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COPYRIGHT 2006 Aspen Publishers, Inc.
GASB issued an Exposure Draft (ED) of the "Accounting and Financial Reporting for Pollution Remediation Obligations" (PRO) in January with a report comment period ending May 1, 2006. While this proposed statement may never affect some governments, all governments will be subject to the provisions of the ED once it becomes a statement. The final statement will become effective for fiscal years beginning after June 15, 2007, which effectively translates into fiscal years ending June 30, 2008. A copy of the ED can be downloaded from the GASB Web site at: www.gasb.org.
What is PRO?
According to GASB, "a pollution remediation obligation is an obligation to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities." This includes cleanup of hazardous wastes and an obligation to remove contamination such as asbestos. GASB goes on to define "pollution remediation activities" to include the following:
* pre-cleanup activities, such as site assessment, investigation of the site, corrective measures feasibility study, and the design of a remediation plan;
* cleanup activities, such as containment, neutralization of the contamination, removal or disposal of the pollution, and site restoration;
* government oversight and enforcement-related activities, such as work performed by an environmental regulatory agency; and
* operation and maintenance of the remedy, including monitoring of the remediation effort (termed post-remediation monitoring).
GASB also indicates that PRO does not include...
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