Preparing for asset retirement.
Statement of Financial Accounting Standards (SFAS) No. 143 requires organizations to recognize a liability for an asset retirement obligation when it is incurred--even if that occurs far in advance of the asset's planned retirement. For example, organizations must recognize future costs associated with medical equipment disposal that carries hazardous material legal obligations.
School of Business, Wayne State University, Detroit, USA. randall.luecke@csagroup.org
Randall W
RW
Luecke
Alan
A
Reinstein
D000067:Accounts Payable and Receivable; D003361:Cost Allocation / Q000592:standards*; D003862:Depreciation; D004865:Equipment and Supplies, Hospital / Q000191:economics; D005377:Financial Management, Hospital / Q000379:methods / Q000592:standards*; D014481:United States; D018505:Waste Management / Q000191:economics