Summary ASC 410 is the accounting standard codification that represents asset retirement and environmental obligations. Under ASC 410‚ there are two main subtopics which are asset retirement obligations and environmental obligations. Asset retirement obligations are legal obligations that may exist in connection with an entity’s retirement of a tangible long-lived asset. These legal obligations may arise when the entity acquires‚ constructs‚ or develops a long-lived asset‚ or operates a long-lived
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To: Professor Hughes From: Zoe He‚ Chao Ma Date: November 2‚ 2014 Topic: Potential Asset Retirement Obligation Liability of ARO The major purpose of this memo is to help identify potential asset retirement obligation liabilities when ARO sells its 12 warehouses‚ which contain asbestos‚ in different situations. After studying related materials in ASC 410 rules‚ we have major conclusions summarized in this memo. In the situation that ARO plans to sell its 10 warehouses containing asbestos with special
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YOURSELF IN BUSINESS LAW 1 (OBLIGATIONS AND CONTRACTS) Part I The juridical tie that binds the parties in an OBLIGATION is determined by the sources of Obligation. Mora Accipiende and Mora Solvendi are two kinds of delay. An Obligation with a Condition AND an Obligation with a Period refer to the same kind of Obligation. Acts of Man and Acts of God are considered Fortuitous Event under our Civil Code. There can be Joint Obligation in an INDIVISIBLE OBLIGATION. The principal always follows
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have a five step guide that is used to achieve their sole purpose. They are to identify the contract with the customer‚ identify performance obligations in the contract‚ determine the transaction price‚ allocate the transaction price to the performance obligations in the contract‚ and recognize the revenue when‚ or as‚ the entity satisfies a performance obligation . In identifying a contract with a customer‚ both the FASB and the IASB require approval and commitment of the parties‚ as well as the identification
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INTRODUCTION INTRODUCTION TO LAW Law – means any rule of action or any system of uniformity 2 General Groups Law (in the strict legal sense) – promulgated and enforced by state Law (in the non-legal sense) – not promulgated and enforced by state General Divisions of Law Divine Law o Law of religion and faith; concerns itself with the concept of sin and salvation o Divulged to mankind by direct revelation o Sanction lies in assurance of certain rewards and punishments in the present
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to the characters’ failure to choose where their loyalty and obligation should stand‚ thus creating conflict. The main character of the play‚ Antigone‚ is forced to choose a decision between abiding by the law‚ and showing obligation to her family. King Creon is also forced to make a decision between his moral obligation and his family obligation‚ but his actions create a series of tragic happenings. Moral obligation is an obligation arising out of considerations of right and wrong. With this in
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activities may be the highest type of company loyalty an employee can display. Under what circumstances‚ if any‚ is whistle blowing morally justified? Some people have argued that whistle blowing is never justified because employees have absolute obligations of confidentiality and loyalty to the organization for which they work. People who argue this way see no difference between employees who reveal trade secrets by selling information to competitors‚ and whistle blowers who disclose activities harmful
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CONFIDENTIAL—NOT TO BE DISTRIBUTED TO UNAPPROVED PARTIES‚ THE PUBLIC OR PRESS IASB MEETING LONDON‚ SEPTEMBER 2004 AGENDA PAPER 15B First Pre-ballot Draft of “Proposed Amendments to IAS 37 Provisions‚ Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits” Staff contact: Henry Rees‚ +44 20 7246 6466‚ hrees@iasb.org.uk page 1 Exposure Draft of Proposed AMENDMENTS TO IAS 37 PROVISIONS‚ CONTINGENT LIABILITIES AND CONTINGENT ASSETS IAS 19 EMPLOYEE BENEFITS
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Capital Goods (EPCG) scheme allows import of capital goods including spares for pre production‚ production and post production at zero duty for specified sectors and at a concessional rate of 3% Customs duty for all sectors‚ subject to an export obligation ranging from 6 to 8 times of duty saved on capital goods imported under EPCG scheme‚ to be fulfilled in 6 to 8 years reckoned from Authorization issue-date. EPCG scheme covers manufacturer exporters with or without supporting manufacturer(s)/
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number of philosophers have provided unique formulations of the moral argument‚ but George Mavrodes’ version in his article “Religion and the Queerness of Morality” is‚ perhaps‚ the most compelling. Mavrodes argues that the existence of moral obligations would be an absurd feature of the world if all that existed were natural
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