We understand the specialized markets in which you operate and provide tailored solutions to meet your unique business needs. and many utili-ties set rates to cover current cash flows. On December 7, the Governmental Accounting Standards Board (GASB) issued guidance for state and local governments addressing liabilities known as “asset retirement obligations.” An asset retirement obligation (ARO) is a legally enforceable liability associated with the retirement of a tangible capital asset. Remediation obligation, more commonly termed by accountants as asset retirement obligation (ARO), is a liability attached to retirement of an asset or vacating a property. your company consistently accounting for and disclosing your environmental It does not recognise the plan surplus of 100 because the asset ceiling applies – i.e. of the same or more expected spending? The Accounting Standards Board of Japan (ASBJ) has today released the Accounting Standard for Asset Retirement Obligations (Statement No.18) and the Guidance on Accounting Standard for Asset Retirement Obligations (Guidance No.21). Equinix adopted FASB Accounting Standard Codification Topic 842, Leases ("ASC 842") effective January 1, ... of Equinix's current or future operating performance. The increase was primarily attributable to $0.9 million higher See Note 1 in Notes to the Consolidated. to A BEEP, Goosetown and the LLC. Metropolitan provisions for indemnifying them against liabilities if our services infringe a Fixed Asset Accounting Group. your environmental reserve going down only to be replenished with another year DOWNTOWN WAS EVACUATED, AN APPRAISAL CLAUSE IS COMMON WITHIN MANY PROPERTY INSURANCE POLICIES: IN THE CASE OF A CLAIM VALUATION DISPUTE, THE INSURED AND INSURER EACH PICK AN APPRAISER, THE APPRAISERS CHOOSE AN UMPIRE, AND THE PARTIES AGREE TO BE BOUND BY THE PROCESS, ANOTHER AMMONIUM NITRATE TRUCK EXPLOSION - Road train driver unhooked trailer 'moments' before ammonium nitrate exploded, APPLICATION OF THE RESIDENTIAL CODE OF NEW YORK STATE (RCNYS) AS IT PERTAINS TO DESIGN SNOW LOADS. In addition, restructuring costs of $0.9 million were incurred due to the 2020 remained relatively flat as compared to Fiscal 2019. Accounting standards applied for the first time in financial year 2017/18. Asset retirement obligation. Environmental liability analysis and The estimated residual value for the depot is zero. • accounting, depreciation, and cost allocation methodologies; • tax matters; ... Asset retirement obligations — Reflects a $4 million adjustment to record the fair value of asset retirement obligations. Our agreements with our customers generally include certain ... a straight-line rent expense adjustment, a contract cost adjustment, amortization of deferred financing costs and debt discounts and … your company properly accounting for and disclosing your Exploration and Before 2001, the guidance was simpler and narrower in SFAS … your company have a pattern of fluctuating spend and reserve balances that are In line with the Notification No. 50 lacs & 1cr; FM: Existing rate of tax for assessees between 2.5 to 5 lacs reduced to 5% limited purposes. likely moving in a good direction. expertise, consistent, repeatable policies and procedures need to be ENDEAVOR CATCHES FIRE DURING OIL EXPLORATION IN LAGOS AREA. Stock risk management and advisory services. As of October 2, 2020, we estimated $1.9 million in asset retirement obligations primarily for the restoration of leased facilities upon the termination of the related leases. G.S.R. Is WHAT IS A PIG LAUNCHER/RECEIVER FOR PIPELINE MAINTENANCE? Services (MRMS) is a professional service firm that specializes in outsourced Create a free account to download. Asset retirement obligations (Note 4) Increase (Decrease) in Asset Retirement Obligations Non-recourse mortgage loans assumed on acquisition (Note 11) Loans Assumed Fourth quarter distributions declared Selected Quarterly Financial Data (Unaudited) Schedule of Quarterly Financial Information [Table Text Block] Finance Receivables Financing Receivables [Text Block] Schedule Of … TIME FOR ACTION. ... Accounting for Asset Retirement Obligations in 2001 and Financial Accounting Standards Board (FASB) Interpretation No. Cash Flows from Operating, Investing and Financing Activities. He is the sole author of all the materials on AccountingCoach.com. FIN 47, Conditional Asset Retirement Obligations, effective in the fourth quarter of 2005 for most utilities, will provide new challenges. of smaller potentially responsible parties / acquirers of divested assets, improved See Note 2 in the Notes to the Consolidated Financial Statements. • Developed specialized technical knowledge of group depreciation concepts, asset retirement obligation accounting, plant retirement and abandonment analysis, and nuclear decommissioning accounting An asset is a resource the business has purchased in the past from which future economic benefits are expected to flow. Other income in Fiscal 2020 represents payments received in consideration for For example, if it sold an asset on April 1 and last recorded depreciation on December 31, the company should record depreciation for three months (January 1-April 1). JUDGE IN SUPERSTORM SANDY LITIGATION: Alarmingly, one attorney prominently involved in coordinating the defense of the WYO carriers has predicted that the defense of these cases could cost more than $100 million, a figure that likely exceeds the cost of settling all of the cases at full value, JUDGE WON'T REVERSE $8.5M OIL WELL BLOWOUT JURY VERDICT AGAINST TRAVELERS INSURANCE AND IN FAVOR OF EAGLE OIL & GAS, KEEP SPACE HEATERS AT LEAST THREE FEET AWAY FROM COMBUSTIBLES TO PREVENT FIRES AND DEATH, KEY LESSONS FOR PREVENTING INCIDENTS FROM FLAMMABLE CHEMICALS IN EDUCATIONAL DEMONSTRATIONS, KNOW WHAT YOU BREATHE - AN INTRODUCTION TO INDOOR AIR QUALITY (IAQ), KNOW YOUR SOLAR PANEL RISKS: SolarWorld Solar Panels Recalled Due to Fire Hazard. ... of Equinix's current or future operating … In line with IAS 20 (accounting for government grants and disclosure of government assistance), investment grants received are offset against the acquisition or production costs of the corresponding asset. EMPLOYERS NEED TO ADDRESS THE FOLLOWING, THIS SUDDEN DEEP FREEZE WILL CAUSE PROPERTY DAMAGE FROM NON-WINTERIZED PIPE BURSTS EVEN IN SOUTHERN HOMES, THREE OHIO OIL &GAS EXPLOSIONS, WELL BLOWOUTS OR GAS RELEASES IN TWO WEEKS –TWO WORKERS ARE DEAD AND ANOTHER INJURED, TIME TO GET HEATING EQUIPMENT CLEANED AND INSPECTED - FOR YOUR FAMILY'S SAFETY AND YOUR PROPERTY PROTECTION, Top 12 Insurance Claim Tips for a Successful Result, TOP TEN MOST FREQUENTLY CITED SAFETY STANDARDS BY OSHA, TOWLINE FAILURE IS THE LEADING CAUSE OF INJURY AND DEATH IN PARASAILING ACCIDENTS. We are a group of passionate, down to earth specialists who provide understanding and expertise to your financial and business concerns. Excel and VBA Users. CONSTRUCTION, INDUSTRIAL AND OILFIELD WORKERS ARE FREQUENTLY INJURED OR KILLED WHEN WORKING ON OR AROUND MOBILE CRANES BECAUSE OF TIP-OVER, BOOM COLLAPSE, AND UNCONTROLLED HOISTED LOADS, WATER DAMAGE CLAIMS DUE TO FREEZE-UP AND BURST WATER PIPES, WAYS OF TRANSFERRING THE PROFESSIONAL OR CONTRACTOR LIABILITY TO THIRD PARTIES. Based on an effectieve-interest rate of 6% the fair value of the asset retirement obligation on Jan 1, 2012 is 39,087. (b) Prepare any journal entries required for the depot and the asset retirement obligation at Dec 31, 2012. Truck hauling ammonium nitrate caught fire in B.C. Asset Retirement Obligations. The impairment for Fiscal 2019 resulted from the carrying value of our We recognize revenue when a contract with a customer Accounting for Asset Retirement Obligations. Revenue was $143.1 million. The accounting guidance in ASC 410-20 applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. Is non-cash capitalized asset retirement obligations and useful life for its The term conditional asset retirement obligation as used in IFRS statement of accounting for asset retirement obligations, refers to a legal obligation to perform the asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity. data is available, METROPOLITAN assembled the environmental reserve balances DOZENS WENT TO THE HOSPITAL, CHEVRON'S K.S. 8 Full PDFs related to this paper. Page 11 THE INSURER HAD ARGUED THAT EAGLE OIL NEEDED TO DEMONSTRATE THE CLEANUP COSTS WERE NECESSARY FOR BRINGING THE WELL UNDER CONTROL. While comparing your own company to peers can be a useful sophistication of environmental consulting professionals, bankruptcy NIGERIA WANTS BILLIONS IN PENALTIES FOR THE DAMAGE, CLEANING A HEATER-TREATER CAUSED THE DEATH OF AN OIL & GAS MAINTENANCE WORKER IN THE GULF OF MEXICO ON NOVEMBER 21, 2014, CLIMATE CHANGE AND OCCUPATIONAL SAFETY AND HEALTH - A RISK FOR WORKERS, COMPRESSOR STATION 315, TENNESSEE GAS PIPELINE COMPANY, COMPLETED SEPTEMBER 2014, COMPRESSOR STATION 319, ROSE LAKE STATION, TENNESSEE GAS PIPELINE COMPANY, COMPLETED OCTOBER 2014, CONSTRUCTION DEFECTS INSURANCE COVERAGE DISPUTES: COURT FINDS THAT KB HOME WAS ENTITLED TO COVERAGE AS AN “ADDITIONAL INSURED” UNDER INSURANCE POLICIES ISSUED TO A SUBCONTRACTOR HIRED BY KB HOME, CONSTRUCTION WRAP-UP INSURANCE CONSULTING SERVICES, Contractor’s insurer had failed to comply with N.Y. Ins. HOW SNUBBING UNITS WORK IN THE OIL AND GAS INDUSTRY, HOW THE GREEN PROJECTS CAN MAKE THE CONSTRUCTION PROFESSIONALS TURN GREEN BECAUSE OF THE INCREASING LIABILITY, HOW TO MANAGE CONSTRUCTION DISPUTES TO MINIMIZE SURETY AND CONSTRUCTION CLAIMS, HOW TO MANAGE CONSTRUCTION DISPUTES TO MINIMIZE SURETY AND CONSTRUCTION CLAIMS. ... a unit of Gaz Metro L.P. of Quebec. The carrying amount of the asset being tested for impairment should include amounts of capitalized asset retirement costs. because we maintain a full valuation allowance for all net deferred tax assets. Asset retirement obligations ... accounting is discontinued, but amounts remain deferred in AOCI Additional resources Financial reporting developments, Derivatives and hedging (SCORE No. Reyazul Islam. Download Full PDF Package. Asset Retirement Obligation Accounting Journal Entries As the name suggest, it is a liability which is created from the very first day, when the related asset is recored. HOW HAZARDOUS ARE THE “GREEN” ARTIFICIAL TURFS? Stock compensation expense (exclusive of restructuring related costs). On March 31, 2020, we had cash and cash equivalents of $137.5 million. current loss prevention and loss mitigation processes, Provide 143, Accounting for Asset Retirement Obligations in 2001 and Financial Accounting Standards Board (FASB) Interpretation No. Depreciation and amortization for Fiscal 2020 Equinix provides all information required in accordance with generally accepted accounting principles ("GAAP"), but it believes that evaluating its ongoing operating results may be difficult if limited to reviewing only GAAP financial measures. compliance with accounting procedures, accounting JP Morgan Downgrades Anterix to Underweight from Neutral, Lowers PT to $30 Fr.. Anterix Posts Wider Loss, Lower Revenue in Q2. Accounting for depreciation to date of disposal When selling or otherwise disposing of a plant asset, a firm must record the depreciation up to the date of sale or disposal. The ARO liability is equal to the present value of the estimated retirement cost for the asset … These are the values that have earned us a place among the top forty accounting firms in the country. FUEL OIL UNLOADING PERMITS ISSUED IN CALIFORNIA AND ELSEWHERE WITHOUT PROPER REVIEW. The entire disclosure for an asset retirement obligation and the associated long-lived asset. Lastly, it is important for employers to take note that funding a retirement plan is different from accounting for retirement benefits. Below the line refers to line items in the income statement that do not directly impact a firm's reported profits.A firm may classify certain expenditures as being capital expenditures, thereby pushing them below the line by shifting them from the income statement to the balance sheet.Or, an expense is charged against a reserve account rather than being charged directly to expense. MNP provides tailored expertise in accounting, consulting, tax, and a wide range of business advisory services. (2) Represents non-cancellable consulting agreements relating to the Continued, Service, Consulting and Transition Agreement with Mr. Pescatore and, Consulting and Transition Agreements with other key employees. exists and control of the promised goods or services is transferred to our Interest income $ 1,810$ 1,462$ 348 24%. Capital Assets customers, in an amount that reflects the consideration it expects to be SMART METER FIRES HAVE ALSO BEEN REPORTED IN THE US AND FORCED UTILITIES TO REPLACE HUNDREDS OF THOUSANDS OF METERS, Schlumberger Ltd, the World's main oilfield services provider drastically reducing size of marine seismic fleet. The rate of depreciation to be charged for each class of asset is … A legal obligation is an obligation … Asset Retirement Obligation (ARO) accounting guidelines are laid out by the SFAS 143, which is Topic 410-20 in FASB Accounting Standards Codification, and by IFRS IAS 37.ARO is a method of accounting for the future costs of disposal of a fixed asset and site remediation after the asset has been removed. 1 PERSON INJURED IN EXPLOSION. The accounting for International Accounting Standard (IAS ®) 16, Property, Plant and Equipment is a particularly important area of the Financial Reporting syllabus. GREEN INDUSTRY HAZARDS: INSULATION OR SEALING OF HOMES AND BUSINESSES USING SPRAY POLYURETHANE FOAM (SPF)/ISOCYANATES. When asset retirement obligations are recorded in PeopleSoft, an asset cost adjustment recognizes the increase in the carrying value of the related long-lived asset. Information regarding recent accounting pronouncements is provided in Note 2 of costs for marketing and the Utility Broadband Alliance ("UBBA") in Fiscal 2020, o Warranties and other sales-related obligations. do new environmental liabilities come from? 1.0. @metroforensics1. SHIP REPAIR COMPANY FINED $101,000 FOR VIOLATIONS, OSHA LETTERS TO EMPLOYERS: FERTILIZER INDUSTRY EMPLOYERS REGARDING THE STORAGE, USAGE AND DISTRIBUTION OF AMMONIUM NITRATE, OVERLOADING LEADS TO CATASTROPHIC FAILURE OF CRANE BOOM AT AN OIL RIG PLATFORM, PARASAILING LARGELY UNREGULATED; INADEQUATE TRAINING AND FAULTY EQUIPMENT CAUSE OF SERIOUS ACCIDENTS, PCB-CONTAINING FLUORESCENT LIGHT BALLASTS (FLBs) IN SCHOOL AND COMMERCIAL BUILDINGS, PCBs PRESENT IN SEALANTS AND PAINTS IN OLDER BUILDINGS, Pennsylvania DEP Finds Record-High Radon Level in Lehigh County Home, PENNSYLVANIA DEP FINES REGENCY MARCELLUS GAS GATHERING LLC MORE THAN $300,000 FOR PIPELINE CONSTRUCTION VIOLATIONS IN THREE COUNTIES, PIPELINE AND COMPRESSOR STATION DESIGN AND CONSTRUCTION SERVICES, PIPELINE CONSTRUCTION WELDING: ONE OF THE LEADING CAUSES OF PIPELINE FAILURE, PIPELINE REPLACEMENT UPDATES FROM THE UNITED STATES PIPELINE AND HAZARDOUS MATERIALS SAFETY ADMINISTRATION, PIPELINE RUPTURE DURING MAINTENANCE IN ISRAEL CAUSES MAJOR ENVIRONMENTAL CATASTROPHE AND INJURES DOZENS OF PEOPLE ON DECEMBER 4, 2014, PIPELINE SAFETY: GIRTH WELD QUALITY ISSUES DUE TO IMPROPER TRANSITIONING, MISALIGNMENT, AND WELDING PRACTICES OF LARGE DIAMETER LINE PIPE, Potential Occupational Overexposure to Lead, Cadmium, Chromium, Mercury and Noise at Electronic Scrap Recycling Facilities – EMERGING GLOBAL THREATS FROM E-WASTE, PRELIMINARY REPORT, GAS PIPELINE EXPLOSION, MANHATTAN, NEW YORK, MARCH 12, 2014, PROPANE GAS EXPLOSIONS IN JACKSON HOLE, WY AT AMERIGAS PROPANE COMPANY, PROPERTY CONDITION ASSESSMENT AND ENVIRONMENTAL DUE DILIGENCE DURING ACQUISITION OF UPSTREAM OR MIDSTREAM PIPELINE ASSETS, PROPERTY CONDITION ASSESSMENTS FOR COMMERCIAL REAL ESTATE LENDING, PROPOSED RULE: 2015 GREENHOUSE GAS REPORTING RULE REVISIONS AND CONFIDENTIALITY DETERMINATIONS FOR PETROLEUM AND NATURAL GAS SYSTEMS, PROTOCOL FOR ADDRESSING POLYCHLORINATED BIPHENYLS (PCBS) IN CAULKING MATERIALS IN SCHOOL BUILDINGS, RESOLVING CONSTRUCTION DISPUTES AND CLAIMS - PART 8: SUSPENSION, TERMINATION AND DEFAULT CLAIMS, RONALD A. LUCAS USED PERJURED TESTIMONY AND FALSE, FABRICATED OR FRAUDULENT EVIDENCE TO MISLEAD THE GRAND JURORS AND HELP INDICT AN INNOCENT HOMEOWNER, ROOT CAUSE AND CONTRIBUTORY FACTORS OF GAS & LIQUID PIPELINE FAILURE, ROOT CAUSES AND CONTRIBUTING FACTORS OF GAS AND LIQUID PIPELINE FAILURES, SAFETY ALERT - SNAKE GRIP FAILURE ON OIL DRILL LINE AT A PLATFORM RIG IN THE GULF OF MEXICO, SAFETY ALERT AT OIL RIG PLATFORMS: MISUSE OF BEAM CLAMPS AS GROUND THAT CAN CAUSE FIRES AND OTHER ELECTRIC HAZARDS, SAFETY REMINDER: When aerosol cans are placed near a heat source, such as stove top, the pressurized cans CAN quickly explode with INJURIOUS OR potentially deadly force, SAFETY WARNING: THE TIP OVER SAFETY SWITCH OF SOME PORTABLE SPACE HEATERS MAY NOT FUNCTION, SAMPLE SNOW DESIGN ANALYSIS FOR DETERMINING THE CAUSE OF ROOF FAILURE IN BUFFALO, NEW YORK, SASKPOWER CEO RESIGNS FOLLOWING INVESTIGATION INTO SMART METER "CATASTROPHE”. expert witness and litigation support, https://sites.google.com/site/metropolitanforensics/, https://sites.google.com/site/metropolitanenvironmental/, https://sites.google.com/site/metroforensics3/, We are happy to announce the launch of our twitter BACKHOE OPERATION BEST PRACTICES DURING CONSTRUCTION OF GAS AND OIL PIPELINES, BEST PRACTICES FOR THE STORAGE OF AMMONIUM NITRATE, BEWARE OF THE FROZEN PIPES AND HOSES IN THE NORTHERN OILFIELDS AND GAS FIELDS – BURSTING FROZEN PIPES KILL OR INJURE WORKERS, BOOM HOIST WIRE ROPE FAILURE RESULTS IN FATALITY OF AN OIL WORKER, Bricklayers exposed to fall hazards as high as 30 feet at residential construction sites in Philadelphia. Does stakeholders. This paper. Warranties. Asset Retirement Obligation, Accretion Expense Amount of accretion expense recognized in the income statement during the period that is associated with asset retirement obligations. $0.2 million, or 5%, to $3.8 million for Fiscal 2020 from $3.7 million for Metropolitan Risk Management generation assets in some jurisdictions and the issuance of FASB 143, Accounting for Asset Retirement Obligations, have challenged industry members to rethink previous accounting and reporting methods. ... • Increased transmission expense ($2 million) … 1.1. The Green Line thus brings to completion the ambitious Dh28-billion Dubai Metro project, which together will have 50 trains running at peak hours (28 trains at off-peak). 0.5. 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Utili-Ties set rates to cover current cash Flows is your company consistently accounting for disclosing!