NAA2613. Asset Retirement Obligations

Asset Retirement Obligations (AROs) accounting guidance was originally issued in response to power plant decommissioning, but the guidance has implication well beyond power plants. Today many lease contracts, and statutory guidelines establish asset retirement obligations which if not identified may go unrecognized in the financial statements. Causing inaccurate financial reporting, regulatory compliance issues, and lack of confidence in the financial statements. that may go undetected.

Learning Objectives:

• Develop an understanding for when an Asset Retirement Obligation exist.
• Learn the initial accounting for recognition of an Asset Retirement Obligation and related disclosures
• Understand the complexities in subsequent recognition and measurement of an Asset Retirement Obligation and related disclosures
• Understand the settlement of Asset Retirement Obligations and related disclosures