Providing reliable information to clients: The case of environmental remediation |
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| Institution: | 1. Graduate School of Business, University of Cape Town, Portswood Road, Cape Town 8001, South Africa;2. Faculty of Health Sciences, University of Cape Town, Anzio Road, Observatory 7925, South Africa;1. Department of Oceanography, University of Hawaii at Manoa, Honolulu, HI, 96822, USA;2. Department of Biology and School of Earth and Ocean Sciences, University of Victoria, Victoria, BC, V8W 2Y2, Canada;3. Instituto do Mar – Okeanos Research Centre, University of the Azores, 9901-842 Horta, Azores, Portugal;4. Department of Ocean Systems, Royal Netherlands Institute for Sea Research and Utrecht University, Den Burg, The Netherlands;5. Center for Marine Biodiversity and Conservation, Scripps Institution of Oceanography, University of California, San Diego, La Jolla, CA 92093-0218, USA;6. Centre for Marine and Environmental Research (CIMA), Universidade do Algarve, Faro, Portugal;7. Department of Oceanography, Dalhousie University, Halifax, NS, B3H 4R2, Canada;8. P.P. Shirshov Institute of Oceanology, Russian Academy of Sciences, 117997 Moscow, Russia;9. The Lyell Centre for Earth and Marine Science and Technology, Heriot-Watt University, Edinburgh, EH14 4AS, UK;10. Department of Life Sciences, Natural History Museum, London, SW7 5BD, UK |
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| Abstract: | This article provides an overview and discusses the implications for the recognition, measurement, presentation, and disclosure requirements for environmental remediation liabilities. The overview and discussion is based upon the American Institute of Certified Public Accountants' Statement of Position (SOP) 96-1 “Environmental Remediation Liabilities.” The article concludes with a discussion of the CPAs reporting responsibility and related issues with respect to this major contemporary issue. A primary goal of CPA firms is to provide quality service to clients, In the realm of financial reporting, quality service means providing clients with reliable information. An increasing number of small and large businesses are exposed to high costs and large potential liability for cleanup of environmentally hazardous material. Certified public accountants who provide compilation, review, or audit services with respect to a non-public entity's financial statements need to be aware of the disclosure and reporting implications of companies confronted with disposal and cleanup of hazardous material. |
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