ASTM E2173-16
Standard Guide for Disclosure of Environmental Liabilities

Standard No.

ASTM E2173-16

Release Date

2016

Published By

American Society for Testing and Materials (ASTM)

Status

Be replaced

Replace By

ASTM E2173-22

Latest

ASTM E2173-22

Scope

4.1 Significance—Since the release of FASB Statement 5—Accounting for Contingencies—in March 1975, the regulatory complexity around environmental matters has increased due to a variety of long-term trends and factors, including but not limited to:

4.1.1 Number and scope of federal, state, local, and non-U.S. environmental and financial reporting laws and their implementing regulations;

4.1.2 Number and scope of treaties signed by the United States, as well as the implementing laws and regulations; parties in these treaties include multilateral organizations and Native American tribes;

4.1.3 Judicial decisions clarifying the impact of laws, regulations, and treaties;

4.1.4 Costs to comply with environmental regulations;

4.1.5 Number of known chemical compounds (see Chemical Abstracts Service REGISTRY^SM, which contains over 113 million unique organic and inorganic substances);

4.1.6 Knowledge about benefits and effects of chemical compounds on human health, ecological receptors, and the environment, such as toxicology studies (see National Library of Medicine's TOXNET database at www.nlm.nih.gov);

4.1.7 Number and efficacy of remedial technologies;

4.1.8 Experience with assessing and remediating environmental conditions;

4.1.9 Financial impact of counterparty failure; and

4.1.10 Investor interest in the impact of these trends and factors on their investments.

4.2 Concurrently, the issuers of generally accepted accounting principles (GAAP) and financial reporting standards have been evolving. While the Securities and Exchange Commission (SEC) was established in 1934, FASB was created in 1973, GASB in 1984, FASAB in 1990, and IASB in 2001. As part of Sarbanes-Oxley Act of 2002 (Public Law 107–204, 116 Stat. 745), PCAOB was founded in 2002.

Note 1: Many of these trends and factors, as well as the changes to GAAP, have occurred slowly. For example, users of this guide will likely be aware that chemicals......

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ASTM E2173-16 Referenced Document

• ASTM E1527 Standard Practice for Environmental Site Assessments: Phase 1 Environmental Site Assessment Process
• ASTM E2091 Standard Guide for Use of Activity and Use Limitations, Including Institutional and Engineering Controls
• ASTM E2137 Standard Guide for Estimating Monetary Costs and Liabilities for Environmental Matters

ASTM E2173-16 history

• 2022 ASTM E2173-22 Standard Guide for Disclosure of Environmental Liabilities
• 2016 ASTM E2173-16 Standard Guide for Disclosure of Environmental Liabilities
• 2007 ASTM E2173-07(2011) Standard Guide for Disclosure of Environmental Liabilities
• 2007 ASTM E2173-07 Standard Guide for Disclosure of Environmental Liabilities
• 2001 ASTM E2173-01 Standard Guide for Disclosure of Environmental Liabilities