Municipalities own large numbers of real properties, at least some of which are impacted by contamination, thus creating an unknown magnitude of environmental liabilities. Municipalities must quantify these liabilities, but no suitable method exists to quantify these liabilities in a cost-effective and practical manner. Through literature review, interviews and case study analysis, this book develops a new, cost effective method that any Canadian municipality can use to quantify its environmental liabilities. This method is developed based upon Generally Acceptable Accounting Principles, legislative requirements, risk assessment and modeling. The benefits of quantifying environmental liabilities are substantial. They may include: protecting human health and the environment; enhancing legislative compliance; decreasing potential for unbudgeted expenditures; and, advance planning for acceptable future development of identified properties. This book would be valuable for municipal government officers, solicitors, accountants and policy makers, as well as any environmental professionals engaged in the assessment of environmental liabilities.