• Unexpected event, improper use. An asset retirement obligation (ARO) is a legal obligation that is associated with the retirement of a tangible, long-term asset. These words serve as exceptions. Please read our. Note: An asset retirement obligation can apply to an asset that is in productive use or not in productive use. Exposure Draft – Asset Retirement Obligations, Proposed Section PS 3280. An asset retirement obligation is a legal obligation associated with the retirement of a tangible capital asset. In a market with complex regulatory requirements, BDO’s efficient, tailored approach turns risks into opportunities. Section PS 3280, Asset Retirement Obligations, was issued by the Public Sector Accounting Standards Board (PSAB or the “Board”) August 2018. ASSET RETIREMENT OBLIGATIONS (ARO): A PRACTICAL APPROACH TO SECTION PS 3280 Section PS 3280, Asset Retirement Obligations, was issued by the Public Sector Accounting Standards Board (PSAB or the “Board”) August 2018. That is, standards that apply to assets that are in productive use. The Pennsylvania State Association of Boroughs (PSAB) is a statewide, non-partisan, non-profit organization dedicated to serving 956 borough governments. In unusual circumstances, where an estimate of fair value cannot be made, the tangible capital asset would be recognized at nominal value. Public Sector Accounting Board Exposure Draft: Asset Retirement Obligations, Proposed Section PS 3280. Please read our cookie notice (, PSAB - Concepts Underlying Financial Performance - Overview [Completed], PSAB - Improvements to Not-for-Profit Standards in the public sector [Completed], PSAB - Withdrawal of Disclosure of Related Party Transactions by Not-for-Profit Organizations, Section PS 4260 [Completed], PSAB – Purchased Intangibles – Narrow Scope Amendment [Completed], PSAB – 2019-2020 Annual Improvements Project [Completed], PSAB – 2018 – 2019 Annual Improvements Project [Completed], PSAB - Strategic Plan for 2017 – 2021 [Completed], PSAB - Review of International Strategy [Completed], PSAB - Asset Retirement Obligations [Completed], PSAB - Financial Instruments – Subsequent Issues [Completed], CIPFA: Exploring Accounting for the Cloud [Completed], PSAB - Concepts Underlying Financial Performance - Measuring Financial Performance in Public Sector Financial Statements [Completed], PSAB - Concepts Underlying Financial Performance - Conceptual Framework Fundamentals and the Reporting Model [Completed], http://www2.deloitte.com/ca/en/legal/cookies.html, Section PS 3270 - Solid waste landfill closure and post-closure liability, In Brief – Asset Retirement Obligations and Liability for Contaminated Sites — determining which standard should be applied, In Brief – How Asset Retirement Obligations, Section PS 3280 applies to asset retirement obligations associated with landfills, In Brief and Podcast – Asset Retirement Obligations, Section PS 3280, Asset Retirement Obligations – Basis for Conclusions and new standard, Exposure Draft – Asset Retirement Obligations, Proposed Section PS 3280, Message from the PSAB Chair – January 2017, Deloitte LLP Response to Retirement Obligations SOP. About PSAB. This new Section establishes standards on how to account for and report a liability for asset retirement obligations. Our professionals combine hands-on farm experience with strategic and financial insight. Early adoption is permitted. Subject AccountingLink. November 21, 2018. As of April 1, 2021, the new Public Sector Accounting Standard, PS 3280 goes into effect. Whether you are a university, health At its meeting on March 22-23, 2018, the PSAB approved the final Handbook Section PS 3280, "Asset Retirement Obligations". Public sector finance perspectives How to raise your game for disruptive changes ahead. PS 3280 – ASSET RETIREMENT OBLIGATIONS 2011 PSAB approved a project on AROs 2014 Issued Statement of Principles 2017 Issued Exposure Draft 2018 Final Standard Issued Apr 1, 2021 Standard Effective . Navigating the Challenges in Professional Services. The project is expected to commence in 2012. Explanation. This change in financial reporting will require a substantial undertaking for all public sector organizations. This new Sec­tion es­tab­lishes stan­dards on how to ac­count for and re­port a li­a­bil­ity for as­set re­tire­ment oblig­a­tions. BDO guides consumer businesses as they navigate the complexities of a rapidly evolving marketplace. contained a new standard, ASSET RETIREMENT OBLIGATIONS, Section PS 3280. BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. Fair value of a contributed tangible capital asset may be estimated using market or appraisal values. Disclaimer. It is effective for fiscal years beginning on or after April 1, 2022 which means March 31, 2023 and December 31, 2023 will be the first year ends impacted. component of net income in the PSAB handbook: on consolidation, other comprehensive income is reported as a component of the accumulated surplus/deficit; and c) the guidance in the CICA HB 4400 series relating to asset retirement obligations and interim financial statements has not been incorporated into the PS 4200 series. o Expense asset retirement obligations associated with unrecognized tangible capital assets. They also released the Basis for Conclusions, which sets out how the PSAB reached its conclusions, and includes discussion of significant matters arising from comments received and issues raised in response to its proposals exposed. PSAB's New ARO Standard - A Deep Dive. Entities recognize a liability for an asset retirement obligation when incurred if its fair value reasonably can be estimated. PSAB Alert: Release of PS 3280 Asset Retirement Obligations This communication contains a general overview of the topic and is current as of June 25, 2020. The main fea­tures of the Sec­tion are: An as­set re­tire­ment oblig­a­tion is a le­gal oblig­a­tion as­so­ci­ated with the re­tire­ment of a tan­gi­ble cap­i­tal as­set. Link copied Overview. This Sec­tion es­tab­lishes stan­dards on how to ac­count for and re­port a li­a­bil­ity for as­set re­tire­ment oblig­a­tions. X PSAB _ Other Issue Description In March 2017, the Public Sector Accounting Standards Board released a new exposure draft entitled Asset Retirement Obligations, Proposed Section PS 3280. An Asset Retirement Obligation (ARO) is a legal obligation associated with the retirement of a tangible long-lived asset in which the timing or method of settlement may be conditional on a future event, the occurrence of which may not be within the control of the entity burdened by the obligation. 143, Accounting for Asset Retirement Obligations— which was seven years in the making—shifts to a balance-sheet approach, requiring businesses to recognize a liability for a retirement obligation when they incur it—even if that is far in advance of the asset’s planned retirement. Asset retirement obligations. PSAB at a Glance Topic Standards Included in Topic Page ... Retirement Benefits, Post-employment Benefits, ... Asset Retirement Obligations Section PS 3280 40 Contingent Liabilities Section PS 3300 42 Loan Guarantees Section PS 3310 43 Contingent Assets Section PS … Earlier adoption is permitted. A present value technique is often the best method with which to estimate the liability. Since 1911, PSAB has represented the interests of boroughs and helped to shape the laws that laid their foundation. The project will address the reporting of legal obligations associated with the retirement of long-lived tangible capital assets currently in productive use. This information is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional. 17 Aug 2020 PDF. dismantling of a TCA). Oct 17, 2018. As well, it sets out significant matters arising from By using this site you agree to our use of cookies. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms and their related entities. This new Section will be effective for fiscal years beginning on or after April 1, 2021. PS3280 Asset Retirement Obligations In August 2018, PSAB issued the new standard PS3280 on asset retirement obligations. This new section is the only ARO standard to explicitly define buildings with asbestos as in scope. Asset retirement obligations Learn about the new Asset Retirement Obligation standard PS 3280 and hear a discussion on what types of assets could be impacted by this new standard. DTTL (also referred to as "Deloitte Global") and each of its member firms are legally separate and independent entities. Slide 5 WHAT’S COMING? For example, certain obligations, such as nuclear decommissioning costs, generally are incurred as the ass et is operated. The main features of the new Section are: This Section applies to fiscal years beginning on or after April 1, 2021. PS 3280 Asset Retirement Obligations. Recognition and measurement of the liability will be a major issue as will be accounting for the related expense. PSAB Asset Retirement Obligations (ARO) Standard - Resources PS 3280 is a new accounting standard covering asset retirement obligations (ARO) that was approved by PSAB in March 2018. The primary objective of a Basis for Conclusions document is to set out how the Public Sector Accounting Board (PSAB) reached its conclusions. Topics More topics. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. This Section provides guidance on: Which activities are included in a liability for retirement of a tangible capital asset; When to recognize and how to measure a liability for an asset retirement obligation; and Appropriate financial statement presentation and disclosures. Municipal councils have a vital role to play in setting the tone for a successful implementation and financial reporting success. The standard must be applied by all public sector entities who prepare their financial statements under PSAB, including all Canadian municipalities. Official positions of PSAB are established only after extensive public due process. Recognition and Measurement Visit: https://www.farhatlectures.com To access resources such as quizzes, power-point slides, CPA exam questions, and CPA simulations. hyphenated at the specified hyphenation points. Read our status update o…, Learn more about manufacturers’ views and concerns from the latest BDO-sponsored CME Management Issues survey:…, Acting as an exclusive financial advisor to @, Financial benchmarking can help identify areas to improve for your farm. The new standard requires all governments in Canada to identify and account for any assets that have an asset retirement obligation (ARO). For inquiries and feedback … In January 2018, the PSAB staff updated this project to indicate that the PSAB expects to issue the final standard in Q3/2018. This standard is intended to provide guidance, which does not currently exist in the Handbook, on accounting for Asset Retirement Obligations (AROs). Asset Retirement Obligations - PSAB’s exposure draft on ARO’s closed for comment June 15, 2017. PS 3400 Revenue (New) November 2018 Effective for fiscal years beginning on or after April 1, 2022. Message from the PSAB Chair – January 2017. Likely the most significant reason for this is that PS 3260 applies, for the most part, to assets that are not in productive use. Standard-Setting in Canada. DTTL does not provide services to clients. That is, standards that apply to assets that are in productive use. Measurement of a liability for an asset retirement obligation should result in the best estimate of the amount required to retire a tangible capital asset (or a component thereof) at the financial statement date. It's official - PSAB approved the final Handbook Section PS 3280, Asset Retirement Obligations late March 2018. Combining vertical industry alignment with cannabis business services in Canada and internationally. • Asset retirement obligations not related to contamination associated with entity’s Tangible Capital Asset (TCA) in productive or no longer in productive use (e.g. In November 2017, the PSAB staff updated this project to indicate that the PSAB expects to issue the final standard in Q2/2018. PS 3280 Asset Retirement Obligations (New) August 2018 Effective for fiscal years beginning on or after April 1, 2021. Entities at the same time must recognize an offsetting asset retirement cost by increasing the carrying amount of the related long-lived asset. As a consequence of the issuance of Section PS 3280: Section PS 3270 will remain in effect until the adoption of Section PS 3280 for fiscal periods beginning on or after April 1, 2021, unless a public sector entity elects earlier adoption. Release of the Asset Retirement Obligation section and the new Revenues section. Once entered, they are only adm.com. This section addresses the reporting of legal obligations associated with the retirement of certain tangible capital assets and solid waste landfill sites by public sector entities. 143, which clarifies the term conditional asset retirement obligation used in FAS 143. novartis.org Im März 2005 veröffentlichte das FASB An asset retirement obligation (ARO) is an obligation to retire an asset or changes to assets according to contractual stipulation, for example, a leasing contract that gives the temporary right to use and change the leased object and requires that any changes are retired at the end of the lease. At its meeting on March 23-24, 2016, the PSAB received an update on the project, including consideration of the accounting for the asset retirement costs and provided feedback to the Task Force. * ... What is the anticipated effect of the proposed standard on asset retirement obligations on your entity? How to adopt construction technology in a smart and minimally disruptive way. Asset Retirement Obligation (ARO) Liability associated with the retirment of a tangible long-lived asset (discounted to PV of future cash flows) Asset Retirement Cost (ARC) The amount capitalized (asset) that inceases the carrying amount of the long-lived asset when an ARO is recognized. On August 1, 2018, new Section PS 3280 was issued to the PSA Handbook. The entire disclosure for an asset retirement obligation and the associated long-lived asset. Asset retirement obligation involves the retirement of a long-lived asset that depends on a future event beyond the control of an obligated party. The standard must be applied by all public sector entities who prepare their financial statements under PSAB, including all Canadian municipalities. PSAB approved an Asset Retirement Obligations project. It was a logical progression for PSAB to consider whether standards were required for Asset Retirement Obligations (“AROs”). • Expected contamination related to a TCA controlled by the entity in productive or no … Obtaining early understanding of this standard’s effects is important, as the impact on some public sector entities may be significant. We've created the BDO Library as a "go to" source for informative and thought provoking knowledge resources. X PSAB _ Other Issue Description In March 2017, the Public Sector Accounting Standards Board released a new exposure draft entitled Asset Retirement Obligations, Proposed Section PS 3280. At its meeting on March 21-22, 2019, the PSAB discussed the need for a post-implementation review of Section PS 3260, Liability for Contaminated Sites. As of April 1, 2021, the new Public Sector Accounting Standard, PS 3280 goes into effect. This year’s. contributed asset is considered equal to its fair value at the date of contribution. PSAB Asset Retirement Obligations (ARO) Standard - Resources PS 3280 is a new accounting standard covering asset retirement obligations (ARO) that was approved by PSAB in March 2018. • Unexpected event, improper use. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. At its meeting on December 14-15, 2017, the PSAB reviewed the comments received on its Exposure Draft and gave feedback to the staff in this regard. Asset Retirement Obligations (ARO): A Practical Approach to Section PS 3280, This site uses cookies to provide you with a more responsive and personalised service. It was a logical progression for PSAB to consider whether standards were required for Asset Retirement Obligations (“AROs”). Discover why Brazil’s tax law’s alignment with OECD guidelines is a matter of when not if. Asset Retirement Obligations (ARO): A Practical Approach to Section PS 3280 July 01, 2020 Section PS 3280, Asset Retirement Obligations, was issued by the Public Sector Accounting Standards Board (PSAB or the “Board”) August 2018. Asset Retirement Obligations In March 2018, the Board issued new Section PS 3280 on asset retirement obligations. FIN 47 clarifies that the term conditional asset retirement obligation as used in SFAS Number 143, Accounting for Asset Retirement Obligations, refers to a legal obligation to perform an 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. Is your municipality ready to meet the requirements of this new standard for fiscal years beginning on or after April 1, 2021? Webinars on the Exposure Draft will be held on April 6 (English) and April 13 (French). Does your entity control tangible capital assets requiring retirement? editorial changes have been made to other standards; and. Subsequent measurement of the liability can result in either a change in the carrying amount of the related tangible capital asset (or a component thereof), or an expense, depending on the nature of the remeasurement and whether the asset remains in productive use. At its meeting on June 16-17, 2016, the PSAB received an update on the project and considered the inclusion of solid waste closure and post-closure costs within the scope of the project. Mar 09, 2017. On March 9, 2017, the PSAB issued an Exposure Draft that proposes a new standard PS 3280 on asset retirement obligations. The proposed standard would apply to fiscal years beginning on or after April 1, 2021. Release of the Asset Retirement Obligation section and the new Revenues section. Accounting for Conditional Asset Retirement Obligations - an interpretation of FASB Statement No. New changes impacting public sector accounting and finance are underway and will significantly affect public sector organizations in the years to come. PSAB requested further analysis and examples from the task force. Deep industry experience to help clients navigate challenges at home and abroad. ARO is a legal obligation associated with the retirement of a tangible capital asset. On August 1, 2018, the PSAB issued the new standard, Section PS 3280, "Asset Retirement Obligations". Practical advice to help organizations succeed in a highly competitive environment. Asset retirement costs associated with an asset no longer in productive use are expensed. Tools and Strategies to Facilitate PS 3280 Compliance (Asset Retirement Obligations) REGISTER HERE . The project will address the reporting of legal obligations associated with the retirement of long-lived tangible capital assets currently in productive use. j)Asset Retirement Obligations PS3280 (for fiscal years beginning on or after April 1, 2021 – see Note 2 w)) (Prior to implementation of PS3280, refer to GAAP Hierarchy in PS 1150 for other sources of GAAP, which may include international financial reporting standards or Canadian accounting standards for private enterprise.) AcSB. © 2021. The main fea­tures of the new Sec­tion are: Please see, This site uses cookies to provide you with a more responsive and personalised service. Helping real estate and construction companies thrive in every economic environment. * The PSA Handbook is the primary authoritative source ... • Asset Retirement Obligations, Section PS 3280 April 1, 2022. Asset retirement costs associated with a tangible capital asset controlled by the entity increase the carrying amount of the related tangible capital asset (or a component thereof) and are expensed in a rational and systematic manner. Given this standard is closely tied to Section PS 3280, Asset Retirement Obligations, the Board decided not to carry out a post-implementation review of Section PS 3260 at this time. Published on April 4, 2017. The Public Sector Accounting Board (PSAB) recently issued Asset Retirement Obligations, Section PS 3280. At its meeting on September 26-27, 2016, the PSAB considered guidance to be included in an exposure draft to address various issues raised by respondents to the August 2014 Statement of Principles, “Retirement Obligations.” PSAB expects to review an exposure draft at its December 2016 meeting. Earlier adoption is permitted. Later winter 2017, PSAB will issue an exposure draft for a new accounting standard that addresses the reporting of legal obligations associated with the retirement of long-lived tangible capital assets currently in productive use. PS3280 Asset Retirement Obligations In August 2018, PSAB issued the new standard PS3280 on asset retirement obligations. Next Session: May 19th, 2020 at 1 PM ET. See Legal for more information. 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. The power of industry experience is perspective - perspective we bring to help you best leverage your own capabilities and resources. We have updated our Financial reporting developments publication on asset retirement obligations to further clarify and enhance our interpretative guidance. In August 2018, the Public Sector Accounting Board (PSAB) issued Section PS 3280 Asset Retirement Obligations. Asset Retirement Obligation is a legal and accounting requirement, in which a company needs to make provisions for the retirement of a tangible long-lived asset in order to bring the asset back to its original condition after the business is done using the asset. They are only hyphenated at the specified hyphenation points Obligations - PSAB approved the final standard in Q2/2018 2016 the... Measurement of the BDO Library as a `` go to '' source for informative and provoking! Aro ) help you best leverage your own capabilities and resources the power of industry experience perspective! Productive use and examples from the task force exam questions, and CPA simulations March 22-23, 2018 the. 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