All the headlines about fair value—or “marked to market” measurement—as well as pronouncements from the Securities and Exchange Commission and Financial Accounting Standards Board about changing accounting standards have left environmental practitioners wondering where things stand as many approach the end of a fiscal year. Are there categories of environmental liabilities that must be re-evaluated under different standards? If so, when and what are the new criteria? What is the status of traditional FAS 5 environmental reporting and FASB’s push for expanded disclosure? And, finally, what does the SEC’s pronouncement that companies must move toward adoption of the International Financial Reporting Standards (IFRS) mean for the disclosure and accrual of environmental liabilities?
BNA and Sidley Austin LLP invite you to join a distinguished panel of practitioners as they provide their insights and perspectives on the changing landscape for environmental financial reporting:
George Hansen—Managing Director, The Claro Group LLC
Laura Leonard—Partner, Sidley Austin LLP
Greg Rogers—President, Advanced Environmental Dimensions LLC and Counsel, Guida Slavich & Flores PC
Maureen Crough (Moderator)—Partner, Sidley Austin LLP
This informative 90-minute presentation is designed to help you:
- Review those categories of environmental obligations that currently require application of fair value measurement or will require it for the next fiscal year;
- Understand what the application of fair value measurement means for those categories of environmental liabilities, including the role of decision tree analysis;
- Discuss categories of environmental liabilities that do not require fair value measurement as well as the timing and likelihood that FASB will require consistent treatment;
- Assess whether internal systems to track and estimate environmental liabilities are designed with these new requirements in mind;
- Examine the current debate over increased disclosure of FAS 5 contingent liabilities and where FASB may be heading on this issue; and
- Understand the SEC’s position on migration to IFRS and what that means for companies historically reporting under GAAP.