Note X – Closure and Postclosure Care Cost
A template for this note is not available. See “Instructions to preparer:” for various disclosures that may be required.
Instructions to preparer:
The following disclosures are required for all fund types and entities owning and operating the municipal solid waste landfills.
1. The nature and source of landfill closure and postclosure care requirements (federal, state, or local laws or regulations).
2. That recognition of a liability for closure and postclosure care costs is based on landfill capacity used to date.
3. The reported liability for closure and postclosure care at the balance sheet date (if not apparent from the financial statements) and the estimated total current cost of closure and postclosure care remaining to be recognized.
4. The percentage of landfill capacity used to date and estimated remaining landfill life in years.
5. How closure and postclosure care financial assurance requirements, if any, are being met. Also, any assets restricted for payment of closure and postclosure care costs (if not apparent from the financial statements).
6. The nature of the estimates and the potential for changes due to inflation or deflation, technology, or applicable laws or regulations.
For sample text refer to the GASB Statement 18, Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Cost, Appendix D.