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ASC 410 Asset Retirement and Environmental Obligations

ASC 410 Asset Retirement and Environmental Obligations

This Topic comprises three Subtopics (Overall, Asset Retirement Obligations, and Environmental Obligations).

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  • US GAAP
ASC 410 comprises three Subtopics (Overall, Asset Retirement Obligations, and Environmental Obligations). Below is an overview of each Subtopic.

410-10 Overall

ASC 410-10 simply provides information about the differences between the other two Subtopics on asset retirement obligations and environmental obligations.

410-20 Asset Retirement Obligations

ASC 410-20 notes the following:
This Subtopic establishes accounting standards for recognition and measurement of a liability for an asset retirement obligation and the associated asset retirement cost. This Subtopic also addresses the accounting for an environmental remediation liability that results from the normal operation of a long-lived asset.

410-30 Environmental Obligations

ASC 410-30 notes the following:
This Subtopic provides guidance on accounting for environmental remediation liabilities and is written in the context of operations taking place in the United States; however, the accounting guidance is applicable to all the operations of the reporting entity.
This Subtopic discusses the following areas:
  1. Environmental remediation liability laws
  2. Laws intended to control or prevent pollution
  3. Other federal statutes
  4. Potentially responsible parties
  5. Strict liability
  6. Joint and several liability
  7. Mitigation of strict, joint and several, and retroactive liability
  8. Costs associated with remediation
  9. Environmental loss contingencies.