PS3260 Liability for Contaminated Sites
Posted September 16, 2013
The standard will be effective for years beginning on or after April 1, 2014, however early adoption is encouraged as comparatives are required - the clock is ticking! Its complexity requires municipalities to begin considering the impact as soon as possible.
Many of us remembers the pain implementing PS3150 - Tangible Capital Assets. Most pain was felt by those who started the process late. Implementing PS3260 need not be a similar experience, but we must plan ahead to avoid last minute stress.
PS3260 applies the definition of a liability to the context of contaminated sites (when environmental obligations meet the definition of a liability), what is considered contamination, when an entity becomes responsible, how environmental liabilities should be measured given the uncertainties; and the disclosure requirements.
Click on the attached file below to view a presentation by KPMG (one of our Platinum sponsors) and increase your knowledge/kick start your planning on this important subject!
GFOA Discussion Forum
Posted August 14, 2013
Are you looking for information on a policy you would like to draft? Are you interested in being "in the loop" regarding upcoming issues? Join the GFOA Discussion Forum today and start talking with other municipalities to find solutions that will work for you.