By C. Gregory Rogers
Monetary Reporting of Environmental Liabilities and dangers is an entire advisor to constructing the underlying company structures to effectively document environmental issues in audited monetary statements and experiences filed with the Securities alternate fee (SEC). It units forth proper reporting and inner keep an eye on criteria and discusses vital concerns affecting reporting entities, accountants, attorneys, and environmental pros.
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Additional resources for Financial Reporting of Environmental Liabilities and Risks after Sarbanes-Oxley
Example text
This lack of expertise presents a significant challenge to financial statement preparers and independent auditors in assuring the reliability of reported environmental financial information. 4 PROCESS CONTROL GAAP and SEC disclosure rules, by themselves, do nothing to prevent the entity from: • Failing to identify transactions, conditions, or events that have caused or could give rise to material environmental liabilities or risks. • Failing to evaluate the nature and extent of known or reasonably sus- pected environmental conditions or events to determine whether such matters are reportable.
Items that are considered outside the scope of this standard and which may require additional investigation procedures include asbestos-containing materials, radon, lead-based paint, lead in drinking water, wetlands, regulatory compliance, cultural and historic resources, industrial hygiene, health and safety, ecological resources, endangered species, indoor air quality, and high-voltage power lines. ” This standard is intended for environmental site assessments conducted on 120 acres or more of forestland or rural property or with a developed use of only managed forestland or agriculture.
The transaction screen is a preliminary inquiry as to the environmental condition of a parcel of commercial real estate; it is intended to provide a reasonable basis to determine whether further inquiry is warranted. ASTM E 1528 is often used with respect to commercial properties that are initially considered to be uncontaminated. If the entity finds that further inquiry is necessary, ASTM E 1527 may be used. 2(a)(i)). ASTM E 1527 is commonly used in connection with environmental due diligence for sales and financing transactions involving commercial or industrial real estate.