Its not my field of expertise but I would expect interest in a compulsory
accounting standard like FRS12 to be quite keen after a suitable transitional period.
Particularly for  those quoted companies perceived to have legacy contamination issues?

Having read a little more, the accounting standard in assigning 'realistic' monetary values to contaminated land liabilities implies that
somebody would have to review sites and assess cleanup costs to meet some particular objectives possibly 'suitable for present use' and
or 'make sure we dont get prosecuted soon'.  I presume the auditors would not do this but would review work undertaken
for the company being audited?

Would any information published in a companies accounts on contaminated land liabilities be a single monetary value or would some
useful detail have to be provided?

Would contaminated land liabilities information reviewed by any auditor be available as a background paper to the accounts
or otherwise verifiable by outside parties?

Finally

Having re-read Michael Meachers press release on company strategies to deal
with contaminated land (extracts below)  it would be intriguing to know
which if any companies responded to the minister and to what extent they
followed the suggested points or intend to do so?

Attempts to link such programs with my local authorities cont land strategy
do not seem to be receiving
any comment (good or bad) from industry or other public bodies, obviously
if the minister was to re-visit the issue that would be helpful!


Mr Meacher said:

"I am challenging local authorities and business to make the new
regime a success - together we can protect local communities and the
environment from the risks and the blight that contaminated land can
cause. And ensuring a better quality of life for all. "I will be
writing to the Chairmen of our major companies, setting out this
challenge, and asking them to inform me when they have a strategy in
place."

and the editors notes said

Under the new regime every company which may have any responsibility
for contaminated land problems should actively draw up its own
strategy for finding those sites and cleaning them up. Each company
strategy should do the following four things:

* Put a programme in place to investigate its own history, to
identify the problem sites for which it is responsible;

* Make a clear commitment to meeting its responsibilities for
cleaning-up those sites;

* Provide the necessary funding to make sure that this can happen;
and

* Make these commitments public.


Martin Wright
Scientific Officer
Vale Royal BC