Financial Reporting Requirements for the Environmental Manager, 2000 Environmental Conference Proceedings

- M. Kormann, M. J. Hunter -- Today's Environmental Manager should be familiar with financial accounting and reporting requirements as well as the traditional environmental reporting requirements. This paper discusses some of the more common environmental accounting and reporting requirements applicable to all companies ("generally accepted accounting principles" or "GAAP") as well as certain specific requirements applicable to publicly traded companies regulated by the Securities and Exchange Commission. Examples include pollution control costs, closure and post-closure costs of landfills and Superfund site remediation. An understanding of the financial accounting and reporting requirements will further the integration of the environmental function into the strategic arena of the company by helping to ensure that useful, relevant, and accurate information is provided to stakeholders, including owners, managers, investors, bankers, regulators and auditors.