The Public Sector Accounting Board (PSAB) issued ASSET RETIREMENT OBLIGATIONS, Section PS 3280 and the related Basis for Conclusions. The new Section establishes standards on how to account for and report a liability for asset retirement obligations and is expected to improve consistency in accounting for these obligations.
The standard is accompanied by an In Brief and a podcast, which provide an overview of Section PS 3280. Stay tuned for further communication on asset retirement obligations later in 2018.
To learn more about the project history, and to view the consultation documents and responses, please visit the project page.