外文翻译--关于环境负债的董事会视角.docVIP

本科毕业论文（设计） 外 文 翻 译 外文题目 A Boards-Eye View of Environmental Liabilities 外文出处 Directorship Feb/Mar2010, Vol. 36 Issue 1,p66-68. 外文作者 C. Gregory Rogers 原文： A Boards-Eye View of Environmental Liabilities New financial techniques will increase market efficiency and empower better oversight of environmental management and disclosure. It is a well-known dirty secret that environmental liability estimates developed in conformance with U.S. accounting standards are unreliable and all too often materially understated. The vagaries of contingency accounting and environmental law and science, however, have made it practically impossible to empirically demonstrate this conclusion. As a result, the inherent incentives for manipulation have been unconstrained. Those days are over. Financial analytical techniques are now being used to gauge the reliability and relevance of corporate disclosures of liabilities arising under the Comprehensive Environmental Response, Compensation, and Liability Act (CKRCLA or Superfund), the Resource Conservation and Recovery Act (RCRA), and similar state laws.These techniques promise to improve market efficiency by introducing more timely and accurate information. They also hold the potential to empower boards to exercise stronger oversight and make more informed decisions on important environmental, social, and governance (ESG) issues. Accounting Estimates Accounting estimates can significantly understate the amount that will ultimately be expended to resolve environmental liabilities.Generally accepted accounting principles (GAAP) seek to match expense with incurrence of liability. Estimates of contingent liabilities, including contingent environmental liabilities, are intended to reflect the best estimate of eventual expenditures that are considered probable and reasonably estimable. In practice, accounting estimates often reflect