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Accounting, auditing, and reporting issues associated with environmental contingencies
Author(s) -
Kolins Wayne A,
Jones G. Thomas
Publication year - 1994
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.3970050305
Subject(s) - accounting , audit , enforcement , business , commission , environmental reporting , statute , environmental accounting , generally accepted auditing standards , accounting standard , accounting information system , financial accounting , finance , political science , law
Environmental contingencies continue to receive considerable attention in the business press, from investors and lenders, and from the various standards‐setting bodies. For example, the Securities and Exchange Commission has warned repeatedly of impending enforcement actions against companies that have not adequately disclosed these contingencies. This article provides a brief overview of significant environmental statutes and regulations, a summary of the applicable accounting and disclosure rules, and points independent auditors should consider to comply with generally accepted auditing standards.