use the Accounting Standards Codification (ASC) database to determine the precis

Question

use the Accounting Standards Codification (ASC) database to determine the precise reference that represents the authoritative guidance in US GAAP. To illustrate, the support for principles to determine if a transfer of receivables should be accounted for as a sales or as a secured borrowing would be found in ASC section 860-10-40-3.

Your Company is in the coal mining business, which often requires asset retirement obligations (ARO) for costs related to retiring the long-lived asset in the future. You are doing the initial accounting for a new coal mine, and you are told that fair value of the retirement obligation is reasonably estimated. Identify the authoritative guidance that describes the accounting for this ARO.

Explanation / Answer

410-20-25-4

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