The term “asset retirement obligation” (ARO) refers to an obligation associated with retiring a tangible long-lived asset. ARO accounting ensures financial statements accurately reflect a company’s obligations and overall value, making it crucial for accounting professionals to understand ARO rules. This course provides an overview of AROs, focusing on ASC Topic 410-20, which covers asset retirement obligations and related costs. It contrasts with ASC Topic 410-30, which addresses environmental remediation liabilities.

• recognize overall considerations related to the recognition of asset retirement obligations
• identify overall measurement requirements related to asset retirement obligations
• recognize principles around settlement of asset retirement obligations
• recognize presentation requirements related to asset retirement obligations
• identify disclosure requirements related to asset retirement obligations
• differentiate between U.S. GAAP and IFRS requirements related to asset retirement obligations

Practicing CPAs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel