關(guān)于環(huán)境負(fù)債的董事會(huì)視角【外文翻譯】

1、1本科畢業(yè)論文（設(shè)計(jì)）外文翻譯外文題目ABoardsEyeViewofEnvironmentalLiabilities外文出處DirectshipFebMar2010Vol.36Issue1p6668.外文作者C.GregyRogers原文：原文：ABoardsEyeViewofEnvironmentalLiabilitiesNewfinancialtechniqueswillincreasemarketefficiencyempowe

2、rbetteroversightofenvironmentalmanagementdisclosure.Itisawellknown“dirtysecret“thatenvironmentalliabilityestimatesdevelopedinconfmancewithU.S.accountingstardsareunreliablealltoooftenmateriallyunderstated.Thevagariesofcon

3、tingencyaccountingenvironmentallawsciencehoweverhavemadeitpracticallyimpossibletoempiricallydemonstratethisconclusion.Asaresulttheinherentincentivesfmanipulationhavebeenunconstrained.Thosedaysareover.Financialanalyticalt

4、echniquesarenowbeingusedtogaugethereliabilityrelevanceofcpatedisclosuresofliabilitiesarisingundertheComprehensiveEnvironmentalResponseCompensationLiabilityAct(CKRCLASuperfund)theResourceConservationRecoveryAct(RCRA)simil

5、arstatelaws.Thesetechniquespromisetoimprovemarketefficiencybyintroducingmetimelyaccurateinfmation.Theyalsoholdthepotentialtoempowerboardstoexercisestrongeroversightmakemeinfmeddecisionsonimptantenvironmentalsocialgoverna

6、nce(ESG)issues.AccountingEstimatesAccountingestimatescansignificantlyunderstatetheamountthatwillultimately3Fairvalueestimatesaremarketbasedfarmeencompassingthanaccountingestimates.Thefairvalueofacontingentenvironmentalli

7、abilityisthemarketexchangepricethatwouldbepaidtotransfertheliabilitytoanindependentpartyinanderlytransaction.Thisissometimescalledthe“exitprice.“Therearethreeimptantpointstoknowabontenvironmentalliabilityestimates.Firstt

8、hereisanegotiatedmarketfthetransferofenvironmentalliabilities.Althoughobservablemarketdataislimitedthenotionofamarketexchangepricefenvironmentalliabilitiesisrealnotmerelyanacademicconstruct.Secondbecausethe(realhypotheti

9、cal)partyassumingtheliabilitymustaccountfallreasonablecontingenciesnotjustthoseconsideredhighlylikelyfairvalueestimatesofenvironmentalliabilitiesoftenwillbemuchhigherthanaccountingestimates.Thirdaccountingestimatesareirr

10、elevantindeterminingsolvencyunderbankruptcycpatelaw.Whenlegalsolvencyisatissuefairvalueiswhatcounts.Infmationaboutthefairvalueofenvironmentalliabilitiesmayberelevanttovariousboardleveljudgmentsaboutbusinessperfmancelegal

11、complianceincludingthosediscussedbelow.Unwarydirectsmaybesurprisedtorealizethatenvironmentalliabilityestimatescanberelevanttojudgmentsaboutnonenvironmentalmatters.DothecompanysaccountingestimatesconfmwithGAAPIfthediffere

12、ncebetweenaccountingestimatesfairvalueestimatesofenvironmentalliabilitiesislargethismaycallintoquestionwhetherthecompanyhasreptedits“bestestimate“oftheliability.DothecompanysSECfilingscontainanyuntruestatementofamaterial

13、factomittostateamaterialfactIfthedifferencebetweenaccountingestimatesfairvalueestimatesislargethismaybeconsideredamaterialmisleadingfactunderSECRulel0b5.DothecompanysSECfilings“fairlypresentinallmaterialrespects“thefinan