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QUESTION 23 York operates in the oil industry and is regularly involved in the contamination of land, seas and rivers given the nature of the business. It does however have a publicised environmental policy on its website and in its annual report that states that it will clean up any environmental damage incurred. It is currently involved in three major projects where the costs of cleaning up the contamination and the local laws regarding environmental clean-up are given. Environmental clean-up costs Local laws S4 million Law enforces the clean-up of environmental damage $5 million No law exists for the clean-up of environmental damage 56 million Law to enforce clean-up of environmental damage will come into force in the next accounting period Explain how York should account for the above environmental clean-up costs in its financial statements