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Asbestos Contamination: Governance and Financial Reporting Issues in the Public, Private and Not‐for‐profit Sectors

Author

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  • Warren McGregor
  • Brad Potter
  • Naomi Soderstrom
  • Kevin Stevenson

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.

Suggested Citation

  • Warren McGregor & Brad Potter & Naomi Soderstrom & Kevin Stevenson, 2021. "Asbestos Contamination: Governance and Financial Reporting Issues in the Public, Private and Not‐for‐profit Sectors," Australian Accounting Review, CPA Australia, vol. 31(4), pages 307-320, December.
    • Handle: RePEc:bla:ausact:v:31:y:2021:i:4:p:307-320
    DOI: 10.1111/auar.12350
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    4. Dietz, Simon & Bowen, Alex & Dixon, Charlie & Gradwell, Philip, 2016. "Climate value at risk of global financial assets," LSE Research Online Documents on Economics 66226, London School of Economics and Political Science, LSE Library.
    5. Ao Li & Marina Michaelides & Meina Rose & Mukesh Garg, 2019. "Climate‐related Risk and Financial Statements: Implications for Regulators, Preparers, Auditors and Users," Australian Accounting Review, CPA Australia, vol. 29(3), pages 599-605, September.
    6. D'Souza, Julia & Jacob, John & Soderstrom, Naomi S., 2000. "Nuclear decommissioning costs: The impact of recoverability risk on valuation," Journal of Accounting and Economics, Elsevier, vol. 29(2), pages 207-230, April.
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    Cited by:

    1. Michael Bradbury & Bryan Howieson, 2021. "Editorial: Using Academic Journals as a Conversation," Australian Accounting Review, CPA Australia, vol. 31(4), pages 271-272, December.

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