环境会计信息披露

Environmentalaccounting．Issues，reportinganddisclosureAbstractWithcleanupcostsofhazardouswastesexpectedtorunashighas$500billionto$1trillionoverthenext50years,environmentalreportinganddisclosurebyfirmsintheUnitedStatesduringthe2000'swillbecomemoreprolific.Thismanuscriptseekstoprovideanunderstandingofthemagnitudeofenvironmentalissues,abriefhistoryoftheEPA,discussionofenvironmentalregulatoryactsandenforcement,andreportinganddisclosurerequirementsbytheSECandFASB.IntroductionOneofthebiggestconcernsthatfirmswillfaceinthe2000'swillbereportinganddisclosingofenvironmentalissues.Byearly1996,theEnvironmentalProtectionAgency(EPA)hadidentifiedover36,000hazardouswastesitesintheUnitedStates,andtheidentificationofadditionalsitescontinues.TheEPAestimatesthattotalcleanupcostsofallidentifiedhazardouswastesitescouldrunashighas$500billionto$1trillionoverthenext50years(JensenandUnger1991).Interestingly,someofthelargestpubliccorporationsintheUnitedStateshavebeenidentifiedbytheEPAasresponsibleparties.The1,405mostseriouslycontaminatedpropertieshavebeenplacedontheNationalPrioritiesList(NPL),andarecommonlyreferredtoasSuperfundsites.FromtheseSuperfundsitesalone,theEPAhasidentifiedmorethan15,000PotentiallyResponsibleParties(PRPs)(JensenandUnger1991).(APRPisapersonorentitydesignatedbytheEPAaspotentiallyresponsibleforthecostsincurredincleaningupthesite(s).)TheaveragecosttocleanupaSuperfundsiteisestimatedtobe$35million(Dixon,Drezner,andHammitt1993);moretroublesomesitescouldrunashighas$1billioneach(JensenandUnger1991).Todate,onlyabout498oftheseSuperfundsiteshavebeencleaneduptotally.Inlightoftimeandresourcecommitmentcoststocleanupthesehazardouswastesites,thepotentialimpactonsomespecificentitiescouldbeenormous.Accordingly,itislogicalthatthepublicwouldwanttoknowabouttheexistenceofanyenvironmentalissuesforwhichareportingentitymightbeheldresponsible.Withthisinmind,theunderlyingpurposeforthismanuscriptistoprovideanunderstandingofthemagnitudeofenvironmentalissuesintheUnitedStates,abriefhistoryoftheEnvironmentalProtectionAgency,environmentalregulatoryactsandmethodsofenforcementbytheEPA,andcurrentdisclosurerequirementsforcorporationsbytheSecuritiesandExchangeCommission(SEC)andtheFinancialAccountingStandardsBoard(FASB).MagnitudeofEnvironmentalPollutionEnvironmentalpollutionintheUnitedStatesisamajorissue.Inassessingenvironmentalpollution,specificallyhazardouswastes,inthiscountry,theEPAmadethefollowingstatements:Thereareapproximately240,000,000peopleintheUnitedStates.Trytoimagineatonofhazardouswastepilednexttoeachofthem,withanothertonaddedeachandeveryyear.Hazardouswasteisproducedinthiscountryattherateof700,000tonsperday.That's250milliontonsperyear--enoughtofilltheSuperdomeinNewOrleans1,500timesover.(EnvironmentalProtectionAgency1987,p.14)Althoughitistruethattheamountofhazardouswasteislarge,mostofthiswasteisnotdumpeddirectlyintotheenvironment.Givensufficientincentives,mostofthehazardouswasteproducedprobablycouldberecycledasenergysourcesorbechemicallystabilized.However,inthepast,publiccorporationswerenotasknowledgeableabouttheimpactofthesehazardouswastesonhumansastheyarenow.Additionally,theylackedsufficientincentivesto,andwerenotrequiredto,properlydisposeofhazardousmaterials.Today,thesecompaniesarebeingforcedtoaddresstheirlackofforesightbyacceptanceofresponsibilityand,therefore,liabilityforpastwastes.Thisliabilityultimatelyleadstodisclosurebypubliccorporations.TheEPAistheprincipalfederalagencyresponsibleforidentifyingthecompaniestobeheldresponsibleforthesepastwastes.HistoryoftheEnvironmentalProtectionAgencyPresidentRichardM.NixoncreatedtheEnvironmentalProtectionAgency(EPA)asanindependentagencyoftheUnitedStatesgovernmentbyanExecutiveOrderentitledReorganizationPlan3of1970.WhilemostfederalagencieshavebeencreatedbyCongress,thecreationofanagencybyexecutiveorderwasuniqueandimpliedlackoflegislativesupport.Designedtoensuretheprotectionofnationalenvironmentalhealth,theEPAhasnotalwaysreceivedmeaningfulsupportfromCongress.Earlybudgetsweremeager,andtheagency'smainheadquartersinWashington,D.C.waslocatedinanoldcondominium。(onceownedbyVice-PresidentSpiroAgnew,whohadtroublesellingitthroughregularrealestatechannels).Althoughitreceivedminimalsupportoriginally,sinceitscreationtwodecadesago,theEPAhaswitnessedagradualandsteadygrowthinpublicconcernfortheenvironment.Duringthe1970s,initsfirstdecadeofexistence,theEPAfocuseditsattentionprimarilyontheimplementationofmajorenvironmentallegislationenactedbyCongress.Duringthenextdecade,the1980s,theagencybegantoturnitsattentiontowardtheproblemofenforcingitsmanystatutes.Today,environmentalconcernshaveneverbeenhigherinthecountry'ssocial,economic,andpoliticalagendas(Vincoli1993).Inaddition,therehavebeenseverallawspassedthataredirectlyconcernedwithenvironmentalissues.EnvironmentalRegulatoryActsSomeofthemoresignificantenvironmentalfederalregulationsintheUnitedStatesinclude:CleanAirAct(CAA)-1963(revisedandamendedin1967,1970,1972,1977,and1990);CleanWaterAct(CWA)-1972(amendedin1977and1987);FederalInsecticide,FungicideandRodenticideAct(FIFRA)-1