Seeing that the deliberations on these items are making steady progress towards convergence, the ASBJ and the IASB agreed to add three items as follows: asset retirement obligation
, construction contracts, and disclosure of financial instruments at fair value.
143, an entity must recognize an asset retirement obligation
at its fair value the amount at which an informed willing party would agree to assume the obligation.
5 million favorable adjustment related to asset retirement obligations
The Asset Retirement Obligation
is a required accounting entry calculated in accordance with Canadian generally accepted accounting principles under the guidelines published by the Canadian Institute of Chartered Accountants.
The asset retirement obligation
results from net ownership interests in petroleum and natural gas assets including well sites, gathering systems and processing facilities.
The document clarifies environment-related disclosure requirements for stock issuers, including environmental risks, trends and uncertainties, environmental liabilities, asset retirement obligations
, innovative information on environmental goals and targets, and financial and operational effects of environmental protection activities.
Updated to include new material on asset retirement obligations
, asset impairment, project analysis, investment decision making, asset exchanges, and fair value reporting requirements, this comprehensive treatment of the US and international oil and gas industry serves as a classroom text, training manual and professional reference.
In addition, FIN-47 also requires liabilities for asset retirement obligations
(ARO) to be valued at fair value.
In the spirit of convergence, the IFRIC considered the US Gaap approach in Statement of Financial Accounting 'Standards no 143--Accounting for Asset Retirement Obligations
, but didn't choose this approach because IAS37, unlike SFAS143, requires a decommissioning obligation to reflect the effect of a change in the current market-assessed discount rate.
Income reflected a one-time accounting change regarding standards on asset retirement obligations
, which lowered income to 35 cents a share.
CHICAGO -- According to a new report issued by Fitch Ratings, higher year-over-year crude and natural gas prices in 2010 may reduce the size of reported Asset Retirement Obligations
(AROs) for upstream U.
We define Adjusted EBITDAX as net (loss) income plus income from discontinued operations, EBITDAX from discontinued operations, income taxes, interest expense, net, cash settlements of matured interest rate swaps, depreciation, depletion and amortization, asset retirement obligations
accretion expense, (gain) loss on derivatives, net, cash settlements of matured derivative contracts, non-cash equity compensation expense, impairment of oil and natural gas properties, non-cash inventory write down expense, dry hole and exploration costs, gain on sales of oil and natural gas properties, and loss on sale of investment in unconsolidated affiliates, contained in Other income, net.