GASB releases Preliminary Views on pollution remediation obligations.

• Position: Accounting & auditing news

The Governmental Accounting Standards Board has released a Preliminary Views document, Accounting and Financial Reporting for Pollution Remediation Obligations, that highlights the board's preliminary views concerning accounting and financial reporting standards for pollution remediation obligations, which are obligations to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities, such as site assessments and cleanups.

The PV proposes that, once any one of five specified obligating events occurs, governments would be required to estimate the components of expected...