Scope of this reference
Inspect the standard and the scope used in the teaching material. The verification date describes the stored review.
- Authority
- Financial Accounting Standards Board
- Standard
- ASC Topic 410
- Version
- Codification content as verified 2026-08-08
- Where it applies
- United States GAAP
- Entities covered
- Entities applying US GAAP; bounded here to one stipulated legal retirement obligation with supplied cash-flow scenarios, timing, and rate
- Last source check recorded
- Aug 8, 2026
- Status recorded at review
- current
- Effective from
- Not specified in this record
Inspect the source: FASB ASC Topic 410, Asset Retirement and Environmental Obligations
Check the applicable effective dates and later amendments in the source before applying this reference.
Concepts using this reference (5)
Instructional scope
The case stipulates the legal obligation and gives mutually exclusive settlement scenarios whose probabilities sum to one. The initial liability is measured from those supplied cash flows and timing. The same amount becomes an associated asset retirement cost; subsequent work keeps accretion, depreciation or depletion, revisions, and settlement distinct.
Stop conditions
Do not recognize an obligation merely because an entity expects to dismantle an asset. Legal scope, obligating event, unit of account, timing, cash-flow support, probability completeness, and the applicable rate require evidence.