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Changes in GAAP Put Spotlight on Environmental Disclosure ( May 2006 )
Recent changes to accounting rules governing asset retirement obligations, particularly with respect to environmental legal obligations, have put the spotlight on environmental disclosure. The new rules are quite complex and ambiguous. Many of the finer points in their application have yet to be worked through by the accounting industry, in-house counsel and environmental specialists. -
2004: An Active Year in Canadian Environmental Law ( January 2005 )
The year 2004 has proven to be another active year for environmental law in Canada, which continues to develop in response to international and domestic influences. A noteworthy example of an international event with potentially far-reaching implications for Canadian business was the U.S. Environmental Protection Agency's (EPA's) move to unilaterally assert jurisdiction over the Canadian operations of a Canadian company, Teck Cominco Metals Ltd. (Teck Cominco), for allegedly causing pollution in the United States. Another example is the Russian ratification of the Kyoto Protocol to the U.N. Framework Convention on Climate Change, which will lead to the much-debated protocol coming into effect on February 16, 2005. -
Environmental Accounting ( August 2004 )
Recent events over a twenty-four hour period indicate that the reporting of environmental liabilities is a continuing problem. On July 15, Senator Jon Corzine hosted a symposium on corporate disclosure of environmental information in financial statements in the Dirksen Senate Office Building. On July 16, the Governmental Accountability Office (GAO) issued a study titled "Environmental Disclosure, SEC Should Explore Ways to Improve Tracking and Transparency of Information." And finally, Martha Stewart was sentenced to prison for crimes related to financial reporting. -
GAO Recommends SEC Improve Tracking of Environmental Liabilities and Disclosures ( August 2004 )
This advisory summarizes a GAO report on environmental disclosures by public companies in filings with the SEC. The GAO recommended that the SEC take steps to improve the tracking and transparency of information related to the SEC's reviews of companies' filings and work with the EPA to explore ways to take better advantage of EPA data relevant to environmental disclosure. -
Disclosing Contingent Environmental Liabilities & Navigating In A New Environment ( August 2004 )
The Sarbanes-Oxley Act and its implementing regulations are increasing the level of scrutiny given to public companies' disclosure of contingent risks. Environmental issues, however, have not necessarily been at the top of the list. This article highlights some of the challenges presented for Sarbanes-Oxley compliance in the environmental arena, identifies potential solutions to those challenges and examines some of the consequences that are likely to flow from increased environmental disclosure. -
Navigating the Next CERCLA Labyrinth: A Checklist for Defending Natural Resource Damages Claims at Hazardous Waste Sites ( February 2004 )
Since its enactment in 1980, the Comprehensive Environmental Response, Compensation and Liability Act has dramatically altered the legal landscape concerning hazardous substance liability and remediation. During this time, CERCLA's Superfund program has resulted in nearly 45,000 site assessments, 7,400 removal actions, 850 completed cleanups and the commitment of more than $20 billion from potentially responsible private parties for remediation costs. -
Brownfields, Environmental Justice, and Indian Lands:The Future of Real Estate Development in New Mexico ( June 2001 )
A look at the land development options in the Albuquerque metropolitan area illustrates that brownfields initiatives, the environmental justice movement, and leasing and development of Indian lands may become increasingly significant components of the New Mexico real estate lawyer's day-to-day practice. -
New Jersey Gets Serious About the Cleanup and Reuse of Polluted Industrial Sites ( May 2003 )
In accordance with so-called "smart growth" principles, James E. McGreevey, since becoming Governor of the State of New Jersey, has taken a number of definitive steps to provide municipalities and the private sector with assistance in redeveloping contaminated properties. -
Highlights of Utah Environmental Law ( April 2003 )
Environmental regulatory programs in Utah are administered primarily by the Utah Department of Environmental Quality ("DEQ"). DEQ administers environmental programs authorized by state statute as well as federal environmental programs for which the state has delegated authority from EPA under the Clean Water Act, the Clean Air Act and the Resource Conservation and Recovery Act.
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