What disclosures should be furnished with respect to site restoration costs or other environmental remediation costs?
52 Interpretive Response: The staff believes that material liabilities for site restoration, post-closure, and monitoring commitments, or other exit costs that may occur on the sale, disposal, or abandonment of a property as a result of unanticipated contamination of the asset should be disclosed in the notes to the financial statements. Appropriate disclosures generally would include the nature of the costs involved, the total anticipated cost, the total costs accrued to date, the balance sheet classification of accrued amounts, and the range or amount of reasonably possible additional losses. If an asset held for sale or development will require remediation to be performed by the registrant prior to development, sale, or as a condition of sale, a note to the financial statements should describe how the necessary expenditures are considered in the assessment of the asset’s value and the possible need to reflect an impairment loss. Additionally, if the registrant may be liable for reme
Related Questions
- How much funding (debt) has the Township authorized for the acquisition, environmental remediation (including lake restoration) and demolition of buildings at the property?
- Will the Township recover the costs associated with environmental remediation, building demolition, dam repair and Sylvan Lake restoration?
- How long will it take? What will be the overall schedule for environmental remediation at the site?
