Preparing for Asset Retirement Obligations

Asset retirement obligations require complex accounting standards, the application of professional judgement, and often result in significant changes to the financial statements of public sector entities. With new standards being introduced, public sector entities are required to make judgements and assumptions leveraging available data and the insights of their team to accurately estimate their asset retirement impact.

KPMG in Canada’s Perspectives on PS 3280 Asset Retirement Obligations guide provides insights on key implementation issues and technical interpretations of the guidance in PS 3280. It explores challenges public sector entities are likely to face as they implement this standard for the first time and establishes a process for the review of the obligation at each financial reporting date. This guide aims to help management and other stakeholders by providing a roadmap to implementation.

Explore KPMG insights below and reach out to our team to learn how we can help.