Contingent Environmental Liabilities: Disclosures and Accounting (Portfolio 5136)
This Portfolio explains how to meet the challenges of heightened scrutiny, socially responsible investing, and increased transparency regarding contingent environmental liabilities.
Bloomberg Tax Portfolio 5136, Contingent Environmental Liabilities: Disclosures and Accounting, explains how to account for and disclose contingent environmental liabilities. Accounting for environmental liabilities is increasingly important in an era of heightened scrutiny, a rise in socially responsible investing, and demands by stakeholders for increased transparency.
This Portfolio reviews applicable laws and regulations; analyzes the risks associated with the failure to account for and effectively disclose environmental liabilities (e.g., civil litigation, criminal charges, and damage to investor relations); and presents examples of corporate practices regarding accounting for and disclosing environmental liabilities. The Portfolio has been designed as a reference source for accountants tasked with accounting for and disclosing contingent environmental liabilities.
This Portfolio may be cited as Bloomberg Tax Portfolio 5136, Evers and Smith, Contingent Environmental Liabilities: Disclosures and Accounting (Accounting Policy and Practice Series).
Note: Various FASB documents, copyrighted by the Financial Accounting Standards Board, 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06858-5116, U.S.A., are reprinted with permission.
Table of Contents
I. Introduction and Scope
II. Legal and Regulatory Framework for Accounting and Disclosing Contingent Environmental Liabilities
III. Economic Costs of Non-Compliance With Regulatory Scheme 53
IV. Methods of Accounting and Reporting Contingent Environmental Liabilities
V. Social Equity, Environmental Stewardship and Economic Vitality: The Triple Bottom Line
VI. Corporate Environmental Reporting
VII. Key Laws, Regulations, and Standards
VIII. Examples of Environmental Disclosures
Professor of Accounting
Texas A&M University
The Evers Law Firm, PLLC