Knowing Where the Liabilities Are Buried: Issues for the Public Sector Implementing Accounting Standard PS3260

October 14, 2014

posted in: General, Legal Updates

Additions to accounting standards for public sector entities such as municipalities, universities, schools and hospitals now require accounting for the remediation liabilities associated with “contaminated sites” that are no longer in active or productive use, and for which the entity is responsible, either as a result of legal or voluntary assumption of remediation obligations for the site.  With the 2014 – 2015 fiscal year coming to a close, public sector entities may find themselves scrambling to take the steps necessary to meet the new requirements.

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