Required subscriptions
- 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:
- Environmental remediation liability laws
- Laws intended to control or prevent pollution
- Other federal statutes
- Potentially responsible parties
- Strict liability
- Joint and several liability
- Mitigation of strict, joint and several, and retroactive liability
- Costs associated with remediation
- Environmental loss contingencies.