March 2019
Intermediate to advanced
1440 pages
51h 20m
English
Content preview from Wiley GAAP 2019
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28ASC 410 ASSET RETIREMENT AND ENVIRONMENTAL OBLIGATIONS
PERSPECTIVE AND ISSUES
Subtopics
ASC 410, Asset Retirement and Environmental Obligations, consists of three subtopics. The sole purpose of ASC 410-10 is to explain the difference between the other two subtopics.
| Subtopic | Accounting and Financial Reporting of: |
| ASC 410-20, Asset Retirement Obligations |
|
| ASC 410-30, Environmental Obligations |
|
| (ASC 410-10-05-2) | |
The Scope and Scope Exceptions paragraphs provide details of the transactions covered by each subtopic.
Scope and Scope Exceptions
ASC 410-20.
ASC 410-20 applies to all entities and the following events and transactions.
- Legal obligations associated with the retirement of a tangible long-lived asset result from the acquisition, construction or development, and or the normal operation of a long-lived asset.
- An environmental liability that results from the normal operation of a long-lived asset and that is associated with the retirement of that asset.
- A conditional obligation to perform a retirement activity.
- Obligations of a lessor in connection with leased property meeting the provisions in “a” above. (Upon adoption of ASU 2016-02, this language will change to: Obligations of a lessor in connection with an underlying asset that meet the provisions ...
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