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How to apply FAS 5, “accounting for contingencies,” to environmental liabilities
Author(s) -
Rosell Debra A.
Publication year - 1992
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.3970030407
Subject(s) - accounting , environmental accounting , financial accounting , business , commission , environmental full cost accounting , accounting standard , contingent liability , statement (logic) , financial statement , mark to market accounting , accounting information system , positive accounting , finance , debt , political science , audit , law
With environmental issues being on the “front burner,” the issue of how to account for environmental liabilities is receiving increased attention from the corporate community as well as from the Securities and Exchange Commission. This article reviews the basic application of Statement of Financial Accounting Standards No. 5, “Accounting for Contingencies,” as it relates to environmental liabilities and highlights some of the accounting problems associated with environmental issues.