1、1本科毕业论文（设计）外文翻译外文题目ABOARDSEYEVIEWOFENVIRONMENTALLIABILITIES外文出处DIRECTORSHIPFEB/MAR2010,VOL36ISSUE1,P6668外文作者CGREGORYROGERS原文ABOARDSEYEVIEWOFENVIRONMENTALLIABILITIESNEWFINANCIALTECHNIQUESWILLINCREASEMARKETEFFICIENCYANDEMPOWERBETTEROVERSIGHTOFENVIRONMENTALMANAGEMENTANDDISCLOSUREITISAWELLKNOWN“DIRTYSEC
2、RET“THATENVIRONMENTALLIABILITYESTIMATESDEVELOPEDINCONFORMANCEWITHUSACCOUNTINGSTANDARDSAREUNRELIABLEANDALLTOOOFTENMATERIALLYUNDERSTATEDTHEVAGARIESOFCONTINGENCYACCOUNTINGANDENVIRONMENTALLAWANDSCIENCE,HOWEVER,HAVEMADEITPRACTICALLYIMPOSSIBLETOEMPIRICALLYDEMONSTRATETHISCONCLUSIONASARESULT,THEINHERENTINCE
3、NTIVESFORMANIPULATIONHAVEBEENUNCONSTRAINEDTHOSEDAYSAREOVERFINANCIALANALYTICALTECHNIQUESARENOWBEINGUSEDTOGAUGETHERELIABILITYANDRELEVANCEOFCORPORATEDISCLOSURESOFLIABILITIESARISINGUNDERTHECOMPREHENSIVEENVIRONMENTALRESPONSE,COMPENSATION,ANDLIABILITYACTCKRCLAORSUPERFUND,THERESOURCECONSERVATIONANDRECOVERY
4、ACTRCRA,ANDSIMILARSTATELAWSTHESETECHNIQUESPROMISETOIMPROVEMARKETEFFICIENCYBYINTRODUCINGMORETIMELYANDACCURATEINFORMATIONTHEYALSOHOLDTHEPOTENTIALTOEMPOWERBOARDSTOEXERCISESTRONGEROVERSIGHTANDMAKEMOREINFORMEDDECISIONSONIMPORTANTENVIRONMENTAL,SOCIAL,ANDGOVERNANCEESGISSUESACCOUNTINGESTIMATESACCOUNTINGESTI
5、MATESCANSIGNIFICANTLYUNDERSTATETHEAMOUNTTHATWILLULTIMATELYBEEXPENDEDTORESOLVEENVIRONMENTALLIABILITIESGENERALLYACCEPTEDACCOUNTING2PRINCIPLESGAAPSEEKTOMATCHEXPENSEWITHINCURRENCEOFLIABILITYESTIMATESOFCONTINGENTLIABILITIES,INCLUDINGCONTINGENTENVIRONMENTALLIABILITIES,AREINTENDEDTOREFLECTTHE“BESTESTIMATE“
6、OFEVENTUALEXPENDITURESTHATARECONSIDEREDPROBABLEANDREASONABLYESTIMABLEINPRACTICE,ACCOUNTINGESTIMATESOFTENREFLECTONLYTHOSECOSTSTHATARENEARLYCERTAININOTHERWORDS,EXPENDITURESTHATHAVEBEENBUDGETEDWHENINITIALESTIMATESPROVETOBEINADEQUATE,ADDITIONALACCRUALSARENEEDEDTOREPLENISHTHERESERVEINEFFECT,THISISANIMPLI
7、CITACCOUNTINGPOLICYTOMATCHEXPENSEWITHEXPENDITURESRATHERTHANTOMATCHEXPENSEWITHINCURRENCEOFLIABILITYACCOUNTINGESTIMATESOFTENAREUNRELIABLEBASEDONTHEAUTHORSRESEARCH,AUDITEDFINANCIALDATAOFTENSHOWSTHEFOLLOWINGPATTERNOVERAMULTIYEARPERIODICONSISTENTORINCREASINGEXPENDITURES2ACCRUALSTHATCLOSELYCORRELATEWITHEX
8、PENDITURESAND3STEADYORRISINGLOSSRESERVESWHENTHISPATTERNEXISTS,ITISINTUITIVELYOBVIOUSEVENTONONEXPERTSTHATACCOUNTINGESTIMATESDONOTREPRESENTARELIABLEESTIMATEOFFUTURECASHFLOWCONFORMANCEWITHGAAPCANBEMISLEADINGASAGENERALRULE,REGULATORSCONSIDERFINANCIALINFORMATIONTHATFAILSTOCONFORMWITHGAAPTOBEPERSEMISLEADI
9、NGBUTCRITICSCOMPLAINTHATLOOPHOLESALLOWCOMPANIESTOMANIPULATETHENUMBERSWITHOUTRUNNINGAFOULOFACCOUNTINGSTANDARDSONEHIGHLYVISIBLECRITIC,EDTROTT,AFORMERMEMBEROFTHEFINANCIALACCOUNTINGSTANDARDSBOARD,CONSIDERSGAAP,ASITAPPLIESTOENVIRONMENTALLIABILITIES,TOBEAN“EMBARRASSMENT“THEAUTHORSSTUDYOF24PETROLEUMANDCHEM
10、ICALCOMPANIESSHOWSTHATESTIMATEDOFFBALANCESHEETENVIRONMENTALLIABILITIESWERERELEVANTTOFINANCIALDECISIONMAKINGINTHATTHEYEXCEEDED5PERCENTOFSTOCKHOLDERSEQUITYFOR16TWOTHIRDSOFTHECOMPANIESTHERESEARCHALSOSHOWSTHAT9OFTHE24COMPANIESHADAFINANCIALINCENTIVETOIMPROVETHERELIABILITYOFTHEIRACCOUNTINGESTIMATESBYINCRE
11、ASINGRESERVESANDDECREASINGONGOINGCHARGESTONETINCOMEFAIRVALUEESTIMATESFAIRVALUEESTIMATESAREMARKETBASEDANDFARMOREENCOMPASSINGTHAN3ACCOUNTINGESTIMATESTHEFAIRVALUEOFACONTINGENTENVIRONMENTALLIABILITYISTHEMARKETEXCHANGEPRICETHATWOULDBEPAIDTOTRANSFERTHELIABILITYTOANINDEPENDENTPARTYINANORDERLYTRANSACTIONTHI
12、SISSOMETIMESCALLEDTHE“EXITPRICE“THEREARETHREEIMPORTANTPOINTSTOKNOWABONTENVIRONMENTALLIABILITYESTIMATESFIRST,THEREISANEGOTIATEDMARKETFORTHETRANSFEROFENVIRONMENTALLIABILITIESALTHOUGHOBSERVABLEMARKETDATAISLIMITED,THENOTIONOFAMARKETEXCHANGEPRICEFORENVIRONMENTALLIABILITIESISREALANDNOTMERELYANACADEMICCONS
13、TRUCTSECOND,BECAUSETHEREALORHYPOTHETICALPARTYASSUMINGTHELIABILITYMUSTACCOUNTFORALLREASONABLECONTINGENCIES,NOTJUSTTHOSECONSIDEREDHIGHLYLIKELY,FAIRVALUEESTIMATESOFENVIRONMENTALLIABILITIESOFTENWILLBEMUCHHIGHERTHANACCOUNTINGESTIMATESTHIRD,ACCOUNTINGESTIMATESAREIRRELEVANTINDETERMININGSOLVENCYUNDERBANKRUP
14、TCYANDCORPORATELAWWHENLEGALSOLVENCYISATISSUE,FAIRVALUEISWHATCOUNTSINFORMATIONABOUTTHEFAIRVALUEOFENVIRONMENTALLIABILITIESMAYBERELEVANTTOVARIOUSBOARDLEVELJUDGMENTSABOUTBUSINESSPERFORMANCEANDLEGALCOMPLIANCE,INCLUDINGTHOSEDISCUSSEDBELOWUNWARYDIRECTORSMAYBESURPRISEDTOREALIZETHATENVIRONMENTALLIABILITYESTI
15、MATESCANBERELEVANTTOJUDGMENTSABOUTNONENVIRONMENTALMATTERSDOTHECOMPANYSACCOUNTINGESTIMATESCONFORMWITHGAAPIFTHEDIFFERENCEBETWEENACCOUNTINGESTIMATESANDFAIRVALUEESTIMATESOFENVIRONMENTALLIABILITIESISLARGE,THISMAYCALLINTOQUESTIONWHETHERTHECOMPANYHASREPORTEDITS“BESTESTIMATE“OFTHELIABILITYDOTHECOMPANYSSECFI
16、LINGSCONTAINANYUNTRUESTATEMENTOFAMATERIALFACTOROMITTOSTATEAMATERIALFACTIFTHEDIFFERENCEBETWEENACCOUNTINGESTIMATESANDFAIRVALUEESTIMATESISLARGE,THISMAYBECONSIDEREDAMATERIALMISLEADINGFACTUNDERSECRULEL0B5DOTHECOMPANYSSECFILINGS“FAIRLYPRESENTINALLMATERIALRESPECTS“THEFINANCIALCONDITIONANDRESULTSOFOPERATION
17、SIFTHEDIFFERENCEBETWEENACCOUNTINGESTIMATESANDFAIRVALUEESTIMATESISMATERIALTOTHEOVERALLFINANCIALCONDITIONOFTHECOMPANYTHISFACTWILLBEARONTHECERTIFICATIONREQUIREDUNDERSECTION302OFSARBANESOXLEY4ISTHECOMPANYSOLVENTLFTHEFAIRVALUEOFACOMPANYSLIABILITIESINCLUDINGCONTINGENTANDOFFBALANCESHEETLIABILITIESISATRISKO
18、FEXCEEDINGTHEFAIRVALUEOFITSASSETS,THISCONDITIONWILLTRIGGERACHANGEINTHEFIDUCIARYDUTIESOFTHEBOARDALATERJUDICIALFINDINGOFINSOLVENCYCANSERVEASTHEBASISFORLEGALANDCONTRACTUALCLAIMS,INCLUDINGFRAUDULENTANDPREFERENTIALTRANSFERSINTENTIONALORCONSTRUCTIVEUNDERTHEBANKRUPTCYCODEANDSTATELAWS,THECOMMENCEMENTOFANINV
19、OLUNTARYBANKRUPTCY,PURSUITOFILLEGALDIVIDENDSORWRONGFULDISTRIBUTIONS,ANDENFORCEMENTOFLOANCOVENANTVIOLATIONSISTHECOMPANYMANAGINGITSBUSINESSINAPRUDENTANDEFFECTIVEMANNERIFTHEBUSINESSHASSIGNIFICANTENVIRONMENTALLIABILITIES,THEBOARDMUSTASSUREITSELFTHATINFORMATIONANDREPORTINGSYSTEMSARESUFFICIENTTOSUPPORTINF
20、ORMEDJUDGMENTSCONCERNINGTHECOMPANYSENVIRONMENTALOPERATIONSANDCOMPLIANCEWITHLAWKNOWINGTHEFAIRVALUEOFENVIRONMENTALLIABILITIESISESSENTIALINGAUGINGTHEEFFECTIVENESSOFCORPORATERESOURCESEXPENDEDTOADDRESSSUCHLIABILITIES“WHATGETSMEASUREDGETSDONE,“SAIDTHELATEMANAGEMENTGURUPETERFDRUCKERTHECOROLLARYISTHATYOUCAN
21、NOTMANAGEWHATYOUCANNOTORWILLNOTMEASUREESTIMATINGLIABILITIESTHEULTIMATECOSTTORESOLVEANENVIRONMENTALLIABILITYISCONTINGENTONTHEOUTCOMEOFFUTUREEVENTSSOMEFUTUREOUTCOMESARESUBJECTTOMANAGEMENTSCONTROLOTHERSARENOTUNCERTAINTYABOUTFUTUREOUTCOMESMAKESREASONABLEESTIMATIONOFTHEULTIMATELOSSDIFFICULT,BUTNOTIMPOSSI
22、BLETHEFAIRVALUEOFENVIRONMENTALLIABILITIESISTYPICALLYESTIMATEDUSINGEXPECTEDPRESENTVALUETECHNIQUESINLAYMANTERMS,EXPECTEDVALUEISTHEPROBABILITYWEIGHTEDAVERAGEOFALLPOSSIBLEOUTCOMESIFTHEREISA50PERCENTCHANCETHATTHEULTIMATELOSSWILLBE2MILLIONANDA50PERCENTCHANCETHATTHEULTIMATELOSSWILLBE20MILLION,THEEXPECTEDVA
23、LUEIS11MILLIONEXPECTEDPRESENTVALUEADJUSTSTHISPROBABILITYWEIGHTEDAVERAGETOREFLECTTHETIMEVALUEOFMONEYOBTAININGINFORMATIONNEEDEDFORFAIRVALUEESTIMATESINVOLVESINVESTIGATIONOFEXISTIVESTIGATIONISOFTENNECESSARYTOIDENTIFYANDASSESSPREEXISTINGPOLLUTION5CONDITIONSARISINGFROMPASTRELEASESOFHAZARDOUSSUBSTANCESINTO
24、THEENVIRONMENTINVESTIGATIONISPARTICULARLYRELEVANTTOESTIMATINGLOSSESFORENVIRONMENTALLIABILITIESBECAUSETHEUNDERLYINGPHYSICALCONDITIONSOFTENARELATENTANDBECAUSEITOFTENISWITHINMANAGEMENTSCONTROLTOCONDUCTORALLOWINVESTIGATION,ESPECIALLYWITHREGARDTOPROPERTIESOWNEDORCONTROLLEDBYTHECOMPANYMANAGEMENTOFTENHASDI
25、SCRETIONTOIDENTIFYANDFULLYASSESSALLPREEXISTINGPOLLUTIONCONDITIONSORONLYTHOSEMATTERSSUBJECTTOPENDINGENFORCEMENTORLITIGATIONFOLLOWINGANEVALUATIONOFEXISTINGCIRCUMSTANCES,EDUCATEDASSUMPTIONSABOUTFUTUREOUTCOMESARENECESSARYTODETERMINETHEPOTENTIALMETHODSOFRESOLVINGTHELIABILITY,THETIMINGOFEXPECTEDCASHFLOWS,
26、ANDTHEASSOCIATEDPROBABILITIESINVESTIGATIONOFEXISTINGCIRCUMSTANCESANDASSUMPTIONSABOUTFUTUREOUTCOMES,ALTHOUGHNECESSARYFORDETERMININGFAIRVALUE,HAVETHREEREADILYAPPARENTDRAWBACKSFIRST,THESEACTIVITIESCANENTAILSIGNIFICANTCOSTANDEFFORTSECOND,THESEACTIVITIESCANGENERATEPREJUDICIALINFORMATIONINFORMATIONWHOSECO
27、LLECTIONORDISSEMINATIONCOULDADVERSELYAFFECTTHEOUTCOMEOFTHECONTINGENCYITSELFTHIRD,BYGENERATINGFAIRVALUEESTIMATESTHATDIFFERFROMACCOUNTINGESTIMATESINESSENCECREATINGASECONDSETOFBOOKSTHATISNOTDISCLOSEDINTHEFINANCIALSTATEMENTSTHEENTITYINCREASESITSEXPOSURETOACCUSATIONSOFACCOUNTINGANDSECURITIESFRAUDFACEDWIT
28、HTHISCATCH22,WILLFULBLINDNESSHASOFTENSEEMEDTHEPRUDENTCHOICEBUTTHISCHOICEINVARIABLYLEADSTOUNRELIABLEDISCLOSURESUNRELIABLEDISCLOSURESINTHEABSENCEOFRELIABLE“BOTTOMUP“FINANCIALDATA,THEMARKETMUSTTURNTO“TOPDOWNANALYTICALTECHNIQUESTOTESTTHERELIABILITYANDRELEVANCEOFACCOUNTINGESTIMATESANDTODEVELOPALTERNATIVE
29、ESTIMATESTHATMORECLOSELYREFLECTOBSERVEDHISTORICALDATAWHERECASHFLOWSBELIEREPORTEDESTIMATESFOREXAMPLE,WHEREACOMPANYSEXPENDITURESOVERFIVEYEARSEQUAL250PERCENTOFITSAVERAGERESERVEDURINGTHESAMEFIVEYEARPERIODONECANDEVELOPANALTERNATIVEESTIMATEBYPROJECTINGTHELOSSDEVELOPMENTHISTORYINTOTHEFUTURE“DEVELOPMENTESTI
30、MATES“ESTIMATESOFFUTURECASHFLOWSBASEDON6PROJECTIONSOFHISTORICALCASHFLOWSAREINHERENTLYIMPRECISEBECAUSEPASTPERFORMANCEMAYNOTBEINDICATIVEOFFUTURERESULTS,SUCHESTIMATESMAYSIGNIFICANTLYOVERSTATEORUNDERSTATEEVENTUALCOSTSBUTFROMTHEMARKETSPERSPECTIVE,ITISBETTERTOBEVAGUELYRIGHTTHANPRECISELYWRONGTHEMARKETWILLC
31、REATEITSOWNASSUMPTIONSTOCOMPENSATEFORUNRELIABLEENVIRONMENTALDISCLOSURES“UNLIKENEARLYEVERYOTHERINCOMESTATEMENTLINEITEM,THEREISVERYLITTLE,IFANY,VISIBILITYINTOTHEANNUALCHARGEFORPROBABLEANDREASONABLYESTIMABLEENVIRONMENTALLIABILITIES,“COMPLAINEDJPMORGANANALYSTSTEPHENTUSA,WHODOWNGRADEDHONEYWELLFORTHISREAS
32、ONIN2006WHENTHEMARKETSASSUMPTIONSAREWRONG,COMPANIESMAYNEEDTOCORRECTTHEMTHEINFORMATIONNEEDEDTOIDENTIFYUNRELIABLEACCOUNTINGESTIMATESISREADILYAVAILABLETHESECURITIESANDEXCHANGECOMMISSIONINSTRUCTSPUBLICCOMPANIESTOSEPARATELYDISCLOSEANNUALEXPENDITURESFORENVIRONMCNTALCLEANUPTHISDATACANBEUSEDTOGAUGETHERELIAB
33、ILITYANDRELEVANCEOFACCOUNTINGESTIMATESANDTOPRODUCEDEVELOPMENTESTIMATESTHATAREOFTENSIGNIFICANTLYHIGHERSINCETHESETECHNIQUESUSEPUBLICLYAVAILABLEAUDITEDFINANCIALDATA,THEYCANBEPERFORMEDWITHOUTUNDUECOSTANDEFFORTBYFINANCIALANALYSTS,AUDITORS,GOVERNMENTREGULATORS,NGOS,INSURERS,PROSPECTIVEPURCHASERS,LENDERS,P
34、ARTIESTOLITIGATION,ANDEVENCORPORATEBOARDSWILLFULBLINDNESSMAYNOWSEEMLESSPRUDENTINFORMEDESGOVERSIGHTTHEABILITYTOGAUGETHERELIABILITYANDRELEVANCEOFACCOUNTINGESTIMATESEMPOWERSBOARDSTOEXERCISESTRONGERESGOVERSIGHTANDMAKEMOREINFORMEDDECISIONSBOARDSNOWHAVEALOWCOSTTOOLTOASSESSTHERELIABILITYANDRELEVANCEOFACCOU
35、NTINGESTIMATESWITHOUTRISKINGPREJUDICIALEFFECTANDWITHOUTINUNDATINGTHEMSELVESWITHBURDENSOMEINFORMATIONIFANALYSISSHOWSTHATCURRENTESTIMATESAREEITHERRELIABLEORIRRELEVANTTOTHECOMPANYSFINANCIALCONDITION,THEEXERCISEISCOMPLETECONVERSELY,IFANALYSISSHOWSTHATCURRENTESTIMATESAREBOTHRELEVANTANDUNRELIABLE,THEBOARD
36、WILLHAVEANINFORMEDBASISFORTAKINGACTION7EXECUTIVESUMMARYTHREEIMPORTANTPOINTSTHATBOARDMEMBERSNEEDTOKNOWABOUTENVIRONMENTALLIABILITYESTIMATES1ESTIMATESOFENVIRONMENTALLIABILITIESREPORTEDTOTHESECOFTENMATERIALLYUNDERSTATETHEACTUALCLAIMSONACOMPANYSASSETS,INSOMECASESEVENMASKINGINSOLVENCY。2NGOS,INSURERS,PROSP
37、ECTIVEPURCHASERS,LENDERS,PARTIESTOLITIGATION,ANDBOARDSCANNOWOBJECTIVELYGAUGETHERELIABILITYOFACCOUNTINGESTIMATESUSINGPUBLICLYAVAILABLEINFORMATION3NEWFINANCIALTECHNIQUESFORASSESSINGTHERELIABILITYOFENVIRONMENTALLIABILITYESTIMATESWILLINCREASEMARKETEFFICIENCYANDEMPOWERBETTERBOARDLEVELOVERSIGHTOFENVIRONME
38、NTALMANAGEMENTANDDISCLOSURESOURCEDIRECTORSHIP”ABOARDSEYEVIEWOFENVIRONMENTALLIABILITIES”FEB/MAR2010,VOL36ISSUE1,P66688译文关于环境负债的董事会视角新的金融技术将增加市场效率和更好的授权董事会对环境管理实施监督和进行企业环境负债披露。这是一个著名的“恶劣的小秘密”,逐渐发展起来的与美国会计准则相符的环境负债估计是不可靠的，而且时常被重大低估了。应急会计和环境法律和科学变幻莫测，然而，它们实际上是不可能以实证研究来证明这个结论。因此，用于操纵的内在激励机制已不能起到约束的作用了，那些
39、靠内在机制约束的日子已经一去不复返了。财务分析技术正被用于衡量上市公司在自愿性信息披露可靠性和相关性前提下，产生的负债的综合环境反应、获得的补偿、责任法案CKRCLA或超级基金、资源保护与恢复法案RCRA和类似的国家的法律。这些技术将进一步引入更加及时、准确的信息来确保提高环境效率。他们也有可能授权董事会行使职权加强监督，并就重要的环境、社会和治理（ESG）问题作出更加明智的决策。会计估计会计估计会低估那些最终被花费在企业履行环境义务上的金额。一般公认会计原则（GAAP）试图将企业的费用支出与企业经营活动所带来的环境义务相匹配。或有负债的估计,包括或有环境负债,旨在体现那些被认为是可能和合理的
40、最终支出的“最佳评估”。然而在实践中,会计估计通常只能反映那些几乎确定的支出，换句话说，是反映那些已经经过预算评估的开支。在初步预算估计被认为是不充分的情况下，预提费用就需要额外补充储备。实际上，这是一个隐含的会计政策，用以将支出和开支相匹配，而不是将支出和企业所承担的负债相匹配。会计估计通常是不可靠的。根据作者的研究、审计过的财务数据往往展示的是多年期内模式如下（1一致性或增加支出2预提费用和支出密切相关3稳步的或者持续增长的风险储备。当这种模式存在，它在直觉上是显而易见的，甚至还让非专业人士认为，会计估计并不代表未来现金流量的可靠估计。美国通用会计准则的一致性，会产生误导。作为一般规则,监
41、管机构认为财务资料不符合美国通用会计原则是因为其本身造成误导，但是批评家指出是准则的漏洞使得公司得以操纵数据而不与会计准则相抵触。一个著名的的评论家,爱9德特罗特，他是美国财务会计准则委员会前委员,认为美国通用会计准则，因为它适用于环境负债，是一个“令人尴尬的事”。笔者对24家石油和化学公司的研究显示，公司环境负债的表外估计都和财务决策的制定有关，对于24家公司中的16家公司（三分之二）而言用这种方法他们能够增加5的股东权益。这项研究还显示，这24家公司9家有经济诱因，以改善日益增加的风险储备，减少费用以增加净收入，从而提高他们正在实施的会计估计的可靠性。公允价值估计公允价值估计是基于市场价值
42、的且比会计估计包含内容更多。债权的公允价值是市场交易价格，这种市场交易价格是用来将负债以一种有效地方式转移给独立的第三方，这有时被称为“转移价格”。关于环境负债的估计有三个重要的点首先,有一个环境负债转让谈判的市场。虽然可观察市场数据是有限的,但是对环境负债的市场交易价格的概念是真实的,而不仅仅是学术建构出来的产物。第二,因为（真实的或假想的）违约责任承担必须考虑所有合理的或有事项，而不仅仅是那些被认为极有可能出现的环境负债，公允价值估计往往会比会计估计的要高得多。第三,会计估计不能反映公司法和破产法下企业的偿还能力，当面临法定偿付能力成问题时,公允价值计量是要考虑的。有关环境负债的公允价值信
43、息的披露和董事会判断企业的经营业绩和法令的遵守情况的水平有关，包括一下讨论。粗心的董事可能会惊讶地意识到，环境负债的估计与非相关的环境问题进行判断有关。公司的会计估计符合美国通用会计准则吗如果会计估计和环境负债的公允价值估计之间的差异很大，这可能会引起对该公司是否已报告了其“最佳估计”的负债产生质疑。公司的证券交易委员会报告中是否包含任何对重大事实的不真实陈述或对重大事实的遗漏如果会计估计和公允价值估计差异很大，这可能被认为是在SEC规则（L0B5）下材料误导事实。公司的证券交易委员会报告中是否在所有重大方面公允地反映企业的财务状况和经营成果呢如果从材料到整个公司财务状况，会计估计和公允价值估
44、计10都不相同，那么根据萨班斯法案302规定应当核证公司的财务状况，公司将承担这一事实的责任。公司是否有偿付能力呢如果公司负债的公允价值，包括或有债权及失衡的资产负债表中资产的公允价值都处于高风险的状况，这种情况将引发董事会的受托责任的变化。企业破产后的司法调查可以作为法律和合同索赔的依据，包括欺诈和优惠转让（故意或推定），根据破产法和国家法律规定，从非自愿破产开始，进行非法或不当分派股息和对贷款违法行为的执行。公司管理层是否以审慎有效的方式开展业务如果企业具有明显的的环境负债，董事会必须确保本身的信息和报告制度足以支持有关该公司的环保行动和遵守法律明智的判断。了解环境负债的公允价值对合理衡量
45、企业支出，以解决环境负债问题，提高企业资源的效益至关重要。“想要得到什么，就要做什么样的测算”这是晚期的管理大师彼得德鲁克说的，总之，你不能经营你不能（或将不能）测算的东西。估计负债解决环境负债取决于未来事件的结果。一些未来的结果受管理层的控制，而有些则不受管理层的控制。未来结果的不确定性导致最终合理估算损失是有困难的,但也不是不可能的。环境负债的公允价值估计采用预计的现值技术。用外行的术语，预期值是所有可能结果的概率加权平均。如果有50的概率认为最终损失为200万元，50的概率认为最终的损失将达到2000万，那么预期值是1100万美元。预期现值调整这一概率加权平均，以反映货币的时间价值。获取
46、公允价值估计所需要的信息用到联邦调查局负责调查的信息是非常必要的，用以确定和评估预先存在的污染状况，那些污染物是过去的有害物质释放到环境中。特别是对有关调查估计环境负债损失，因为底层的物理条件往往是潜在的，它往往是在管理的控制下实施或允许进行的调查，特别是关于公司所拥有或控制的资产的调查。管理往往可酌情确定和充分评估所有预先存在的污染状况或只是那些待执法或诉讼的污染事项。经过对现有情况的评估，对未来的假设是必要的，以确定如何解决债务，如何学会确定预期现金流时间的可能方法以及相关的概率问11题现有的调查情况和对未来结果的假设认为尽管对公允价值的确定是必要的，但是有三个显而易见的弊端首先，这些活动
47、需要大量的成本和精力；其次，这些活动可以产生不利的信息，这些信息的收集或传播可能造成应急本身结果的负面影响；第三，通过创造不同于会计估计的公平价值估计，在本质上是建立一个没有在财务报表中反映的实体，该实体增加接触指控会计和证券欺诈的指控书披露第二套不同。面对这种情况，CATCH22认为故意视而不见似乎是谨慎的选择。但是，这种选择必然导致不可靠的披露不可靠的披露由于可靠财务数据应当是“自下而上”的，市场必须转向“自上而下”的分析技术来测试会计估计的的可靠性和相关性，并开发出更密切地反映观察到的历史资料的其他估计。关于现金流量的报道估计，例如，公司5年时间的平均支出支出超出同一个五年平均储备250
48、个百分点，那么就可以通过发展一种可供选择估计技术预测到未来的损失发展的历史。“发展预算”是基于预期的历史现金流估计未来现金流量，本质上是不精确的。因为过去的业绩未必是未来业绩的指标，这样的估计可能会显着高估或低估的最终成本。但是，从市场的角度来看，有潜在的估计的权利比完全的错误要好。市场将创造出自己的假设，以弥补不可靠的环境信息披露。“几乎每一个不同的其他收入项目，即使有的话也很少合理估计环境负债,”摩根大通分析师斯蒂芬塔萨抱怨，2006年他在霍尼韦尔因为这个原因而降级。当市场的假设是错误的，公司可能需要予以修正。用于确定不可靠的会计估计的信息是现成的。美国证券和交易委员会指示应当单独披露上市
49、公司年度用于环境清理的支出。这些数据可以用来衡量和会计估计的可靠性和相关性，并使得生产发展估计效率大大提高。由于这些技术的使用，企业可以操纵公开的经审计的财务数据而不过度使用成本和努力，财务分析师，审计师，政府监管机构，非政府组织，保险公司，有意购买者，贷款人，诉讼各方，甚至公司董事会，故意视而不见，似乎不那么谨慎。12知情的企业战略集团的监督会计估计的可靠性和会计估计的能力相关，授权董事会将实施更强的企业战略集团的监督，以做出更明智的决策。董事会现在有一个低成本的工具用于评估，而没有带来不利影响的风险并且没有使他们忙于繁杂的信息中。如果分析结果显示，目前的估计是不可靠的或与公司的财务状况不相关，则需要加强。反之，如果分析结果显示，目前估计是既相关又可靠，董事会将在知情的基础上采取行动。内容提要董事会成员需要知道有关环境负债估计的要点（1）美国证券交易委员会的环境负债预算报告往往在一些重大方面低估甚至掩盖破产案件对公司的资产的实际影响。（2）非政府组织，保险公司，有意购买者，贷款方，诉讼各方，管理层现在可以用公开的可利用的信息客观地衡量会计估计的可靠性。（3）伴随新的评估环境负债估计的可靠性技术，将增加金融市场的效率和更好的授权管理层对环境管理实施监督和进行企业环境负债披露。出处管理者“关于环境负债的董事会视角”出版号1，第36卷，2
