Gnarus Principal Brian Henthorn Involved in ASTM Drafting

ASTM has just released for internal balloting a draft new standard for the Recognition and Derecognition of Environmental Liabilities. As an active member of the drafting task group, Gnarus Principal Brian Henthorn believes that the new standard, if approved, will increase the consistency and comparability of financial statements relating to environmental liabilities. This new standard will assist users in developing tools and processes to identify when environmental liabilities exist, when those liabilities require recognition in financial statements, and when those liabilities have been resolved and can be derecognized. Types of environmental liabilities addressed in this standard include Asset Retirement Obligations (AROs), Environmental Obligations, Commitments, Contingencies, and Guarantees. For more information, please contact Brian at bhenthorn@gnarusllc.com, or visit the ASTM standard website.