You work in the Office of the Comptroller General. The Director to whom you report has recently returned from a conference on public sector financial reporting. Among the topics discussed was a new standard, Liability for Contaminated Sites, a standard your government has not yet implemented. Your Director has several questions about this new standard. She has asked you to explain:
(a) The circumstances that would give rise to the need to record a liability.
(b) Why a contaminated site could give rise to a liability.
(c) If remediation is not expected to occur for many years, implications for the measurement of the liability.
(d) Information the government would need to gather in order to implement the standard.