Asset Retirement Obligations 17. /Outlines 5 0 R The Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. FASB Statement no. �}�z�JXrc�Cݞxz�0n��g�a��D���v�n:�W�%��,��7C���:����e�C)j����Dp!���m�@�C�0����8��l�9���xhV�eH��H�M�e���%����;��S��?�����*�l6kf�mo�JU�Kj�c��lQLLt9Igh>��] ��#�p�w�:2�Ò�>�/f���x�����5�7�[z�f���z�d����`���}���i6XH�Q2�}�d�w�ZwU�}���y��c� ���*-�J���5?�/�v�x���%��H]�Ǒ�g�4�1*h�VDkI���46�ia3^d�=��{� X�^�]l�P��X�V���K�հF�Jq��U�>nj�%^i���-���ڃZb����w�w��d����e�*= ���w�|h�ĉ�w�9�����f1x����͂��_ {� uuid:d69ef9f8-05b5-42b1-b881-c6989460bd9a Asset Retirement Obligation is a legal and accounting requirement, in which a company needs to make provisions for the retirement of a tangible long-lived asset, to bring the asset back to its original condition after the business is done using the asset. Consolidation … 143, Accounting for Asset Retirement Obligations— which was seven years in the making—shifts to a balance-sheet approach, requiring businesses to recognize a liability for a retirement obligation when they incur it—even if that is far in advance of the asset’s planned retirement. This Subtopic also addresses the accounting for an environmental remediation liability that results from the normal operation of … /Length 34912 �a[Eߡ������� The accounting for environmental obligations and asset retirement obligations (AROs) will vary depending on the laws and regulations governing such obligations. Amount of increase (decrease) in the asset retirement obligation from changes in the amount or timing of the estimated cash flows associated with the settlement of the obligation. Current portion of the carrying amount of a liability for an asset retirement obligation. 92 0 obj Description of the significant increases or decreases in the carrying amount of the asset retirement obligation during the period, such as changes in significant assumptions used to calculate the carrying amount of the asset retirement obligation. Asset retirement obligations are legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of such assets. Acrobat PDFMaker 20 for Word /Height 527 << /Type /XObject There are also differences in relation to research and development costs. The accounting for post retirement employee benefits is complex and poses many challenges under the US GAAP as well as the IFRS. 76 PwC IFRS and US GAAP: similarities and differences Impact US GAAP IFRS Asset retirement obligations Initial measurement might vary because US GAAP specifies a fair value measure and IFRS does not. A conceptual discussion of the current IFRS, US GAAP, Ind AS and Indian GAAP similarities and differences; A more detailed analysis of current differences between the frameworks, including an assessment of the impact embodied within the differences; and Commentary and insight with respect to recent/proposed guidance. FIN 47, Conditional Asset Retirement Obligations, effective in the fourth quarter of 2005 for most utilities, will provide new challenges. This Statement requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. FASB Statement no. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. Amount of increase (decrease) in asset retirement obligations. The guide also discusses the capitalization of costs, such as construction and development costs and software costs, as well as the subsequent accounting for PP&E, including impairments, depreciation and amortization, and asset … US GAAP SEC Government. The Property, plant, equipment and other assets guide discusses the accounting for acquisition transactions determined to be asset acquisitions under US GAAP. View all / combine content. … This chapter provides clear explanations and practical examples for real‐world application of ASC 410, Asset Retirement and Environmental Obligations. 410. This may include asset retirement obligations transferred to third parties associated with the sale of a long-lived asset. In ����XICC_PROFILE HLino mntrRGB XYZ � 1 acspMSFT IEC sRGB �� �-HP cprt P 3desc � lwtpt � bkpt rXYZ gXYZ , bXYZ @ dmnd T pdmdd � �vued L �view � $lumi � meas $tech 0 rTRC, Financial reporting developments: Asset retirement obligations. Otherwise, this publication addresses the types of businesses and activities that IFRS addresses. >>] /Metadata 4 0 R This Roadmap is intended to help entities address the impact of certain environmental and asset retirement The liability is commonly a legal requirement to return a site to its previous condition. Asset retirement obligation/decommissioning cost broadly refers to the amount that a company expects to incur in disposing of the asset and reversing modifications made to the installation site. For inquiries and feedback … Day 2 Financial Instruments %PDF-1.6 Cash Flow Statements 21. Traitement du goodwill. 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