The Governmental Accounting Standards Board has issued a preliminary views document on accounting for pollution remediation obligations, and though the board hopes to hammer it into a proposed accounting standard by the end of the year, some are predicting a heated debate over an estimated cash flow technique for recording costs.
Though the PV document will not make America a cleaner place, GASB Chairman Robert Attmore says that the document's proposed requirement that governments move currently unrecorded liabilities onto the financial statement will give taxpayers, investors and other interested parties an important piece of information about a potentially very significant liability and a given government's general financial state.
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