The Occupational Safety and Health Administration (OSHA) requires employers to prepare and maintain records of occupational injuries and illnesses (I&Is), and to provide employees with annual summaries of I&I statistics for their "establishment." At present, OSHA and/or the Department of Labor's Bureau of Labor Statistics (BLS) can demand that selected employers report this information to them. BLS uses this information for statistical analyses of factors that cause workplace injuries and illnesses, and OSHA uses it to set rulemaking and enforcement priorities. In addition, OSHA requires all employers to report work-related accidents that result in one or more serious injuries or deaths (what OSHA calls "catastrophes").
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Tags:
Corporate Governance,
Business & Legal,
Employer Best Practices,
Health & Safety,
Employee Rights,
Environmental
Dealers and brokers seeking hedging exposures to the Overnight Index Swap rate (OIS) are in luck. The Financial Accounting Standards Board (FASB) recently issued final guidance that allows dealer-brokers to designate the US OIS, the Fed Funds Effective Swap Rate, as a benchmark interest rate for hedge accounting purposes.
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Business & Legal,
SEC,
Accounting & Tax,
Accountants,
US GAAP,
GAAP
Most laws include penalty provisions, for assessment against people who fail to comply with legal responsibilities created by the laws. Back in 1996, Congress noticed that inflation was steadily reducing the deterrent effects of the penalties set forth in statutes, and that Congress itself was not reliably adjusting the maximum penalties assessable by enforcement personnel. Rather than burden itself with a responsibility to amend laws to keep up with inflation, Congress enacted the passed Debt Collection Improvement Act (DCIA) of 1996 to assign that responsibility to administrative agencies. DCIA requires most federal agencies to issue rules at least every 4 years, adjusting most penalties for inflation. In the ensuing 17 years, most agencies have made these periodic adjustments—larger in times of high inflation and lower in times of low inflation.
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Tags:
Corporate Governance,
Business & Legal,
Environmental risks,
Environmental,
EPA
Advances in field techniques have recently made hydraulic fracturing— “fracking”—a major part of energy production in the United States and Canada. Frackers pump high-pressure fluids into rock formations to expand cracks and create pathways for valuable hydrocarbons to flow out. The stimulant fluids are usually water-based, with additional chemicals (acids, surfactants, biocides, etc.) to improve effectiveness and solid ‘proppants’ to prop open the expanded openings (sand, etc.). Read my earlier blog here
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Tags:
Health & Safety,
California Legislation,
Environmental risks,
Environmental,
EHS,
Hazcom,
fracking,
hydraulic fracking,
Oil & Gas
The SEC voted (3-2), on September 18, 2013, to propose pay ratio disclosure rules as required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. It has issued for public comment until December 2, 2013, its proposed rule, Pay Ratio Disclosure, requiring companies to disclose ratio of the chief executive officer’s (CEO’s) compensation to the median compensation of their employees. According to the SEC staff, registrants are given flexibility in calculating the median employee and total compensation for disclosure purposes based on their size, structure, and how they compensate their employees. Stakeholders who would like to have their views considered should act quickly to meet the December 2, 2013, deadline.
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Tags:
Corporate Governance,
Business & Legal,
SEC,
Accounting & Tax,
Accountants
On October 28, British Columbia, California, Oregon and Washington signed the Pacific Coast Action Plan on Climate and Energy, committing themselves to align efforts to control greenhouse gas (GHG) reductions to combat climate change, and to promote clean energy. The Action Plan is adopted under the aegis of the Pacific Coast Collaborative, which encompasses these four jurisdictions plus Alaska.
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Tags:
California Legislation,
Environmental risks,
Environmental,
EPA,
Greenhouse Gas,
ghg,
climate change,
Canadian
A recent case in British Columbia’s Supreme Court illustrates the difficulty of winning damages for loss and injury attributed to mold.
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Tags:
Business & Legal,
Environmental,
Insurance,
Insurance Claims,
mold
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), under their joint Leases Project, propose to substantially revise the existing rules for lease accounting.
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Tags:
Business & Legal,
Accounting & Tax,
Lease Accounting,
Accountants,
US GAAP,
GAAP
