Fasb Accounting Standards Codification
FASB Accounting Standards Codification:
410 Asset Retirement and Environmental Obligations
Abstract
The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing and Accounting Guides, SOX Reporter, and GAAP Practice Manual. A summary of benefits and issues with the searches of each database will also be discussed.
Codification 410 is divided into two subtopics, 410-20 and 410-30. Code 410 is listed under the financial reporting heading of liability. Subtopic 410-20 gives guidance on accounting for the financial reporting of a liability of an asset retirement obligation (and the associated asset retirement cost) and an environmental remediation liability that results from the normal operation of a long-lived asset (see paragraph 410-20-55-7). Subtopic 410-30 provides guidance on accounting for and financial reporting of environmental remediation liabilities. (FASB Codification Liabilities, 410)
Part A
When I entered into the FASB Accounting Standards Codification website, I found that there weren’t a lot of choices to choose from regarding search criteria. This provided for very easy and simple search for information. There were categories listed based on categories of the financial statements on the left side of the web page. Beside each category is a drop down arrow which listed a category’s applicable codifications for the financial reporting for that category (i.e. under liabilities there were deferred revenue and commitments). There is also a search box on upper left side of the screen where you could enter the specific code.
I found codification 410 under the liability category. The liability drop
410 Asset Retirement and Environmental Obligations
Abstract
The purpose of this research paper is to summarize research on codification topic 410 based on the information found in different academic databases. The first part of the paper will focus on the FASB Codification database. The second part of the paper will compare and contrast three other databases on the same codification 410 within the RIA Checkpoint databases: AICPA: Auditing and Accounting Guides, SOX Reporter, and GAAP Practice Manual. A summary of benefits and issues with the searches of each database will also be discussed.
Codification 410 is divided into two subtopics, 410-20 and 410-30. Code 410 is listed under the financial reporting heading of liability. Subtopic 410-20 gives guidance on accounting for the financial reporting of a liability of an asset retirement obligation (and the associated asset retirement cost) and an environmental remediation liability that results from the normal operation of a long-lived asset (see paragraph 410-20-55-7). Subtopic 410-30 provides guidance on accounting for and financial reporting of environmental remediation liabilities. (FASB Codification Liabilities, 410)
Part A
When I entered into the FASB Accounting Standards Codification website, I found that there weren’t a lot of choices to choose from regarding search criteria. This provided for very easy and simple search for information. There were categories listed based on categories of the financial statements on the left side of the web page. Beside each category is a drop down arrow which listed a category’s applicable codifications for the financial reporting for that category (i.e. under liabilities there were deferred revenue and commitments). There is also a search box on upper left side of the screen where you could enter the specific code.
I found codification 410 under the liability category. The liability drop