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PCG » Topics » Conditional Asset Retirement Obligations

This excerpt taken from the PCG 8-K filed Oct 28, 2005.

Conditional Asset Retirement Obligations

 

In March 2005, the FASB issued Interpretation No. 47, “Accounting for Conditional Asset Retirement Obligations - an interpretation of FASB Statement No. 143,” or FIN 47.  FIN 47 clarifies that a conditional asset retirement obligation refers to a legal obligation to perform an asset retirement activity.  Accordingly, an entity is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the obligation can be reasonably estimated.  FIN 47 will be effective for the fourth quarter of 2005.  PG&E Corporation and the Utility are currently evaluating the impact of FIN 47 on their Consolidated Financial Statements.

 

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