ASTM E3123 - 18 - Standard Guide for Recognition and Derecognition of Environmental Liabilities

ASTM E3123 - 18

Standard Guide for Recognition and Derecognition of Environmental Liabilities

Status : Current   Published : February 2018



1.1  Purpose—The purpose of this guide is to provide a series of options or instructions consistent with good commercial and customary practice for recognition and derecognition of environmental liabilities. This guide is consistent with Generally Accepted Accounting Principles (GAAP). Recognition of environmental liabilities is essential to determining the current book value of an entity. An entity may have future spending to extinguish risk and liabilities triggered in the past. Serious consequences, ranging from failed audits and poor capital stewardship to financial fraud and bankruptcy, exist for entities omitting material information from financial statements.

1.2  Objective—This guide enables users to reliably determine if a given type of environmental liability exists and subsequently has been settled, consistent with the accounting definitions in place.

1.3  This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.

Standard NumberASTM E3123 - 18
TitleStandard Guide for Recognition and Derecognition of Environmental Liabilities
Publication Date01 February 2018
Normative References(Required to achieve compliance to this standard)No other standards are normatively referenced
Informative References(Provided for Information)No other standards are informatively referenced
Descriptors Derecognition, environmental liability, liability derecognition, liability disclosure, liability recognition
File Size584 KB

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