Environmental
May 5, 2006
Firms Must Be Mindful of Assets' Environmental Obligations
Focus Column - By Catherine W. Johnson - Last year, the Financial Accounting Standards Board issued a new accounting standard for recognizing liabilities known as CAROs - conditional asset retirement obligations. Financial Accounting Standards Board Interpretation Number 47, Accounting for Conditional Asset Retirement Obligations, 2005 (FIN 47), is effective no later than the end of fiscal years ending after Dec. 15, 2005 (Dec. 31, 2005 for calendar-year entities).
By Catherine W. Johnson
Last year, the Financial Accounting Standards Board issued a new accounting standard for recognizing liabilities known as CAROs - conditional asset retirement obligations. Financial Accounting Standards Board Interpretation Number 47, Accounting for Conditional Asset Retirement Obligations, 2005 (FIN 47), is effective no later than the ...
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