Dec 12, 2016
From the Financial Reporting View
The GASB recently issued Statement No. 83, Certain Asset Retirement Obligations, which addresses determining the timing and pattern of recognition for liabilities and corresponding deferred outflow of resources related to asset retirement obligations. This Statement requires a government entity to recognize an asset retirement obligation when the liability is incurred and reasonably estimable. The government entity would measure the obligation based on its best estimate of the current value of outlays expected to be incurred.
The GASB Statement is effective for financial reporting periods beginning after June 15, 2018. Earlier application is encouraged.