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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
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Codification Topic 410 Asset Retirement and Environmental Obligations Asset Retirement Obligations SFAS 143, June 2001 "Accounting for Asset Retirement Obligations" AICPA SOP 96-1 "Environmental Remediation Liabilities" Asset retirement obligation --> an obligation related with the retirement of a tangible long-lived asset Asset retirement cost --> an increase in the carrying amount of long-lived assets --> due to the recognition of an asset retirement obligation as a liability Initial recognition and measurement 1. If a reasonable estimate of fair value can be made --> a liability is recognized for an asset retirement obligation --> when it incurred 2. If a reasonable estimate is not available when it incurred --> a liability is recognized --> when a reasonable estimate can be made 3. To estimate the fair value of a liability --> "expected present value technique" is used 4. "Credit-adjusted risk-free rate" is used --> to discount the expected cash flows Subsequent measurement 1. Step 1: Measure the changes in the liability --> due to the passage of time --> apply "interest method" 2. Step 2: Measure the changes in the liability --> due to a revision of estimated cash flows Environmental Obligations Codification Topic 410-30 AICPA SOP 96-1, "Environmental Remediation Liabilities" |
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Codification Topic 410 Asset Retirement and Environmental Obligations |
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Subtopics of Codification Topic 410 410-10 Overall 410-20 Asset retirement obligations 410-30 Environmental obligations |
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Accounting Terms of Codification Topic 410-10 Retirement |
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Accounting Terms of Codification Topic 410-20 Accretion expense Asset retirement cost Asset retirement obligation Closure Conditional asset retirement obligation Discount rate adjustment technique Disposal Hazardous waste Legal obligation Natural resources Promissory estoppel |
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Accounting Terms of Codification Topic 410-30 Consent decree Corrective action Hazardous substance Hazardous waste constituent Joint and several liability Orphan share Release Remedial action Remedial investigation-feasibility study Removal action Strict liability Unilateral administrative order |
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