout the entire production process and also the routine business decision making
(Chron, 2021). The objective of environmental cost management is to align with the internal
and external environment of the company and employ appropriate strategies and tactics that
align with the overall business strategy. This approach is implemented consistently
throughout the various stages of environmental and sustainable development. Nowadays, this
cost management method has become significant to many companies and gained increasing
attention of the business in any industry due to the growing awareness of the negative impact
that companies can have on the environment. With environmental cost management, it is able
to improve the efficiency of the companies and achieve a certain level of savings in the area
of waste management, materials use and energy consumption (University of Exeter, n.d.).
Besides, it also enables the company to control and enhance the environmental performance
and ensure that the company complies with the environmental legislation required by the
government (University of Exeter, n.d.). In addition, it also contributes the most in the aspect
of cost reduction and therefore contributes to the sustainability of a business.

One of the well-known companies that implement environmental costs management is

Toyota Motor Corporation. According to the research, Toyota initially used target costing
before shifting to environmental cost management. After adopting environmental cost
management, Toyota has implemented various significant strategies which included zero
waste landfill policies, installation of solar panels and launch of hybrid cars and electric
vehicles. Referring to the sustainability report released by Toyota, it could be found that all
these strategies are implemented effectively and have a positive effect towards the business
performance of Toyota. For instance, these strategies enable to reduce the cost, waste and
environmental impact, increase net revenue, improve process efficiency and promote
sustainability. Hence, it could be concluded that Toyota, as a company which implemented
environmental cost management, became the beacon for other companies to follow and help
create a more sustainable future.

Last but not least, it is also necessary to discuss the potential future of environmental cost
management. Based on the existing information and data collected, it could be assumed that
the environmental cost management method would emphasis more on the proactive measures

15
to prevent and reduce the costs related to the environmental damage. As the concept of taking
care of the environment is increasing and the cost to recover any caused environmental
damage is heavy, businesses could be foreseen to shift towards proactive environmental
management, which means that companies will take steps to prevent any possible
environmental damage before it happens.

Ultimately, it is clear that implementing environmental cost management can provide

numerous benefits to companies and has the potential to drive improved performance in the
future.

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 https://www.exeter.ac.uk/about/sustainability/policy/ems/#:~:text=The%20EMS
%20helps%20identify%20areas,improved%20compliance%20with%20environmental
%20legislation

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