What does ARO stand for in text In sum, ARO is an acronym or abbreviation word that is defined in simple language. Asset Retirement Obligation. If you’re a corporate accountant or business owner that owns or leases certain type of assets, you may have to apply complicated bookkeeping rules set forth by the Financial Accounting Standards Board (FASB) that account for the cost of returning that property to its original condition. An Asset Retirement Obligation (ARO) is a legally enforceable liability associated with the retirement of a tangible capital asset. ARO: Acquisition Reform Office: ARO: Agriculture Research Organization: ARO: Action Recovery Online (Montana) ARO: Autosomal Recessive Osteopetrosis: ARO: Alternate Regulatory Option: ARO: Application Response Option (Computer Associates) ARO: Association of Regional Observatories (UK) ARO: Abrasion Resistant Overcoating: ARO: All Rods Out: ARO: Animal … EXECUTIVE SUMMARY TO PROVIDE BUSINESSES WITH GUIDANCE ON WHEN and how to recognize a liability for asset retirement obligations, FASB issued Statement no. Other people might have an idea. The factors that were used in determining the ARO should also be evaluated annually. The statement requires the measurement and recognition of a legally enforceable liability for retirement of an asset. Alternatively search Google for ARO. "global warming" Baker Tilly US, LLP, trading as Baker Tilly, is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Determining whether your estimate will be made by an independent third party or internally is also a consideration. Measuring the liability at the current value of outlays is an important difference from the FASB ARO standard. When used, the acronym will include a time-frame.... See full answer below. What is ARO? In that case, if the government is a less than 50 percent co-owner of the facilities it should use the non-government majority owner or operator’s measurement value, instead of the measurement criteria in GASB 83. List page number 3 In November 2016, the Governmental Accounting Standards Board (GASB) issued Statement No. ARO in shipping means ''after receipt of order'' and indicates when payment is expected on an order. The oil and gas industry uses many jargons, acronyms and abbreviations. A government that has legal obligations to perform future asset retirement activities related to its tangible capital assets should recognize a liability based on the guidance in this statement. There may be more than one meaning of ARO, so check it out all meanings of ARO one by one. This estimate should include the probability weighting of all potential outcomes, when the information is available or can be obtained at a reasonable cost. PSP, HIPAA Each requirement is prioritized as a “must have,” a “should have,” a “could have,” or a “won’t have.” Most Likely Duration - An estimate of the most probable length of time needed to complete an activity. Rate it: ARO: Annualized Rate of Occurrence (ARO) Computing » Cyber & Security. ARO. The business jargon and acronyms in this section are mostly just abbreviations for words and phrases many of us use on a regular basis. Customers are responsible for remitting funds in exchange for goods and services, and doing so according to a time frame that is clear to both parties. To start the process, CMB and ARO candidates must have at least three years’ experience and be recommended by a senior officer in their companies. The statement applies to retirement obligations for tangible long-lived assets. Insurance Accounting. Well, if you’re in the financial market you may refer to the NYSE:ARR stock, if you’re a tech guy you may think of Application Request Routing; but for us SaaS professionals, ARR means two things only: Annual Run Rate and Annual Recurring Revenue. However, the GASB standard has an important exemption for those governmental organizations (generally electric utilities) that have joint ownership interests in a tangible capital asset with a non-governmental entity that reports the asset’s ARO using the FASB ARO guidance. To determine if a project is located within a Pilot area, enter the project address in the ARO Web Form . What is the meaning of ARO? Retrieved January 10, 2021, from https://www.allacronyms.com/ARO/government. In accounting, ARO stands for “asset retirement obligations,” a policy created by the Financial Accounting Standards Board, or FASB, in June 2001. Share ARO in Governmentpage. 1. Wouldn’t it be weird if the run-off senate vote in Georgia were contested? For more information on this topic, or to learn how Baker Tilly's energy and utilities practice can help, contact our team. NASA, When used, the acronym will include a time-frame.... See full answer below. Amount of votes Joe Biden won Georgia by in the 2020 Presidential Election 3. Keep in mind that the abbreviation of ARO is widely used in industries like banking, computing, educational, finance, governmental, and health. A government that has legal obligations to perform future asset retirement activities related to its tangible capital assets should recognize … 4.5.2 Changes in an ARO Due to the Passage of Time 88 4.5.3 Changes in the Timing or Amount of Expected Cash Flows 88 4.5A Presentation 91 4.6 Disclosure 92 4.6.1 Special Considerations for Oil and Gas Producing Activities 92 ARO = Automatic Request for Retransmission Looking for general definition of ARO? ©2021 Baker Tilly US, LLP, The liability should be recognized when it is incurred and possible to estimate. If you are the minority owner of a capital asset and the majority owner or operator is a non-governmental entity, keep on doing what you’re doing – no changes in your measurement approach are needed. To start the process, CMB and ARO candidates must have at least three years’ experience and be recommended by a senior officer in their companies. more. However, you will need to evaluate GASB Statement No. Rate it: ARO: Aromantic. 2021. The oil and gas industry uses many jargons, acronyms and abbreviations. Business » Accounting. We know 242 definitions for ARO abbreviation or acronym in 7 categories. Business, Social Media, Finance. The Free Dictionary 83 for disclosure requirements. 143, Accounting for Asset Retirement Obligations. Internet » Chat. APA. Archrock Partners Finance Corp., a wholly-owned subsidiary of Archrock Partners (together with Archrock Partners, the “Issuers”), is the co-issuer of the New Notes. Find out what is the full meaning of ARO on Abbreviations.com! ARO. This business slang dictionary will help you figure out WTF is going on in your Slack channels at work. What does ARO stand for? Miscellaneous » Unclassified. ARO in shipping means ''after receipt of order'' and indicates when payment is expected on an order. An Asset Retirement Obligation (ARO) is a legally enforceable liability associated with the retirement of a tangible capital asset. What Is an Asset Retirement Obligation? Additional acronyms related to drugs and pharmaceuticals are available via the Drugs@FDA Glossary of Terms. Although both metrics are related to your business revenue, they mean two very different things. Mostly coming from user contributions, it is … List of 272 ARO definitions. Looking for the definition of ARO? All Acronyms. Abbreviation Meaning ***** ARO: Accredited Residential Originator ***** ARO: … In addition to ARO, Abrasion Resistant Overcoating may be short for other acronyms. C; Acronym Description; Catalog Price: Price included in a catalog, price list, schedule, or other form that is regularly maintained by the manufacturer or vendor, is either published or otherwise available for inspection by customers, and states prices at which deals are currently, or were last, made to a significant number of buyers constituting the general public. The acronym indicates four categories of priority and importance for project requirements. Our 'Attic' has 126 unverified meanings for ARO. The statement lays out in detail the reporting requirements in the notes to the financial statements. THE STATEMENT REQUIRES ENTITIES TO RECOGNIZE asset retirement … Earlier application is encouraged by GASB. ARO definition / ARO means? ATS (Air Traffic … Although, you will still need to include the GASB 83 disclosures. Put abbreviations that you do not know in this section. 83 – Certain Asset Retirement Obligations. In other words, the FASB standard applies to measurement in these circumstances. The statement applies to retirement obligations for tangible long-lived assets. Box 118 Tenafly, NJ 07670 www.financialaccounting.com Phone 201-568-0249 Glossary of Utility Finance and Accounting Terms used in our Seminars The abbreviation ARO stands for "after receipt of order" and further helps to clarify payment terms by specifically stating when the payment timeline begins. Word(s) in meaning: chat  Rate it: ARO: Abrasion Resistant Overlay Obviously, this list is not anywhere near exhaustive or definitive, but this should be the most comprehensive list anywhere. ARO: After Receipt of Order: B; Acronym ... A balance sheet is often described as a “snapshot of a company’s financial condition.” ... Additional acronyms are available via the Acronym Finder. Figure out WTF is going on in your Slack channels at work stand for? liability upon initial measurement that... The acronym will include a time-frame.... See full answer below on and. How to recognize a liability for asset retirement obligations for tangible long-lived assets are known as!, or to learn how Baker Tilly 's energy and utilities practice can help, aro acronym finance our team Retransmission be... Aro meaning as an acronym, abbreviation, shorthand or slang term vary from category to category in 7.! 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