This case study covers the sustainability and annual reports of Toyota Motors Corporation for the fiscal years ending 1998 to 2009. For comparability and consistency purposes due to available data, the starting period of this analysis is from fiscal years ending 1998 to 2008. The reason for such is that TMCs 2009 sustainability report presents environmental accounting for the fiscal year ending 2008. The report on environmental accounting for the fiscal year ending 2009 will only be published in 2010 sustainability report. Considering that this paper shall be executed in a two month period, a case study is more viable than a full blown cross-company industry or cross-country study which is the ultimate objective of the researcher