This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FAF completes post-implementation review of GASB’s guidance on pollution remediation 

  • FAF (US Financial Accounting Foundation)  Image
  • GASB (blue) Image

Aug 24, 2016

The FAF has released a post-implementation review (PIR) report on GASB Statement No. 49, “Accounting and Financial Reporting for Pollution Remediation Obligations.”

The PIR report concluded that Statement 49 has achieved its objectives. Specific findings noted by the PIR team included the following:

  • Creditors and other financial statement users have received helpful information about pollution remediation liabilities.
  • The standard is generally comprehensible and “can be applied as intended.”
  • The standard has “achieved its expected benefits” without resulting in significant “implementation and ongoing application costs.”

For more information, see the press release and PIR report on the FAF’s Web site as well as the GASB’s response letter to the FAF on the GASB’s Web site.

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.