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Liability for Contaminated Sites. The clock is ticking 

The Liability for Contaminated Sites (PS 3260) section impacts every organization reporting under the Public Sector Accounting (PSA) standards, and the new standards take effect for all organizations with fiscal years beginning on or after April 1, 2014. Time is running out.

Public sector entities need to plan now for the introduction of PS 3260 and start to understand how the new standards will impact their reporting responsibilities. Failure to appropriately apply the standards could have negative financial, and potentially political and social ramifications. 

 

Still not sure? Answer the key diagnostic questions below to determine your next steps.

 

Liability for Contaminated Sites - Key Diagnostic Questions:

 

  • Are you a public sector entity reporting under the PSA standards?
  • Have you developed an inventory of all sites, both contaminated and not contaminated?
  • Has a formal gap analysis been performed of the entity’s existing accounting policies to the requirements of PS 3260?
  • Have you identified all legally binding and enforceable regulations and environmental standards?
  • Are you aware of your reporting requirements, whether or not you have contaminated sites?
  • Are you able to demonstrate the completeness and accuracy of liabilities recorded for contaminated sites to your financial statement auditor?

 

If you would like a more detailed assessment, we’ve also created an online self-assessment tool which will to help you test your readiness to comply with PS 3260. 

 

To learn more, contact one of the below KPMG advisers for a full impact assessment:

 

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 Contacts

Bailey Church

Bailey Church

Senior Manager, Advisory Service

613-212-3698

Peter Greenwood

Peter Greenwood

Partner, Advisory Services

604-691-3187

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