The evaluation and disclosure of environmental liabilities is a key responsibility of environmental attorneys and environmental managers (EM). The financial reporting requirements of the Securities and Exchange Commission (SEC) associated with annual reports or financial statements for governmental and public companies help drive this effort. While private companies are not required to report publicly, they need to have regular reporting for their banking institutions and financial stockholders. This process has no real standardized framework, but the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), ASTM International, the SEC, and many other sources offer guidance documents to support this work.
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