Pollution remediation costs:

Question

Quizplus · Accepted Answer

GASB requires governments to accrue the cost of pollution remediation as a liability in the basic financial statements. If the site is operated as an enterprise fund, the entries would be made in that fund. Otherwise, fund expenditures equal to the amount to be paid with available resources would appear in a governmental fund and the long-term portion of the liability in the government-wide Statement of Net Position. Governments can be held responsible for the cleanup even if they did not operate a site, but merely used it.

Pollution Remediation Costs