The Financial Accounting Standards Board (FASB) published Interpretation no. 47.* The Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) published Interpretation no. 47, Accounting for Conditional Asset Retirement Obligations Asset Retirement Obligations provide for future disposal of assets as required by SFAS 143 [1]. Firms must recognize the ARO liability in the period it was acquired, generally acquisition. , which clarifies that the term in its title--and used in FASB Statement FASB Statement A standard set by the Financial Accounting Standards Board regarding a financial accounting and reporting method. Essentially, FASB statements determine the acceptable accounting practices that Certified Public Accountants use in reporting no. 143, Accounting for Asset Retirement Obligations--describes a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event that may not be under the entity's control. The interpretation is effective no later than the end of fiscal years ending after December 15, 2005 (December 31, 2005, for enterprises reporting on a calendar-year basis). Retrospective application to interim financial information is permitted but not required. |
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