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GASB proposal on landfill costs.

An exposure draft on accounting for solid waste landfill costs was issued by the Governmental Accounting Standards Board. The comment deadline is September 30.

The proposal is based on a 1991 U.S. Environmental Protection Agency 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, 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 offices in Norwalk, Connecticut. One copy of the proposal, Accounting for Municipal Solid Waste 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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Title Annotation:Governmental Accounting Standards Board
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Sep 1, 1992
Words:212
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