For the past 20 or more years, the financial reporting of environmental liabilities has been a relatively subjective practice in the United States.
In 1992, attention to disclosure and accounting issues related to these risks came into the spotlight when the Securities and Exchange Commission found that 62 percent of its registrants had not been accruing for known environmentally related exposures on their financial statements.
Ever since this revelation, a number of government- and privately led studies and reports have focused attention on the inadequate reporting of environmental liability disclosures.
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