2.1 Introduction
Environmental laws can be derived from a combination of federal,
state, and local laws (and, in some instances, international treaties) related to
matters such as the protection of the environment and natural resources. For
example, environmental laws often pertain to issues such as air, water, or soil
pollution; global warming; and the depletion of natural resources, including clean
water and fossil fuels. Although the EPA is the primary environmental regulator in
the United States, it does not handle all environmental concerns. Some
environmental issues are mainly concerns of other federal, tribal, state, or local
agencies. The EPA conditionally delegates many environmental programs to the
states.
In ASC 410-30, the guidance on accounting for environmental
liabilities classifies environmental laws into two categories: (1) environmental
remediation liability laws and (2) laws intended to control or prevent pollution.
Environmental laws within either category can be federal, state, or local laws (and,
in some instances, international treaties).
This chapter focuses primarily on some of the major U.S. federal
environmental regulations that serve as drivers of environmental remediation
liabilities. The remaining sections of this chapter begin with a summary of these
regulations and continue with an in-depth discussion of the Comprehensive
Environmental Response, Compensation, and Liability Act of 1980 (CERCLA or the
“Superfund”) regulation and discussions of state and international
considerations.