1、Designation: E2173 07 (Reapproved 2011)Standard Guide forDisclosure of Environmental Liabilities1This standard is issued under the fixed designation E2173; the number immediately following the designation indicates the year oforiginal adoption or, in the case of revision, the year of last revision.
2、A number in parentheses indicates the year of last reapproval. Asuperscript epsilon () indicates an editorial change since the last revision or reapproval.1. Scope1.1 PurposeThe purpose of this guide is to provide aseries of options or instructions consistent with good commer-cial and customary prac
3、tice in the United States for environ-mental liability disclosures accompanying audited and unau-dited financial statements. This guide is consistent withGenerally Accepted Accounting Principles (GAAP).21.2 ObjectivesThe objectives of this guide are to deter-mine the conditions warranting disclosure
4、 and the content ofappropriate disclosure.2. Referenced Documents2.1 ASTM Standards:3D5746 Classification of Environmental Condition of Prop-erty Area Types for Defense Base Closure and Realign-ment FacilitiesE1527 Practice for Environmental Site Assessments: PhaseI Environmental Site Assessment Pro
5、cessE1739 Guide for Risk-Based Corrective Action Applied atPetroleum Release SitesE2137 Guide for Estimating Monetary Costs and Liabilitiesfor Environmental Matters2.2 EPA Directives:4United States Environmental Protection Agency, OSWERDirective 9610.17: Use of Risk-Based Decision-Makingin UST Corre
6、ctive Action Programs3. Terminology3.1 Definitions of Terms Specific to This Standard:3.1.1 activity and use limitations (AULs)legal or physicalrestrictions or limitations on the use of, or access to, a site orfacility to eliminate or minimize potential exposures to chemi-cals of concern, or to prev
7、ent activities that could interfere withthe effectiveness of a response action, to ensure maintenance ofa condition of “acceptable risk” or “no significant risk” tohuman health and the environment. These legal or physicalrestrictions are intended to prevent adverse impacts to indi-viduals or populat
8、ions that may be exposed to chemicals ofconcern.3.1.2 asset retirement obligationlegal obligations associ-ated with the retirement of a tangible long-lived asset thatresult from the acquisition, construction, development, ornormal operation of a tangible long-lived asset.3.1.3 CERCLISComprehensive E
9、nvironmental Response,Compensation and Liability Information System, the list ofsites compiled by the EPA that the EPA has investigated or iscurrently investigating for potential hazardous substance con-tamination for possible inclusion on the National PrioritiesList.3.1.4 claima demand for payment.
10、3.1.5 current government environmental record sourceany environmental record source available from a governmentor commercial entity, provided the record is updated inaccordance with the update requirement of Practice E1527.3.1.6 engineering controls (EC)physical modifications toa site or facility (f
11、or example, capping, slurry walls, or point ofuse water treatment) to reduce or eliminate the potential forexposure to hazardous substances or petroleum products in thesoil or ground water on the property.3.1.7 environmental liabilitiesasset retirement obliga-tions, accrued liabilities, and loss con
12、tingencies associated withany natural conditions or manmade incidents, including terror-ism, that pose an unacceptable risk to health, safety, property,or the environment that would be the subject of an enforcementaction or other legal action.3.1.8 Federal Register, (FR)publication of the UnitedStat
13、es government published daily (except for federal holidaysand weekends) containing all proposed and final regulationsand some other activities of the federal government. Whenregulations become final, they are included in the Code ofFederal Regulations (CFR), as well as published in the FederalRegist
14、er.1This guide is under the jurisdiction ofASTM Committee E50 on EnvironmentalAssessment, Risk Management and Corrective Action and is the direct responsibil-ity of Subcommittee E50.05 on Environmental Risk Management.Current edition approved July 1, 2011. Published July 2011. Originally approvedin
15、2001. Last previous edition approved in 2007 as E2173 07. DOI: 10.1520/E2173-11.2This guide alone does not satisfy or include all disclosure requirements underGAAP, SEC, or any other agency or regulatory body. Appendix X1 provides someexamples of where such requirements are contained.3For referenced
16、 ASTM standards, visit the ASTM website, www.astm.org, orcontact ASTM Customer Service at serviceastm.org. For Annual Book of ASTMStandards volume information, refer to the standards Document Summary page onthe ASTM website.4Available from the United States Environmental ProtectionAgency (U.S. EPA),
17、Ariel Rios Building, 1200 Pennsylvania Ave., N.W., Washington, DC 20460.1Copyright ASTM International, 100 Barr Harbor Drive, PO Box C700, West Conshohocken, PA 19428-2959, United States.3.1.9 financial statementsinclude, but are not limited to,statements associated with shareholder reporting, perio
18、dicreports, registration statements, loans, mergers, acquisitions, ordivestitures. Financial statements may include statements out-side of SEC filings.3.1.10 historical government environmental recordsourcesany environmental record source available from agovernment or commercial entity that is older
19、 than the mostrecent current government environmental record source.3.1.11 historical use informationthose sources of infor-mation about the history of uses of a property. Historical useinformation is available from local libraries, historical societ-ies, private resellers, or commercial entities. S
20、ome examples ofthe sources are specified and defined in Section 8.3.4 ofPractice E1527.3.1.12 institutional controlsadministrative and/or legalmechanisms that minimize the potential human exposure tocontamination by limiting land use or resource use.3.1.13 materialitythe significance of an item to u
21、sers of afinancial statement that considers all relevant and surroundingcircumstances. A material item is one that its omission ormisstatement is of such a magnitude in the surroundingcircumstances that either the judgment of a reasonable personrelying on the financial statement would have been chan
22、ged orinfluenced by its inclusion or correction, or there is a substan-tial likelihood that the item, after assessing the inferences, andtheir significance, drawn from the given set of facts associatedwith the financial statement, would be viewed as significantlyaltering the information made availab
23、le to the investor orshareholder. Relevant sources of information and referencesare included in Appendix X2. Note that this definition is notintended to supersede the definition of materiality in SEC StaffAccounting Bulletin No. 99Materiality (See Appendix X1and Appendix X2).3.1.14 National Prioriti
24、es List (NPL)a list compiled bythe EPA pursuant to CERCLA 42 USC 9605(a)(8)(B) ofproperties with the highest priority for cleanup pursuant to theEPAs Hazard Ranking System. See 40 CFR Part 300.3.1.15 Potentially Responsible Party (PRP)any indi-vidual, legal entity, or governmentincluding owners, ope
25、ra-tors, transporters, or generatorspotentially responsible for, orcontributing to, conditions that present an unacceptable risk ofharm to human health or the environment and that would be thesubject of an enforcement action or other legal action.3.1.16 reasonably possiblethe likelihood, or probabil
26、ity,associated with a given event occurring that lies in the rangebetween remote and probable. The probability values assignedto remote and probable will depend on the industry, theaggregate number of sites, observations, and possible out-comes, and the uncertainty associated with estimating prob-ab
27、ilities.3.1.17 releaseany spilling, leaking, pumping, pouring,emitting, emptying, discharging, injecting, escaping, leaching,dumping, or disposing into the environment.3.1.18 remedial or corrective actionall environmentalresponse activities to an environmental liability.3.1.19 reporting entityany bu
28、siness or public agencypreparing a financial statement.3.1.20 sitereal property affected by an environmentalliability.3.2 Initialisms and Acronyms:3.2.1 AICPAAmerican Institute of Certified Public Ac-countants3.2.2 AULsactivity and use limitations3.2.3 CERCLAComprehensive Environmental Response,Comp
29、ensation and Liability Act of 1980 (as amended, 42 USCSection 9601 et seq.)3.2.4 CERCLISComprehensive Environmental Response,Compensation and Liability Information System3.2.5 CFRCode of Federal Regulations3.2.6 EPAUnited States Environmental ProtectionAgency3.2.7 FASBFinancial Accounting Standards
30、Board3.2.8 GAAPGenerally Accepted Accounting Principles3.2.9 LUSTsLeaking underground storage tanks3.2.10 NPLNational Priorities List3.2.11 PRPpotentially responsible party3.2.12 RCRAResource Conservation and Recovery Act(as amended 42 USC Section 6901 et seq.)3.2.13 SECSecurities and Exchange Commi
31、ssion4. Significance and Use4.1 UsesThis guide is intended for use on a voluntarybasis by a reporting entity that provides disclosure in theirfinancial statements regarding environmental liabilities. Thedegree and type of disclosure depends on the scope andobjective of the financial statements. Note
32、 the user should beaware that there may be contractual obligations, court deci-sions, or regulatory directives that may affect the flexibility inuse of this guide.4.2 Principles:4.2.1 The following principles are an integral part of thisguide and are intended to be referred to in resolving anyambigu
33、ity or dispute regarding the interpretation of disclosuresregarding environmental liabilities.4.2.1.1 Uncertainty Not EliminatedAlthough a reportingentity, as of the time when its financial statements are prepared,may hold a certain position with regard to the existence andextent of its environmenta
34、l liabilities, there remains uncertaintywith regard to the final resolution of factual, technological,regulatory, legislative, and judicial matters, which could affectits environmental liabilities.4.2.1.2 Disclosure Dependent on CircumstancesNot ev-ery environmental liability warrants the same level
35、 of detail inits disclosure. Disclosure will be guided by the scope andobjective of the financial statement, and accordingly, by themateriality of the environmental liability and the level ofinformation available.4.2.1.3 Comparison with Subsequent DisclosuresSubsequent disclosures that convey differ
36、ent information re-garding the extent or magnitude of the reporting entitysexposures should not be construed as indicating the initialdisclosures were inappropriate. Disclosures shall be evaluatedon the reasonableness of judgments and inquiries made at thetime and under the circumstances in which th
37、ey were made.Subsequent disclosures should not be considered valid stan-dards to judge the appropriateness of any prior disclosure basedE2173 07 (2011)2on hindsight, new information, use of developing analyticaltechniques, or other factors. However, information on trendsmay be of value to a user of
38、financial statements.4.2.1.4 Not ExhaustiveAppropriate disclosure does notnecessarily mean an exhaustive disclosure of the reportingentitys environmental liabilities. There is a point at which thecost of obtaining information or the time required to gather itoutweighs the usefulness of the informati
39、on and, in fact, maybe a material detriment to the orderly preparation of financialstatements and the ability of readers to understand the infor-mation contained therein. However, all relevant and reasonablyascertainable information should be used to determine thecontent of appropriate disclosure fo
40、r environmental liabilities.4.2.1.5 Assessment of RiskAs the reporting entity be-comes aware of an environmental liability or an environmentalcompliance issue, the condition or issue should be evaluated toassess the actual or potential risk to human health andenvironment. This process may be depende
41、nt on the regulatoryenvironment, an understanding of the specifics of the conditionor issue, potential future uses, and asset retirement obligations.For example, guidance on petroleum release sites is providedin Guide E1739 and additional guidance is provided in EPAOSWER Directive 9610.17. The degre
42、e of risk suggests theappropriate response actions and should be a factor in the levelof effort devoted to developing the cost and liability estimatesassociated with the environmental condition or the complianceissue.5. Determining Whether a Disclosure is Warranted5.1 Circumstances Associated with E
43、nvironmental Liabili-ties:5.1.1 The following are major circumstances that mightgive rise to environmental liabilities that may be subject todisclosure:5.1.1.1 Enforcement of environmental laws or regulationsregarding investigation, clean-up, maintenance of engineeringcontrols and/or land use contro
44、ls, and other costs. Suchcircumstance arises if the EPA, a state agency, or a localgovernment has named the reporting entity a PRP on a site, ora reporting entity is required to perform corrective action underRCRA, or is required to remediate a contaminated propertyunder any other environmental law.
45、5.1.1.2 Contractual assumption of risk or risk transfer agree-ments. The most familiar forms of risk transfer agreements areinsurance contracts, hold harmless agreements, indemnityagreements, and similar terms within contracts for the transferof property.5.1.1.3 Commencement of litigation or asserti
46、on of a claimor assessment by a party alleging legal liability on the part ofthe reporting entity.5.1.1.4 Information is known by the reporting entity thatindicates an environmental liability has been incurred.5.1.1.5 Asset retirement obligations.5.2 Sources of InformationThis guide identifies stand
47、ardsources that should be reviewed by a reporting entity toproperly determine if conditions warrant disclosure. Thesesources should be reasonably ascertainable, which is defined asinformation that is (1) publicly available, (2) obtainable fromits source within reasonable time and cost constraints, a
48、nd (3)practically reviewable. Such sources may include but are notlimited to the following categories:5.2.1 Current Government Environmental Record SourceAny environmental record source available from a governmentor commercial entity, provided the record is updated inaccordance with the update requi
49、rement of Practice E1527.These sources include, but are not limited to, the standardenvironmental record sources specified and defined in PracticeE1527. Current government environmental record sources mayidentify responsible parties, environmental suits and costs,environmental claims, releases, groundwater contamination,permits, asset retirement obligations, activity and use limita-tions, institutional control and engineering control registries,and other environmental conditions warranting disclosure.Examples of current government e
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