What companies are reporting

Article Abstract:

Environmental disclosures have become a common feature in annual reports. However, a study reveals that companies do not reveal obligations in the financial statements but report likely environmental obligations only in the footnotes until costs become measurable. These insufficient environmental disclosures fail to satisfy the information needs of socially conscious investors who typically want to find out the activities of a company. They are particularly appreciative of reports that describe innovative environmental programs, product improvement and waste reductions. Companies that want to improve their environmental disclosures in their annual reports can rely on guidelines contained in the Valdez principles issued by the Coalition for Environmental Responsible Economies. They also need to satisfy the 17 information demands of environmentally conscious investors.

Research, Accounting and auditing, Liability for environmental damages

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Management and reporting of environmental liabilities

Article Abstract:

Chevron Corp. relies on a cross-functional process to manage and report its environmental remediation liabilities. Using this approach, the expertise of managers in different functional areas is used to reach at an informed and consistent judgment. The four steps in this cross-functional process are identification/assessment, evaluation/measurement, disclosure/recognition and remediation/monitoring. Different disciplines are applied concurrently in each stage, with the responsibility and degree of participation varying depending on the expertise required in each stage. The benefit of this cross-functional approach is that it helps in identifying and assessing potential remediation sites at an early time. Ultimately, Chevron enjoys lower remediation costs and improved financial disclosure and recognition.

Oil Products, Petroleum Refineries, Petroleum refining, Methods, Petroleum industry, Petroleum products, Environmental policy, CHV, Chevron Corp.

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