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CPA: FAR > Chapter 10 Section 4: Asset Retirement Obligation > Flashcards

Chapter 10 Section 4: Asset Retirement Obligation Flashcards

1
Q

How do you handle revisions to the estimate used to calculate the discounted ARO liability?

A

Upward revisions are a new liability - use the current discount rate
Downward revisions remove an old liability - use the historical discount rate

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CPA: FAR (70 decks)

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