Asbestos Contamination: Governance and Financial Reporting Issues in the Public, Private and Not‐for‐profit Sectors. Issue 4 (21st September 2021)

• Record Type: Journal Article
• Authors: McGregor, Warren; Potter, Brad; Soderstrom, Naomi; Stevenson, Kevin
• Is Part Of: Australian accounting review. Volume 31:Issue 4(2021)
• Page Start: 307
• Page End: 320
• Publication Date: 2021-09-21
• Subjects: Accounting -- Australia -- Periodicals; Accounting -- Standards -- Australia -- Periodicals; Accounting -- Periodicals; Managerial accounting -- Periodicals; Corporations -- Finance -- Periodicals; 657.0994
• DOI: 10.1111/auar.12350
• Languages: English
• ISSNs: 1035-6908

Abstract

Abstract: We explore implications of asbestos for the measurement and reporting of liabilities, assets and expenses by diverse entities. We argue that entities in both public and private sectors are failing to recognise or appropriately measure liabilities related to asbestos and that the implications of asbestos for assets and expenses in financial statements are rarely reported. While we focus on recognition and measurement implications for Australian entities, we also examine relevant requirements in other jurisdictions and for sustainability reporting. Abstract : This study explores the implications of asbestos for the measurement and reporting of liabilities, assets and expenses by diverse entities. It focuses on implications for Australian entities, while also exploring relevant requirements in other jurisdictions and the implications for sustainability reporting.