Articles, Newsletters, and White Papers on Environmental Disclosure and Related Topics

• American Bar Association Environmental Disclosure Committee Newsletter December 2009.
• A Board’s-Eye View of Environmental Liabilities, by C. Gregory Rogers, Directorship Magazine, December 1, 2009.
• Corporate Environmental Disclosure Policy, by C. Gregory Rogers, Winner of the Best Papers Award, ABA Environment, Energy, and Resources Law Summit: 17th Section Fall Meeting, September 2009.
• Lawsuit to Turn on Fair-Value Feud?: GAAP is moot in bankruptcy court, as fair-value estimates will help determine whether claims of insolvency are valid in a hotly contested case, by Marie Leone, CFO.com, September 2, 2009.
• Dirty Secrets: Companies may be burying billions more in environmental liabilities than their financial statements show, by Marie Leone and Tim Reason, CFO Magazine, September 1, 2009.  Best of 2009 Accounting Articles.
• American Bar Association Environmental Disclosure Committee Newsletter March 2009.
• Environmental Disclosure in SEC Filings, by Davis Polk & Wardwell, January 21, 2009.
• Climate Change Disclosure: Out with the Old; In with the New?, by: Jane Whitt Sellers, Karl M. Strait and Joshua S. Tetrick, January 15, 2009..
• "Oh, That Three Billion Dollars”: Emerging Issues in Reporting Environmental Liabilities, Rocky Mountain Mineral Law Foundation Annual Institute Proceedings, Vol. 54, p. 28A-1 (2008).
• Disclosure Dilemma: Financial Reporting of Contingent and Environmental Liabilities by Alan D. Jagolinzer, Nathan T. Blair, and C. Gregory Rogers, Stanford Graduate School of Business, Case No. 9-A20-0, December 2008.
• Using Insured Fixed-Price Cleanups to Respond to New Accounting Standards, Gain Tax Savings, and Lower Cleanup Costs While Increasing Cost Certainty, by Michael O. Hill and C. Gregory Rogers, BNA Environmental Due Diligence Guide, November 2008.
• Accounting Changes For Contingent Losses: An Environmental Perspective, by J.D. Kern and Marc Faecher, Metropolitan Corpoate Counsel, October 2008 .
• Environmental Financial Disclosure Rules and Their Impact on Brownfields Transactions, by C. Gregory Rogers, Winner of the Best Papers Award, ABA Environment, Energy, and Resources Law Summit: 16th Section Fall Meeting, September 2008.
• American Bar Association Environmental Disclosure Committee Newsletter, August 2008.
• Climate change disclosure: Moving towards a brave new world, by Jeffrey A. Smith, Matthew Morreale and Michael E. Mariani, Capital Markets Law Journal, 2008.
• Fair Value Accounting: 141(R) and Environmental Liabilities, by Jon Walker and Elizabeth Krol, ACB Mergers & Acquisitions, August 2008.
• Proposed Accounting Standards Concern Counsel, by Sheri Qualters, The National Law Journal, July 07, 2008.
• Environmentally Insolvent: Fair Value Measurement of Environmental Liabilities Poses Solvency Risk, by C. Gregory Rogers, Business Law Today, July/August 2008.  This article appeared in the June 2008 issue of the ABA Business Bankruptcy Newsletter.
• Environmental Liabilities Go to Market, by Greg Rogers, Environmental Finance, May 2008.
• Better to be Vaguely Right or Precisely Wrong?, by C. Gregory Rogers, EDR Newsletter, April 2008.
• Disclosure Requirements for Environmental Liabilities Under U.S. Securities Laws, O'Melveny & Myers LLP. February 7, 2008.
• SEC Environmental Reporting - 2007 Developments, a Sidley Austin Environmental Update, February 2008.
• A Clean Sweep: After years of deferring liability costs from contaminated work sites, companies now must either deal with them or take a hit on the balance sheet when accounting rules change next year, by Russ Banham, Treasury & Risk, February 2008.
• More Environmental Accounting Changes on the Horizon for 2008, BNA Due Diligence Guide, January 2008.
• What you need to know about the new accounting standards affecting M&A deals, PriceWaterhouseCoopers.
• American Bar Association Environmental Disclosure Committee Newsletter, January 2008.
• Investment Community Driving Climate Risk Disclosure, BNA Environmental Due Diligence Guide Report, December 20, 2007.
• FASB Approves Merger Accounting Overhaul, by Tammy Whitehouse, Compliance Week, December 11, 2007.
• Environmental disclosures: The Second Major Review of Environmental Reporting in the Annual Report & Accounts of the FTSE All-Share, UK Environmental Agency, October 2007.
• Japan’s brownfields brought to bear, by Greg Rogers and Miki Mitsunari, Environmental Finance, October 2007.
• Building Value by Paring Environmental Risk, by C. Gregory Rogers, Financial Executive Magazine, September 2007.
• Recent SEC Enforcement of Environmental Financial Disclosure, by E. Lynn Grayson, July 26, 2007.
• Recent SEC Enforcement Proceedings - Environmental Reserves, a Sidley Austin Environmental Update, July 2007.
• SEC Enforcement Action Shines Light on Environmental Disclosures, by Lewis B. Jones and John C. Bottini, King & Spalding LLP, April 2007.
• A New Chapter in Accountancy Standards, by Paul Watchman and Angela Delfino, published in Environmental Finance, April 2007.
• FIN 47 Poses Hard Questions for Estimating Future Environmental Liabilities, a Goodwin Proctor Environmental & Energy Advisory, April 2007.
• Will the SEC Demand "Green" Disclosures?, by Stephen Taub and Dave Cook, CFO.com, March 21, 2007.
• Environmental Disclosure Due Diligence: Taking the Next Step in Environmental Due Diligence, by C. Gregory Rogers, Winner of the Best Papers Award, American Bar Association Section of Environment, Energy, and Resources, 36th Conference on Environmental Law, Keystone, CO, March 8-11, 2007; as published by Business Law Today.
• SEC Enforcement Action Against Ashland Inc. Has Implications on Environmental Reporting Requirements, LeBoeuf Lamb, Client Alert, December 22, 2006.
• Coming Distractions: If these eight risks are not on your radar screen, they will be soon, John Goff, CFO Magazine, April 01, 2006 (describes risks associated with new EU environmental laws, contingent liability accounting, and loan covenant violations for late SEC filings).
• Ashland Settles Dirty Reserves Case: Ashland settles SEC charges, raised initially by a whistleblower who invoked Sarbox protections, that the company boosted income by understating its environmental reserves, Stephen Taub, CFO.com, November 30, 2006.
• Laws, Rulings Force Manufacturers to Alter Their Accounting Practices, Patrick Zaepfe, Pittsburgh Business Times, November 24, 2006.
• Starbucks Meets FIN 47, by Jack Ciesielski, The Analyst's Accounting Observer Weblog, November 17, 2006.
• Short On Clarity, FIN 47 Sows Confusion, by Tammy Whitehouse, Compliance Week, August 29, 2006.
• Up on Cripple Creek, A New Kind of Gold, by Marie Leone, CFO.com, August 11, 2006.
• Retirement Plan: FIN 47 provides guidelines for recognizing environmental liability costs. by Dan Johnson, Joseph Kesling, and S. Wayne Rosenbaum, Commercial Investment Real Estate Magazine, July/August 2006.
• Deciphering and Applying Critical Terms Under FAS 143 and FIN 47 -- "Normal Operations" and "Associated with Retirement,", ABA Special Committee on Environmental Disclosure, July 2006.
• Privilege under Pressure, by Helen Shaw, CFO.com, June 28, 2006.
• If Your Head Is in the Sand, Your Assets Are Exposed, by C. Gregory Rogers, Brownfield News, June 2006.
• Where FIN 47 Mattered, by Jack Ciesielski, The Analyst's Accounting Observer Weblog, May 17, 2006.
• Firms Must Be Mindful of Assets' Environmental Obligations, by Catherine W. Johnson, San Francisco Daily Journal, May 4, 2006.
• SEC Eyes Rare Enforcement Step Over Cleanup Reserves Accounting. This article originally appeared in Inside EPA Weekly Report, May 5, 2006. It is reprinted here with permission of the publisher, Inside Washington Publishers. Copyright 2006. All rights reserved.
• Accounting for Asset Retirement Obligations: An Education & Nonprofit Perspective, PriceWaterhouseCoopers, May 2006.
• More Lawsuits May Go on the Books, by Helen Shaw, CFO.com, May 5, 2006.
• FIN 47 Already Having Major Effects, by C. Gregory Rogers, Brownfield News, April 2006.
• Changes In GAAP Put Spotlight On Environmental Disclosure, by Jeff Gracer, The Metropolitan Corporate Counsel, April 2006.
• That Sneaky FIN 47, by Jack Ciesielski, The Analyst's Accounting Observer Weblog, April 7, 2006.
• Costs Soaring For Asset Retirement Rule, by Tammy Whitehouse, Compliance Week, April 4, 2006.
• Preparing Yourself for New Rules for Environmentally Impaired Property, by Robert Lipscomb; Richard Maloy, MAI, SRA; and C. Gregory Rogers, J.D., CPA, Valuation Insights & Perspectives, First Quarter 2006.
• The Impact of FIN 47 (So Far), by the Corporate Executive Board's Controllers' Leadership Roundtable, March 2006.
• Where Assets Go When They Retire, by Nathan Parmelee, The Motley Fool, March 27, 2006.
• FIN 47 Sneaks Onto The Scene - Part 2, by Jack Ciesielski, The Analyst's Accounting Observer Weblog, March 3, 2006.
• Tardy 10-Ks Are Worth the Wait, by Marie Leone, CFO.com, February 6, 2006.
• New Accounting Standard Will Have Far-reaching Consequences for Environmental Disclosure, by Lawrence P. Schnapf, Schnapf Environmental Law Center, ABA Environmental and Energy Business Law February 2006 eNewsletter.
• SOX offshoot: poison the land, prepare to pay, by Kaija Wilkinson, Birmingham Business Journal, February 17, 2006; as republished by MSNBC.com.
• Camel's Nose?, by Ron Fink, CFO Blog: Ron's Rant, February 10, 2006.
• FIN 47 Sneaks Onto The Scene, by Jack Ciesielski, The Analyst's Accounting Observer Weblog, February 7, 2006.
• FIN 47: The Future Is Now, by Marie Leone, CFO.com, February 6, 2006.
• Fair-Value Measurement Efforts Will Change Corporate Environmental Practices, by Gregory E. Scheig and C. Gregory Rogers, Natural Gas & Electricity Journal, February 2006.  This is a preprint of the article published in Volume 22-7.
• FIN 47: Companies Can Run - But Can't Hide - From New Disclosure Obligations, by Anthony Buonicore and Diane Crocker, EM Magazine, February 2006.
• New Accounting Rule Snares Financial Reporting, by Tammy Whitehouse, Compliance Week, January 2006.
• A looming environmental Enron?, by C. Gregory Rogers, Environmental Finance, January 2006.
• Accounting for Asset Retirement Obligations: Understanding the Financial Statement Impact, by Robert E. Guinn, Richard G. Schroeder, and Suzanne K. Sevin, December 2005.
• Accounting for Asset Retirement Obligations: New Accounting Rules May "Clean Up" Contaminated Property, by Sarah Campbell Smith, December 2005.
• Ready for Sarbanes-Oxley Certification?, by C. Gregory Rogers and Robert Lipscomb, Corporate Real Estate Leader, November 2005.
• A Legal Framework for the Integration of Environmental, Social and Governance Issues Into Institutional Investment, produced for the Asset Management Working Group of the United Nations Environmental Program Finance Initiative by Freshfields Bruckhaus Deringer, October 2005.
• Private Companies Toe the SOX Line, by Mark Peters, Jin-Kyu Koh, and Jeffrey Belisle, Mergers & Acquisitions, October 2005.
• New Standards for Financial Reporting of Environmental Liabilities, ABA Special Committee on Environmental Disclosure, October 2005.
• Endangered Green Reports: "Cumulative Materiality" in Corporate Environmental Disclosure after Sarbanes-Oxley, by Mitchell F. Crusto, 42 Harv. J. on Leg., 483 - 509, Summer 2005.
• Fiscal Control Over Physical Controls, Brownfield News, August 2005.
• FASB Interpretation No. 47 Accounting for Conditional Asset Retirement Obligations: An Industry White Paper, Edison Electric Institute, July 2005.
• New Accounting Rules for Brownfields, by Greg Rogers, Brownfield News, June 2005.
• Pollution Costs Return to Balance Sheets, by Marie Leone, CFO.com, May 28, 2005.
• Saw the Lightning, Still Waiting for the Thunder: The Third Year of SOX, by Greg Rogers, Brownfield News, February 2005.
• New Accounting Rules Could Force More Environmental Disclosure, Inside EPA, January 13, 2005.
• The Emperor Has No Clothes: Going Naked on Environmental D&O Exposures, by Greg Rogers, Risk Management Magazine, December 2004.
• New Regulations, Standards Influencing Environmental Disclosures, by Karen M. Kroll, Compliance Week, November 2, 2004.
• Airing Out ''Mothballed'' Facilities, by Marie Leone, CFO.com, October 25, 2004.
• Mothballing and the Balance of Pain, by Greg Rogers, Brownfield News, September/October 2004.
• Rule Could Force Early Asset Booking, by Marie Leone, CFO.com, September 22, 2004.
• How the outside can help the inside: Corporate counsel can’t do it all, by Greg Rogers, American Bar Association Business Law Today, Volume 13, No.6, July/August 2004.
• Fooling Investors & Fooling Themselves: How Aggressive Corporate Accounting & Asset Management Tactics Can Lead To Environmental Accounting Fraud, by Sanford Lewis, J.D., and Tim Little, The Rose Foundation for Communities and the Environment, July 2004.
• Environmental Transparency, Five Areas for Concern, by Greg Rogers, Financial Executive Magazine, June 2004.
• Primer on Mandatory Environmental Disclosure: A Presentation Explaining the Longstanding SEC Regulations as Amplified by Sarbanes Oxley, by Thomas M. McMahon Sidley Austin Brown & Wood, and Jeffrey A. Smith David J. Mandl Cravath, Swaine & Moore LLP, ABA Special Committee on Environmental Disclosure, February 2004.
• Pollution Risk Oversight, by Greg Rogers, Directors Monthly, February 2004.
• Uninsured and Undisclosed Environmental Liabilities Pose Risks for Directors, by C. Gregory Rogers, Directors Monthly, May 2003.
• Statement of Financial Accounting Standards No. 143, Accounting for Asset Retirement Obligations: Asset Retirement Obligations Implementation Issues, Edison Electric Institute, October 2002.

NEWS RELEASE 06/05/08

FASB Issues Exposure Draft on Disclosure of Certain Loss Contingencies

Norwalk, CT, June 5, 2008—The Financial Accounting Standards Board (FASB) today issued an Exposure Draft (ED) of a proposed Statement of Financial Accounting Standards, Disclosure of Certain Loss Contingencies—an amendment of FASB Statements No. 5 and 141(R). The proposed Statement would be effective for fiscal years ending after December 15, 2008, and interim and annual periods in subsequent fiscal years.

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