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PSAB - Section PS 3260, Liability for Contaminated Sites [Completed]

Effective date:

Fiscal years beginning on or after April 1, 2014.

Transitional provisions:

The standard is effective for fiscal years beginning on or after April 1, 2014.  Earlier adoption is encouraged.

Last updated:

August 2015

Overview

Section PS 3260, Liability for Contaminated Sites, addresses the recognition criteria, measurement and disclosure requirements for reporting liabilities associated with remediation of contaminated sites that either are not in use or resulted from unexpected environmental events (such as a toxic spill or natural disaster). It also provides guidance on each of the recognition criteria, as well as issues related to initial and subsequent measurement based on the principles in Sections PS 3200, Liabilities, PS 3300, Contingent Liabilities, and PS 3390, Contractual Obligations.

Other developments

May 2010

In May 2010, the PSAB issued a new Section PS 3260, Liability for Contaminated Sites.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.