Asset retirement is an essential part of the Oil & Gas, Nuclear, Chemical and other process industries. The Asset Retirement Management System enables clients to assess, manage and execute their asset retirement with excellence and safely manners.
IMO RESOLUTION A. 672 (16) provides guidelines and standards for removal of offshore structures concerning maritime safety and the prevention and control of marine pollution.
Accounting Standard Codification (ASC) 410-30 provides guidance on accounting for environmental remediation liabilities and is written in the context of operations taking place in the United States; however, the accounting guidance is applicable to all the operations of the reporting entity. The areas included in the discussions are:
- Environmental remediation liability laws
- Laws intended to control or prevent pollution
- Other federal statutes
- Potentially responsible parties
- Strict liability
- Joint and several liability
- Mitigation of strict, joint and several, and retroactive liability
- Costs associated with remediation
- Environmental loss contingencies.