FASB/FIN 47: Fair Value Reporting on Environmental LiabilitiesOn October 12, 2006 by Schnader
On October 12, 2006, Ronald Cusano served as the moderator for a seminar titled “FASB/FIN 47: Fair Value Reporting on Environmental Liabilities,” which was sponsored by the Allegheny County Bar Association’s Environmental Law Section (ACBA/ELS) in cooperation with the Air and Waste Management Association. Ronald is also the program chair for the ACBA/ ELS section this year.
Bob Collings, chair of the Firm’s Environmental Practice Group, and John Fillo, from Pricewaterhouse Coopers, served as panelists
The session focused on the fair value reporting of environmental liabilities, especially with regard to the Financial Accounting Standards Board’s Interpretation No. 47, which addressed accounting for conditional asset retirement obligations (CAROs). The presentation was designed to provide background and information on the underpinnings of this accounting rule, potential legal requirements that may drive recognition of such CAROs, and examples of types of CAROs that may require liability recognition.