Governments See New Accounting Rules for Brownfields

A new rule announced by the Governmental Accounting Standards Board (GASB) will codify the responsibility of local and state governments to disclose their financial liabilities associated with polluted properties. GASB is a private nonprofit that sets the generally accepted accounting principles (GAAP) for most state and local governments; rules for the federal government and for the private sector are set by other organizations, which are moving in a similar direction. The rule, which is now in a comment period and will be effective beginning in December 2007, is part of a decade-long move by GASB to require that balance sheets show capital assets and debts as well as cash and receivables.
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