Government Insights – GASB Statement No. 83

State and local governments face asset retirement obligations (AROs) when certain tangible capital assets, such as power generation facilities, sewage treatment plants or medical equipment items are retired.

Statement No. 83 – Certain Asset Retirement Obligations – issued in November 2016 by the Governmental Accounting Standards Board (GASB) provides accounting and financial reporting guidance for AROs that was not addressed in previous GASB standards.

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