Accounting for Asset Retirement Obligations
Description
Entities must capitalize all costs necessarily incurred to bring an asset to the condition and location necessary for its intended use. This includes asset retirement costs, with the offsetting entry to an asset retirement obligation. But do you know what goes into this amount and what doesn't? Asset retirement obligations (AROs) are liabilities associated with the retirement of tangible long-lived assets. In accordance with ASC 410 Asset Retirement and Environmental Obligations, AROs must be recorded under U.S. GAAP when there is a legal requirement based on the normal operation of an asset. Environmental obligations arise from the improper use of the asset. After helping you distinguish between AROs and environmental obligations, this CPE-eligible, eLearning course (1.0 CPE) focuses in on the accounting for AROs, including the definition, the initial measurement accounting, subsequent changes, and required disclosures.
Learning Objectives
- Recognize the principles of asset retirement obligations (AROs)
- Recall the accounting related to initial measurement of AROs
- Recall the accounting relating to subsequent measurement of an ARO
Additional Information
| Last Updated | 07/01/2023 |
|---|---|
| CPE Credit | 1 |
| Field of Study | Accounting |
| Instructional Delivery Method | QAS Self Study |
| Knowledge Level | Overview |
| Private | No |
| Prerequisites | None |
| Advanced Preparation | None |
| Expiration | This course, collection, or subscription expires one year from the date of purchase. The post-course assessment for each course must be satisfactorily completed, as evidenced by a passing grade of at least 70%, by the expiration date to be awarded any qualifying continuing professional education (CPE) credit. |
| Refund or Cancellation Policy | For more information regarding refunds, concerns, and program cancellation policies, please contact the GAAP Dynamics Support Team via email at support@gaapdynamics.com or call (804) 897-0608. |
$0
1h 00m
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