Government Services / GASB 49 Compliance
Key Benefits
- Compliance with GASB 49
- Characterization and quantification of environmental risks
- Validation of environmental reserves
- Consolidation of site-specific information in customized templates and reports
- Clear and consistent reporting of Pollution Remediation Obligations (PROs) and the
timing of Obligating Events
Applicable Industries
- Government
- Waste / Landfill Management
Government Agency Consulting Services
ERCI works with its government clients to develop appropriate methodologies to accurately manage and price environmental liabilities as well as to create and preserve an audit trail for environmental liability estimates.
Historical systemic biases have generally resulted in government agencies understating many of the liabilities on the balance sheet. Such understatements have misrepresented an agency's financial position and thus have resulted in poor capital planning. To counteract this pervasive problem, the Governmental Accounting Standards Board Statement No. 49 (“GASB 49”) was recently enacted to make key changes to past reporting methodologies. This new reporting standard is effective for financial statements for periods beginning after December 15, 2007.
ERCI's domain knowledge can be instrumental for government agencies looking to revamp their environmental liabilities reporting methodology in light of GASB 49. ERCI provides consulting services to government agencies who wish to validate current and future environmental reserves, determine asset retirement obligations, ensure compliance with new reporting requirements, and improve the efficiency of their environmental expenditures.
ERCI's GASB Statement No. 49 Fact Sheet (Download PDF)
