Financial Accounting Blog

Wednesday, June 23, 2004

Asset Retirement Obligations reports that FASB has published an exposure draft concerning conditional asset retirement obligations and is an interpretation of Statement 143. The exposure draft proposes that
"to provide more consistent recognition of liabilities relating to asset retirement obligations and more information about future cash outflows relating to these obligations."
This proposal has come from an onset of accounting practices associated with the "timing of liability recognition for conditional asset retirement obligations."