Accounting / July 18, 2018 / Willow Mccoy
Asset retirement obligation involves the retirement of a tangible, long-lived asset that depends on a future event beyond the control an obligated party. It is an accounting rule and legal obligation meant to account for the cost of returning a piece of property to its original condition. Asset retirement obligation (ARO) is an essential part of producing fair and accurate financial statements so those viewing them can have a better idea of a company's obligations, and therefore its overall value.
breaking a leaseLeases are legally binding contracts, and vacating a rental property before your lease expires can have serious consequences. But what are you supposed to do if you can’t make rent? You can skip the payment and dodge your landlord until you’re able to drum up the cash. However, this method rarely works and some landlords begin the eviction process once payments are 15 days past due.
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