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The article responds to FASB's exposure draft regarding the accounting for liabilities associated with long-lived assets.

June 15, 2026Accounting Horizons

Response to the FASB Exposure Draft, "Proposed Statement of Financial Accounting Standards-- Accounting for Certain Liabilities Related to Closure or Removal of Long-Lived Assets"

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The article responds to FASB's exposure draft regarding the accounting for liabilities associated with long-lived assets.
Provided a formal response from the Financial Accounting Standards Committee of the American Accounting Association.
Evaluated the requirements of the FASB draft regarding closure and removal obligations.
The Committee agrees with the requirement to recognize liabilities for closure obligations, supporting its conceptual soundness.
Concerns were raised about the potential difficulties in interpreting essential characteristics outlined in the draft.

Authors

TWTerry D. WarfieldUniversity of Wisconsin–Madison JGJohn Gribble MLMark H. Lang

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Implication

Response outlines agreement with the FASB's proposed standards for accounting liabilities in financial reporting, highlighting potential interpretation challenges.

Cite This Study

Warfield et al. (1996) studied this question.

synapsesocial.com/papers/6a2f975ea1cfeec490828731 https://doi.org/10.2308/ah-9707142019

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Implication

Response outlines agreement with the FASB's proposed standards for accounting liabilities in financial reporting, highlighting potential interpretation challenges.

Response to the FASB Exposure Draft, "Proposed Statement of Financial Accounting Standards-- Accounting for Certain Liabilities Related to Closure or Removal of Long-Lived Assets"

Key Points

Discussion

Implication

Cite This Study

Response to the FASB Exposure Draft, "Proposed Statement of Financial Accounting Standards-- Accounting for Certain Liabilities Related to Closure or Removal of Long-Lived Assets"

Key Points

Discussion

Implication

Cite This Study

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