As such, EPA proposed factors for the RA to consider when determining that a covered facility could cause significant and substantial harm to the environment in § 118.5(d), along with the substantial harm criteria found in §§ 118.3(c) and 118.5(b). Also, in § 118.5(d)(3), EPA has expanded the factors an RA may consider when designating a covered facility as a significant and substantial harm facility to include the condition of containers or equipment onsite, as deteriorating or poor quality containers or equipment could more readily fail. In addition, EPA removed a duplicative provision referring to plan reviews.
This regulation does not alter how FWSEs are identified or what constitutes FWSE. Several commenters supported the initial proposed 10,000x RQ multiplier, but EPA agrees with other commenters who suggested lowering the RQ multiplier to 1,000x. See Chapter 2 of the RIA for this final rule for a detailed analysis of covered facilities with CWA hazardous substances onsite at the 1,000x and 10,000x RQ multiplier levels. This analysis shows that at the 1,000x RQ multiplier, a number of additional covered facilities with CWA hazardous substances onsite that present a significant threat to downstream PWSs, FWSEs, and public receptors will need to determine if they meet the substantial harm criteria.
Assets = Liabilities + Owner’s equity
11 Financial’s website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. This transaction brings cash into the business and also creates a new liability called bank loan. The difference between the sale price and the cost of merchandise is the profit of the business that would increase the owner’s equity by $1,000 (6,000 – $5,000). On 10 January, Sam Enterprises sells merchandise for $10,000 cash and earns a profit of $1,000. As a result of this transaction, an asset (i.e., cash) increases by $10,000 while another asset ( i.e., merchandise) decreases by $9,000 (the original cost). On the other side of the equation, a liability (i.e., accounts payable) is created.
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D. Rule Provisions
EPA has added § 118.4(a)(6), whereby a covered facility owner or operator must review and recertify their plan Agency every five years. This will ensure that FRPs stay updated and that owners or operators the accounting equation may be expressed as remain cognizant of their responsibilities under this regulation. A five-year review period is common in EPA programs and the Agency judges this to be a necessary component of an effective program.
- Accumulated Other Comprehensive Income (Loss), AOCIL, is a component of shareholders’ equity besides contributed capital and retained earnings.
- That is, each entry made on the debit side has a corresponding entry (or coverage) on the credit side.
- EPA is not requiring notification of related facilities nearby and disagrees with a commenter who suggested that listing all facilities within a three-mile radius that are under common ownership would enhance response planning efforts.
- These records may be included in the facility response plan or kept as an annex to the facility response plan.
- The accounting equation emphasizes a basic idea in business; that is, businesses need assets in order to operate.
- That is independent of the criteria that actually determine whether a covered facility could cause substantial harm to the environment from a worst case discharge into or on the navigable waters or a conveyance to navigable waters.
- Accordingly, EPA has added § 118.11(a)(1)(ii), requiring a signed affirmation of review of relevant plans and § 118.11(a)(1)(iii), requiring a list of area and sub-area plans reviewed.