FASB 143 rules will change decommission liability

DECOMMISSION OBLIGATIONS—1The US Financial Accounting Standards Board (FASB) recently issued a comment that will change the manner in which oil and gas companies account for dismantling and removing oil and gas facilities.The proposed implementation of FASB Statement No. 143, Accounting for Asset Retirement Obligations, if adopted, would take effective no later than the end of the fiscal year, which ends Dec. 15, 2005.1This first in a two-part series will describe FASB 143 and factors that influence decommissioning. The second part will present cost functions to help operators estimate offshore liability and present an estimate of the fair market value for the decommissioning liabil...

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