EPA hereby complies with the requirements of 40 CFR 2.310(h)(3) for notice of disclosure to its authorized representative, the South Dakota Department of Environment and Natural Resources (SD DENR), Superfund confidential business information (CBI) which has been submitted to EPA Region 8, Office of Ecosystems Protection and Remediation.
In terms of corporate responsibilities, this article discusses requirements regarding the financial reporting of environmental liabilities and current initiatives that should improve the measurement and disclosure of these liabilities. The common definition of "" is "the identification, measurement, and allocation of environmental costs, the integration of these environmental costs into business decisions, and the subsequent communication of the information to a company's stakeholders". The first accounting standards or interpretation of standards that could be applied to environmental liabilities were enacted by the FASB in 1975 and 1976. These rules covered a generic grouping of contingent liabilities. Over the past 20 years, financial reporting regulations hav...
... Response, Compensation and Liability Act of 1980 (CERCLA), commonly know as the Superfu...
... subjectto a general common-law duty of disclosure-do not applyin this context. I. The Jicarilla Apac... statutes and to determine the scope of liability that Congress has imposed. SeeWhite Mountain Apac... other statutory duties,such as the environmental and conservation obligationsthat the Court of Appe...
A study maintains that while much discretion exists under Generally Accepted Accounting Principles (GAAP), firms are subject to specific, mandatory recognition and disclosure requirements with respect to environmental liabilities. Thus, the current study compiles a comprehensive index of GAAP disclosures related to environmental liabilities, based on relevant authoritative guidance provided by the FASB and SEC. The index is used to measure the extent of ED in the 10K filings of 182 Fortune 500 companies with known potential environmental liabilities, for years 1991-1997. The study contributes to the corporate social reporting literature by providing more recent information, specifically in the context of environmental disclosure. Early literature that examines the determinants of social...
...5 requires the disclosure of a liability in financial statements if a loss is probable and ...
A company's environmental liability must be disclosed to shareholders in its financial statement. SEC environmental disclosure requirements must also be met. Financial Accounting Standards Board (FASB) Statement no. 5 explains the concept of 'loss contingency' used to assess the company's environmental risk. Financial concerns include funds for statutory compliance, possible hazardous substance liability in lawsuits and fines for environmental law violations and cleanup costs.
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