WHAT IS AN ASSET RETIREMENT OBLIGATION?

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 Hello all,

As an entrepreneur, you have to keep track of so many things. So, I try to keep the financial calculation away from my routine and rely on my bookkeeper for the same. However, he keeps me updated and helps me understand the calculations. Recently, I learned about Asset Retirement Obligation (ARO). It is related to the retirement of long-term assets and the legal liability associated with it. ARO keeps the financial statements accurate and makes sure that the leased property is returned in its original condition. However, ARO is not applicable to the clean-up undertaken at the time of spillage or a natural crisis. If you want to know more about it, read the article shared below. 

Read More: https://www.agibookkeeping.com.au/what-is-an-asset-retirement-obligation/



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