Asset Retirement Obligations definition

Asset Retirement Obligations means those obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs.
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Asset Retirement Obligations. (“AROs”) means the “legal obligations associated with the retirement of a tangible long-lived asset that an entity is required to settle as a result of an existing enacted law, statute, ordinance, or written or oral contract or by legal construction of a contract under the doctrine of promissory estoppel.”15‌
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Asset Retirement Obligations. The Trust accounts for its asset retirement obligations under the new CICA Handbook, section 3110, "Asset Retirement Obligations". This standard focuses on the recognition and measurement of liabilities related to legal obligations associated with the future retirement of property, plant and equipment. Under this standard, these obligations are initially measured at fair value determined as the estimated future costs discounted to the present value and subsequently adjusted for the accretion of the discount factor and any changes in the underlying cash flows. The asset retirement cost is capitalized to the related asset and amortized into earnings over time. Previously, the Trust recognized a provision for future site restoration based on the unit-of-production method applied to the estimated future liability. This change in accounting policy has been applied retroactively with restatement of prior periods presented for comparative purposes as follows:
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Examples of Asset Retirement Obligations in a sentence

  • Asset Retirement Obligations The amounts recorded for asset retirement costs are based on estimates included in closure and remediation plans.

  • In June 2001, the FASB issued SFAS No. 143, Accounting for Asset Retirement Obligations.

  • Asset Retirement Obligations (ARO)ARO are recognised for those operating lease arrangements where the Company has an obligation at the end of the lease period to restore the leased premises in a condition similar to inception of lease.

  • In November 2016, the GASB issued Statement No. 83, Certain Asset Retirement Obligations.

  • Jerry Hensler, 20304 High Hill Rd, has safety concerns regarding the open flame at the Douglas County landfill.

  • GASB Statement No. 83, Certain Asset Retirement Obligations This Statement addresses accounting and financial reporting for certain asset retirement obligations (AROs).

  • Asset Retirement Obligations The Company accounts for asset retirement obligations by recording the estimated future cost of the Company’s plugging and abandonment obligations.

  • Provisions are composed of Asset Retirement Obligations ("ARO") and contract & other liabilities.

  • The utility shall record the asset retirement cost by debiting Account 101.1, Property Under Capital Leases, or Account 120.6, Nuclear Fuel Under Capital Leases, or Account 121, Non- utility Property, as appropriate, and crediting the liability for the asset re- tirement obligation in Account 230, Asset Retirement Obligations.

  • In August 2001, the FASB issued SFAS No. 143, Accounting for Asset Retirement Obligations.


More Definitions of Asset Retirement Obligations

Asset Retirement Obligations in accordance with the early adoption provisions. The transitional provisions of this section required that the standard be applied retroactively with restatement of comparative periods. As a result of the retroactive application, previously reported net income for the second quarter of 2003 increased by $2.3 million ($1.7 million before a future tax recovery of $0.6 million) and opening 2003 accumulated earnings increased by $12.1 million ($20.9 million before a future tax expense of $8.8 million). Previously reported net income for the six months ended June 30, 2003 increased by $3.4 million ($3 million before a future tax recovery of $0.4 million). There was no impact on cash flow as a result of adopting this policy. Basic and diluted per trust unit calculations for the second quarter and first six months of 2003 each increased by $0.01 and $0.02, respectively, as a result of adopting this new policy.
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Asset Retirement Obligations means obligations for the decommissioning and environmental remediation costs associated with the Debtors’ energy generation facilities and related properties.
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Asset Retirement Obligations means those obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. “Assignment and Assumption Agreement” means an Assignment and Assumption Agreement among Sellers and Purchaser, dated as of the Closing Date, substantially in the form of Exhibit A hereto. “Assignment and Assumption of Ground Lease Agreement” shall have the meaning set forth in Section 5.2(d). “Assumed Contracts” shall have the meaning set forth in Section 3.1(e). “Assumed Environmental Liabilities” shall have the meaning set forth in Section 3.3(e). “Assumed Liabilities” shall have the meaning set forth in Section 3.3. “Assumed Pre-Petition Contracts” shall have the meaning set forth in Section 3.1(e). “Assumption-Pending Pre-Petition Contracts” shall have the meaning set forth in Section 3.5(a). “Back-Up Bid Agreement” shall have the meaning set forth in Section 8.10(f). “Back-Up Bid Option” shall have the meaning set forth in Section 8.10(f). “Bankruptcy Cases” means the chapter 11 cases commenced by ASARCO and its affiliated debtors on or after August 9, 2005 (including any case commenced after the date of this Agreement), jointly administered under Case No. 05-21207, but excluding the chapter 11 case commenced by Encycle/Texas, Inc which was converted to a chapter 7 case. “Bankruptcy Code” shall have the meaning set forth in the recitals hereto. “Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division or any other court having jurisdiction over the Bankruptcy Cases from time to time.
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Asset Retirement Obligations means, collectively, (a) the restoration, removal and indemnity obligations under Section 7 of Exhibit B of the Union Pacific Agreement, (b) all obligations under Section 12.01 of each of the Grain Facility Leases relating to the removal of any Alterations (as defined in the Grain Facility Leases), and (c) all reporting, restoration, removal, monitoring, well or tank capping or sealing and inspection obligations under the Water Appropriation Permit issued by the Minnesota Department of Natural Resources with respect to the Buffalo Lake Facility and the Permit for Storage of Liquid Substances at a Major Aboveground Storage Tank Facility issued by the Minnesota Pollution Control Agency with respect to the Buffalo Lake Facility.
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Related to Asset Retirement Obligations

  • Investment Obligations means and include, except as otherwise provided in the Supplemental Indenture providing for the authorization of Bonds, any of the following securities, if and to the extent that such securities are legal investments for funds of the Issuer;

  • Cash Management Obligations means obligations owed by the Borrower or any Restricted Subsidiary to any Lender or any Affiliate of a Lender in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds.

  • Designated Retirement Account means any retirement plan or account described or qualified under the Internal Revenue Code of 1986, as amended, or a subaccount thereof.

  • L/C Obligations means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

  • Foreign Government Obligations means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.