Next Generation ASTM Standards for Environmental Liability Estimation and Disclosure Webinar

About the Course

Join instructors John Rosengard and Scott Shock for this webinar on August 9, 2017 from 1:00 PM to 2:15 PM Eastern Time.

Environmental liabilities were originally treated like pensions when accounting principles identified them all as "contingencies". While growing pension liabilities forced some enterprises into high-profile bankruptcies or restructuring, others companies went bankrupt because of their environmental liabilities. The significant changes in accounting principles worldwide (1995-2016) have encouraged spending to satisfy these liabilities, but it's not always working. We concurrently see record high environmental liabilities that stubbornly do not seem to stabilize or respond well to heavy spending. Revisions to E2137 and E2173 acknowledge the lack of guidance to the estimate preparer or discloser, and provide an enhanced framework for financial auditors and reporting entities to evaluate tools, policies and procedures, ideally while improving capital stewardship to close out more liabilities with less spending.

What You'll Learn

Attendees will learn the five types of environmental liabilities explained in E2173, how to present a valuation internally, and disclose that information externally. Sample report tables from the standard will be covered in detail.

Target Audience

• Environmental professionals
• Appraisers
• Property owners
• Upper managers in financial organizations, insurance companies, and law firms
• Attorneys and bankers
• Anyone who completes the Transaction Screen process and fills out the form
• Anyone responsible for reviewing Transaction Screens or Phase I Site Assessment reports

Registering for the Webinar

After registering, please check the Receipt email you receive from service@astm.org. A link to the webinar will be listed. In addition to the webinar, you'll get 7-day access to a recording of the webinar.

About the Instructors

John Rosengard founded a software startup in 1994. Wrote ERCI's proprietary software, Defender™, used by Fortune 500 corporations and public agencies for documenting their environmental liabilities for 10-K disclosure, audit defense, decision support/budgeting, loss prevention and improvement of capital stewardship. Conducted or supervised financial reporting for over 4,200 cleanup sites worldwide. Created GASB49 Defender™ version to support compliance by public agencies with pollution remediation obligations. Facilitated decision analysis for over 200 cleanup projects. Led business process reengineering, lean sigma and software development teams, focused on environmental cleanup project portfolios and integration with enterprise software systems (SAP, PeopleSoft, Oracle, JD Edwards). Developed and administer financial assurance tracking systems for several Superfund PRP groups, continuously tracking participant viability, and directly enforcing successors/assigns documentation, need for additional guarantees or cash out. In 2000-2002 and 2015-16, served on the ASTM committee which drafted and published the environmental reserve estimation (E2137) and disclosure (E2173) standard guides. Current technical contact for ASTM E2173 (env disclosure). In 2010-present, wrote 24 webinar topics on environmental liabilities to over 500 registrants in 90 sessions; webinars posted on YouTube have over 1000 views. MBA from Northwestern University, BS in business from Georgetown University.

Scott Shock, P.E., Exponent - Mr. Shock is an environmental engineer with over 23 years of experience in assessment and management of environmental and product risks and liabilities for a variety of industry sectors, including resource extraction, manufacturing, utilities, and insurance, with a focus on evaluation of remedial response actions and costs in due diligence and cost recovery matters. He employs a variety of cost-benefit, economic, and uncertainty analysis methods to help clients make informed and defensible environmental and risk management decisions. Mr. Shock has served in expert witness and consulting roles in a variety of litigation matters. In 2016, he worked on the ASTM committees that made substantial updates to ASTM E2137 - Standard Guide for Estimating Monetary Costs and Liabilities for Environmental Matters and ASTM E2173 - Standard Guide for Disclosure of Environmental Liabilities, and he has previously co-presented webinars regarding cost analysis and these standards updates.

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