Section 3110 - Asset Retirement Obligations

February 01, 2022

Section 3110 applies to:

  • Legal obligations associated with the retirement of a tangible long-lived asset that results from its acquisition, construction, development or normal operation.

Section 3110 does not apply to:

  • Obligations arising solely from a plan to sell or otherwise dispose of a long-lived asset subject to Section 3475.
  • Obligations that result from the improper operations of an asset.

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