U.S. GAAP Codification of Accounting Standards

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U.S. GAAP Accounting Standards
Codification Topic 410: Asset Retirement and Environmental Obligations


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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"


International Financial Reporting Standards (IFRS)

   IAS 16: Property, Plant and Equipment
   IAS 37: Provisions, contingent liabilities and contingent assets


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   Codification Topic 410
   Asset Retirement and Environmental Obligations
 
Subtopics of Codification Topic 410
 
   410-10 Overall
   410-20 Asset retirement obligations
   410-30 Environmental obligations
 
Accounting Terms of Codification Topic 410-10
 
   Retirement
 
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
 
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



   Other Topics at the Codification 400 
Accounting Standards Codification, ASC, Overview
 
ASC Codification Topic 405: Liabilities
 
ASC Codification Topic 410: Asset Retirement and Environmental Obligations
 
ASC Codification Topic 420: Exit or Disposal Cost Obligations
 
ASC Codification Topic 430: Deferred Revenue
 
ASC Codification Topic 440: Commitments
 
ASC Codification Topic 450: Contingencies
 
ASC Codification Topic 460: Guarantees
 
ASC Codification Topic 470: Debt
 
ASC Codification Topic 480: Distinguishing Liabilities from Equity


   U.S. GAAP Codification of Accounting Standards
Accounting Standards Codification, ASC, Overview
ASC Codification 200: Presentation
ASC Codification 300: Assets
ASC Codification 400: Liabilities
ASC Codification 500: Equity
ASC Codification 600: Revenue
ASC Codification 700: Expenses
ASC Codification 800: Broad Transactions
ASC Codification 900: Industry

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