GASB Statement on Pollution Remediation Helps Financial Statement Users
A Post Implementation Review (“PIR”) by the Governmental Accounting Standards Board (“GASB”) has determined that GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, achieves its purpose of offering more reliable reporting of a government’s pollution remediation obligations. According to the PIR team, GASB Statement No. 49 resolves the main issues causing its stated need and provides financial statement users with valuable information. In addition, GASB Statement No. 49 attained its expected benefits, and no standard-setting process recommendations were offered. More on the Post Implementation Review of GASB Statement No. 49 is available in the news release.