Preparing for asset retirement
Luecke, R.W.; Reinstein, A.
Healthcare Financial Management Journal of the Healthcare Financial Management Association 57(4): 84-90
2003
ISSN/ISBN: 0735-0732 PMID: 12735191 Document Number: 563791
Statement of Financial Accounting Standards (SFAS) No. 143 requires organizations to recognize a liability for an asset retirement obligation when it is incurred--even if that occurs far in advance of the asset's planned retirement. For example, organizations must recognize future costs associated with medical equipment disposal that carries hazardous material legal obligations.