Who Said Retirement Is Easy?: FASB Proposes to Interpret Asset Retirement Accounting

Topics:
Financial Regulations,
Retirement
Tags:
Accounting,
Operational Planning,
Financial Accounting Standards Board,
Financial Accounting,
Finance,
FASB Statement No. 143,
Business Operations,
Asset Management,
Asset,
Proposed Interpretation
Source:
Deloitte LLP

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Overview: On June 17, 2004, FASB issued for comment a Proposed Interpretation of FASB Statement No. 143, Accounting for Asset Retirement Obligations. FASB Statement No. 143 requires entities to record a liability for legal obligations stemming from the eventual retirement of a tangible long-lived asset. Essentially FASB believes that no tangible asset will last forever. If an owner never demolishes a structure, it will come down on its own accord. The Proposed Interpretation clarifies that a legal obligation (any obligation including ones related to asbestos removal) to perform an asset retirement activity that is conditional on a future event is within the scope of FASB Statement No. 143.

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Format: PDF | Size: 80KB | Date: Jul 2004 | Pages: 4

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