30ASC Asset Retirement and Environmental Obligations Perspective and Issues Subtopics Scope and Scope Exceptions ASC ASC The accounting guidance in ASC applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition. ASC applies to all entities. This chapter presents definitions of terms in ASC ASC provides standards for measuring the future cost to retire.
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Wiley GAAP 2018, 16th Edition by Joanne M. Flood
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4102-0 Because the guidance in ASC and ASC is dependent on the various laws and obligations governing such obligations, this publication provides an overview of some of the applicable state and federal environmental laws in the United States and describes the application of the accounting guidance within the legal framework.
The guidance on accounting for environmental obligations and asset retirement obligations AROs is unique because of its dependency on the various laws and regulations governing such obligations. Given that dependency, we have created this Roadmap to illustrate and help you navigate the intersection of law and accounting related to environmental obligations and AROs.
The accounting guidance on loss contingencies in ASC provides the framework for the accounting for environmental obligations under ASC The accounting requirements for environmental obligations under ASC are generally based on federal and state environmental laws aec the United States. Accordingly, this Roadmap provides an overview of some of the applicable state and federal 4410-20 laws in the United States and describes the application of the accounting guidance within this legal framework.
Unlike environmental obligations, AROs typically arise as a result of state laws and asset-specific operating permits. This Roadmap describes the accounting requirements for AROs in ASC and includes a discussion of certain relevant industry considerations within the context of the laws and regulations governing AROs for various industries. The Roadmap Series contains periodic collections of our accounting guidance on selected topics of broad interest to the financial reporting community.
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A roadmap to accounting for environmental obligations and asset retirement obligations (2018)
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ASC Asset Retirement and Environmental Obligations – Wiley GAAP , 16th Edition [Book]
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