Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.
This publication provides guidance on how to account for and report a liability associated with the remediation of a contaminated site in accordance with Section PS 3260, Liability for Contaminated Sites.
The publication explains a three-step approach to apply this standard. The publication also includes a helpful checklist of items to consider at each step of the process. The three steps are:
- Identification - Identify sites that are in the scope of the standard
- Recognition - Determine if each site in scope meets all five of the recognition criteria
- Measurement - Determine an appropriate estimate for the liability for each site that meets the criteria