FASB Issues ED on Conditional Asset Retirement Obligations
August 25, 2004
FASB released an exposure draft of a proposed interpretation of FASB Statement No. 143, Accounting for Asset Retirement Obligations. It would clarify that an entity is required to recognize a liability for the fair value of an asset retirement obligation that is conditioned on a future event if the liability’s fair value can be estimated reasonably. The liability would be recognized when incurred or in the earliest period in which sufficient information is available to make a reasonable estimate of its fair value. Uncertainty surrounding the timing and method of settlement would be factored into the measurement of the liability rather than the recognition of the liability.
The draft can be downloaded from the FASB Web site. Comments were due by August 1, but are still being accepted by FASB.
NACUBO staff resource: Sue Menditto, director, accounting policy, firstname.lastname@example.org
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