Financial Reporting of Environmental Liabilities and Risks by C. Gregory Rogers

By C. Gregory Rogers

Monetary Reporting of Environmental Liabilities and dangers is a whole advisor to constructing the underlying company structures to effectively file environmental issues in audited monetary statements and studies filed with the Securities trade fee (SEC). It units forth suitable reporting and inner regulate criteria and discusses vital concerns affecting reporting entities, accountants, attorneys, and environmental pros.

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Environmental financial reporting unquestionably is a complex subject. Bridging the gap in understanding horizontally across the various environmental disciplines can be a significant challenge in itself. Bridging the gap vertically across the layers of the law and accounting sandwich is an even greater undertaking. The scope of the challenge was acknowledged by an environmental issues roundtable sponsored by the American Institute of Certified Public Accountants (AICPA) in 1993. More than 30 individuals representing public accounting firms, industry, the Financial Accounting Standards Board, the Securities and Exchange Commission, and the AICPA participated in the roundtable.

Id. at 970. 2 SECURITIES, CORPORATE, AND BANKRUPTCY LAWS The court in Caremark did not elaborate on the elements and characteristics of a “reasonable information and reporting system,” stating only that the level of detail appropriate for such systems is a question of business judgment. In the context of financial reporting, however, reasonable information and reporting systems may be interpreted to mean effective internal control over financial reporting (see Chapter 8). (ii) FIDUCIARY DUTIES OF DIRECTORS IN THE ZONE OF INSOLVENCY Off-balance-sheet liabilities, including hidden, understated, or even unknown loss contingencies, may render a company insolvent retroactively.

The balance-sheet measure of insolvency). A corporation may be insolvent under these tests even if it has not commenced a bankruptcy case. In assessing balance-sheet solvency, directors must evaluate off-balancesheet liabilities and loss contingencies. With respect to environmental financial reporting, such matters may include environmental liabilities and asset impairments associated with historical pollution conditions, pending or anticipated litigation, environmental indemnity agreements, and risks that the corporation could be held accountable for the liabilities of a related entity under veilpiercing or alter-ego theories.

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