GASB proposal on landfill costs.An exposure draft on accounting for solid waste landfill costs was issued by the Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. . The comment deadline is September 30. The proposal is based on a 1991 U.S. Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and rule establishing requirements for landfills that accept municipal waste. The proposal applies to state and local government operators or owners of landfills required by local, state or federal law to incur closure and postclosure care costs (that is, costs associated with covering over the landfill and, afterward af·ter·ward also af·ter·wards adv. At a later time; subsequently. Adv. 1. afterward - happening at a time subsequent to a reference time; "he apologized subsequently"; "he's going to the store but he'll be back here , monitoring and maintaining it). Closure and postclosure care costs would be recognized while the landfill is operating. A portion of the estimated total current cost of closing and maintaining the landfill would be recognized as an expenditure and as a liability in each period the landfill operates. Cost estimates would be reevaluated annually. If adopted as a final statement, the proposal would be effective for periods beginning after June 15, 1992. A public hearing on the proposal will be held October 14 at the GASB GASB Governmental Accounting Standards Board offices in Norwalk, Connecticut. One copy of the proposal, Accounting for Municipal Solid Waste “Municipal waste” redirects here. For other uses, see Municipal waste (disambiguation). Municipal solid waste (MSW) is a waste type that includes predominantly household waste (domestic waste) with sometimes the addition of commercial wastes collected by a Landfill Closure and Postclosure Care Costs, is available free of charge during the comment penod from the GASB order department, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116. |
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