The Institute of Chartered Accountants and the National Institute of Accountants (the professional bodies) lodged a submission on 11 February to the Corporations and Markets Advisory Committee regarding the Long-tail Liabilities Discussion Paper. This submission focuses solely on the accounting issues raised in Chapter 2.  
 
The submission supports the current accounting standard requirements in relation to existence, recognition, measurement and disclosure of long-tail liabilities. Further, it highlights the current international discussions occurring in relation to the area of non-financial liabilities, as they are relevant to CAMAC’s work in this area.