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Application of the International Accounting Standards at an enterprise implies recognition and assessment of the liabilities that comply with the provision criteria pursuant to IAS 37.
According to legislation, applicable to many countries, an enterprise is obliged to eliminate effects of its use of a natural deposit or a plot of land where the fixed assets are located, on their service life termination. Therefore, a company that operates such assets will inevitably incur decommissioning payments in the future.
Reporting on liabilities for removal of assets and recultivation of disturbed soils usually presupposes making an assessment based on actuarial calculations.
The practice of those enterprises that create reserves for environmental remediation measures demands that the corresponding cover funds creation and utilization be reflected in the financial accounting.
Qualitative calculation of estimated environmental remediation liabilities enables an enterprise to avoid both an excess risk and overestimated liabilities.
Our actuaries make assessments of provisions for asset retirement obligations (ARO) and environmental remediation liabilities (ERL) pursuant to the IFRS (IAS 37). The calculations provide a client with the justified value of estimated liabilities with the detailed description of assumptions, risks and uncertainties.
Standard set of services
The range of services may change depending on the client’s needs.
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