making sense of conditional asset retirement obligations
TRANSCRIPT
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Making Sense of Conditional Asset Retirement Obligations
(FIN 47)
May 25, 2006
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Agenda
I. Overview of FASB 143 and FIN 47II. Key Implementation QuestionsIII. Environmental SpecialistIV. Case Study—MIT V. Case Study—University of DallasVI. Sample CalculationVII. Concluding Thoughts
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I. Overview of FASB 143 and FIN 47
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FASB 143
• Issued June 2001 • Was intended to apply to accounting for the
costs of nuclear decommissioning• But FASB expanded scope to include
similar removal-type costs in other industries
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FASB 143 (cont.)
• Requires entities to record liabilities for tangible, long-lived assets (e.g., buildings containing asbestos) that must be retired or disposed of (i.e., "settled") in a specified way by law or contract.
• Such liabilities are Asset Retirement Obligations (AROs)
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FIN 47
• Issued March 30, 2005• Why issued? Diverse accounting practices with
respect to implementation of FASB 143• Clarifies that FASB 143 applies to all entities with
legal obligations to retire long-lived assets• Effective for years ending after December 15,
2005 – THAT MEANS JUNE 30TH 2006!!!
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FIN 47 (cont.)
• Recognize liability for fair value of Conditional Asset Retirement Obligation (CARO) when incurred if fair value can be reasonably estimated.
• CARO: “A legal obligation to perform an asset retirement activity in which the timing and (or) method of settlement are conditional on a future event that may or may not be within the control of the entity.”
• Presumption is “nothing lasts forever”
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FIN 47 (cont.)
• A CARO represents incremental cost only (such as cost to dispose of utility poles rather than the cost to remove such poles)
• Presumption is “nothing lasts forever”
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FIN 47—Basic Concepts
• Uncertainty surrounds timing and method of settlement—Reflect it in measurement of the liability, not recognition of the liability
• Can the liability be reasonably estimated?– Evidence that FV is in acquisition price – An active market exists – Sufficient information exists to apply an
expected present value (PV) technique
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FIN 47—Basic Concepts (cont.)
• Initial accounting impacts balance sheet (assets and liabilities) and statement of activities (cumulative effect of change in accounting)
• Required disclosures:– Pro forma disclosure of effect if had been adopted in
prior year – If can’t reasonably estimate will have to disclose this
and reasons why
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II. Key Implementation Questions
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Do I Have To Develop A List Of All Facilities? If So, How?
• Campus master plan• Campus map• List of satellite offices• Lease commitment schedule
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How Can I Find Out Where Work Has Been Performed And Whether CAROs Exist?
• PP&E lead sheets• Lease schedule• Environmental reports• Campus master plan• Renovation plan• Long-time employees• Deferred maintenance
list
• Past hazmat removal invoices
• Hazmat notifications to local authorities (police & fire)
• Minutes of the board’s Grounds & Building committee
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How Can I Estimate the Cost of Remediation?
• Current fair value of remediation– Different remediation options– Recent invoices for such work– Estimates from a reputable company
• Where remediation has been performed, there is likely to be valuable data about the remediation cost.
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How Do I Determine An Appropriate Inflation Rate?
• May use inflation factor used for budgets • May want to use higher rate since
specialized skills will be required• Must be able to document why inflation rate
(and discount rate on next page) is reasonable and appropriate
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How Do I Determine An Appropriate Inflation Rate?
• Use risk-free interest rate – zero coupon U.S. treasury instruments with maturity dates that coincide with settlement date
• CON 7 requires an adjustment to the risk-free interest rate to reflect the credit standing of the institution
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How Do I Estimate An Appropriate Settlement Date?
• Get input of facilities and other campus groups
• Range of dates is likely with probabilities• Remediation of 10, 20 and even 50 years
might be reasonable• Will vary depending on remediation
approaches and the institution’s financial viability
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Estimating Settlement Date (cont.)
• Some institutions may choose:– Absolute minimum to comply with the applicable
legal requirements– “Cadillac” treatment in order to address
concerns from students, parents or other interested parties
• Consider whether dates are: Legally satisfactory? Reasonable? Feasible?
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How Do I Determine the Probability of Each Option?
• Once the settlement dates are selected a probability must be assigned to each option – based on the likelihood that that particular remediation option will occur at that date.
• The sum of the probabilities for each individual building or location must equal 100%.
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III. Environmental Specialists
Phil Hagan, JD, MBA, MPH Georgetown University
John DeLaHunt, MBA Colorado College
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Caveat
• The following information is advisory in nature and should not be construed as a legal opinion
• Most of the information is based on Federally mandated regulations
• It is important to evaluate each situation based on applicable regulations for your jurisdiction
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FIN 47 – Environmental Management Perspective
• In most cases, it will be difficult to accurately quantify liabilities based on existing information available to the university and college community
• In many cases, regulations do not require mitigation per se of existing liabilities
• The driving force for mitigation tends to be the potential liability
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Environmental Factors
• Toxic contaminants/ Regulated materials– Asbestos (building materials – assets built pre-1980) – Lead (paint, pipes – assets built pre-1978)– Polychlorinated biphenyls (PCBs) (electrical
transformers, capacitors) – Mercury (laboratories, HVAC control mechanisms)– Radioactive material (laboratories, healthcare, reactors)– Petroleum products (fuel and oil)– Hazardous waste (laboratories, maintenance facilities)
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Inflationary Cost Adjustments
• Urgency of action – Planned response vs emergency response
• Regulations & cost of compliance– Current costs– Future costs increases or decreases as a result of
regulatory change or change in technology • Local competition for mitigation services
– Asbestos (school districts)– Lead Based Paint (target housing)
• Availability of expertise and disposal sites
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Applicable Environmental Regulations
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Asbestos
• 1971 - OSHA - set PEL at 12 f/cc• 1973 - Clean Air Act NESHAP• 1987 - AHERA regulations (K-12) (40 CFR
763) • 1989 - most asbestos use banned in US• 1990 - CAA NESHAP completely re-written• 1990 - OSHA (work practice regulations) • 2000 - Worker protection regulations
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Lead Paint
• 1978 - the CPSC banned the sale of paint containing in excess of 0.06% lead intended for consumer use
• 1999 - Residential Property Renovation (40 CFR 745.81)
• 2000 - Work practice standards (40 CFR 239(c))
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Underground Storage Tanks (USTs)
• 1984 - Federal Underground Storage Tank (UST) Program (created by Hazardous and Solid Waste Amendments (HSWA) to the Resource Conversation and Recovery Act). 42 U.S.C. § 6991(a)-(i)
• 1987 - Remediation of spills (40 CFR 110)
• 1993 - Compliance with RCRA standards
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Radiation
• 1946 - Maximum permissible dose (atomic energy commission)
• “Early seventies“ - ALARA
• 1991 - Public dose (NRC 10 CFR 20.1301)
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PCBs
• 1979 – Toxic Substances Control Act (TSCA) regulations (40 CFR 761)
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Mercury/Hazardous Waste
• 1980 – Resource Conversation and Recovery Act (RCRA) (40 CFR 261)
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Campus Perspective
• Asset inventory• Contaminant inventory
– Known, suspected• Develop future projected cost estimates for mitigation
based on the following information: – Asset/Contamination inventory– Present remediation cost estimates– Timeframe for mitigation – Periodic re-assessment
• Written short & long range plans for mitigation • Inflation assumptions
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Key Campus People
• Environmental Manager or individual(s) with environmental responsibilities
• Risk Manager • Legal Counsel• Facilities Director• Director of Planning• Architect • Director of Project Management• Controller
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IV. FIN 47/FAS 143 at MIT
FY 2006 implementation process/issues
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Implementation goals
- Full compliance with new guidance - Implementation effort appropriate to the
significance of the ARO to MIT’s financial statements
- Good management understanding of impact on financial statements/numbers and disclosure
- Simple, well documented calculations and estimates – easy to audit
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Who has been involved?
• Facilities– Facilities finance– Facilities capital projects
• Legal Counsel• Environmental Health & Safety staff• Treasurer’s Office
– Real Estate gifts held– Real Estate assets in investment portfolio
• Audit Committee• Senior Management
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Process so far
• Overview of Fin 47 to Audit Committee & Senior Management -- summer & fall, 2005
• Participation in educational events/conference calls
• Meetings with Facilities/EHS/Treasurer’s Office staff to identify relevant obligations & develop methods to estimate
• Involve legal counsel to clarify relevant legislation• Work with APC and other higher ed colleagues to
test calculation template developed by Dale Larson
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Possible asset retirement obligations considered
- Asbestos- Lead paint- Soil remediation - Nuclear reactor- Leases (requirement to restore to space to original
condition at end of lease)- Linear accelerator- Lab decontamination- Gifts of real estate- Real estate in investment portfolio
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Challenges/Issues
• Identification of unabated asbestos by building extremely time-consuming in relation to $ of exposure; seeking high-level methods to estimate exposure (by building)
• Legislation effective dates; asbestos, soil remediation• Need to engage other offices deeply; even when ARO is
not likely to be material, some analysis must be done to satisfy audit requirements
• Support for/documentation of assumptions– Contractor risk premium– Construction inflation– Credit adjusted risk free rate
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V. Case Study—University of Dallas A Small Institution’s perspective:
Getting Started
Implementation processImplementation challenges
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Getting started – Small Institution
• Determine what we need to do– Contact audit firm, web-sites, and colleagues– FAS 143 – particularly Appendix D
• Transition entries illustrated– PWC article – Accounting for ARO– Data elements to be collected
• What information and assumptions must be made?
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Challenges
• Most of the data didn’t reside in the accounting office– My greatest fear: Preparing an accounting
estimate based on committee consensus• Couldn’t afford nor had time to prepare
asbestos surveys• Motivation – Helping with FIN 47 was NOT
on the Facilities Dept “to-do” list
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Who needed to be involved?
• Facilities & Planning Areas– Search for existing documentation
• Prior year surveys – what reports presently exist• Past major renovations - institutional history• Future major renovation projects
• Audit & Budget Committees Update• Bank representative
– Advise on credit adjusted risk free rate
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Methodology
• No annual budget for abatement– Abatement done when major renovations occur
• Review existing environmental reports:– Summarized By building – capitalization of ARO cost
always relates to the related long-lived asset– Schedule by Type of abatement required
• Square foot – flooring• Square foot – ceiling• Linear foot – piping
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Methodology
• Reviewed existing environmental reports, continued
– Some buildings not surveyed – reasonable estimate– Surprises, e.g., science lab tables
• Prior major renovations– Discussed with Facilities what abatement was
completed– Updated environmental report & identified buildings and
area needing asbestos removal
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Where are going with this?
• Obtain estimates from abatement contractors– Use schedule of existing asbestos per building, sq/ln ft
• Forecast anticipated ARO settlement dates– Planned and potential major renovation dates– Meeting with Planning / VP to develop probable dates
for settlement• Buildings not on the near-term abatement plan• A building may have multiple settlement dates
• Confirm liability inception date• Prepare calculations, entries, and footnotes
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VI. Sample Calculation
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Calculation Assumptions
• Cost to remove asbestos – current cost $375,000
• Inflation rate assumed – 4.5% • Contractor market risk premium – 5%• Estimated year of settlement – 2025• Liability inception date: 1973• Credit adjusted risk free rate – 6.2%
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Undiscounted Expected Cash flows
• FV of current abatement cost as of settlement date, 2025– $375,500, inflation 4.5% = $904,392
• Contractor market risk premium – 5%– $904,392 x 5% = $45,220
• Undiscounted cash flow at 2025– ( $ 904,392 + $ 45,220) = $949,612
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ARO at Inception Date
• PV of $ 949,612 back to 1973, assume 6.2% credit adjusted risk free rate– ARO liability = $41,598– Capitalize this since it is a “cost” of the long
lived asset
• Entries that would have been made in 1973– Long – lived Asset Dr $ 41,598– ARO Liability Cr $ 41,598
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Accretion Expense
• Accretion expense through June 30, 2005– Use interest method of allocation– Annual accretion is calculated at the credit adjusted risk
free rate X prior year liability
• Accretion of ARO to beginning of fiscal year– $243,540 or Sum of ($2,579 + 2,739 + 2,909 thru 2005)– e.g., Year 1973 accretion- ($41,598 x 6.2% = $2,579)
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Depreciation
• Calculate Depreciation of ARO related Long-lived asset through 2005– Assume useful life is same as settlement date– Years of useful life – (2025-1973) = 52 years– Annual depreciation SL ~ $800 ($41,598 ÷ 52)– Accumulated depreciation through year 2005 -
$26,399 i.e., (33 yr x $800)
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Cumulative Adjustment Entries
• Cumulative Adjustment– Cumulative effect Dr $269,939– Buildings Dr $ 41,598– Accum Depreciation Cr $26,399
• Depreciation through end of prior year– ARO Liability Cr $285,138
• Initial ARO $ 41,598 plus Accretion of ARO through end of prior year $243,540
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Current Year Entries
• Current Year Entries 2006– Accretion expense Dr $17,679
($285,139 x 6.2%) = $17,679– ARO Liability Cr $17,679
– Depreciation expense Dr $800– Accum depreciation Cr $800
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VII. Concluding Thoughts
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Resources
• NACUBO website at www.nacubo.org• PwC website at www.pwc.com/education
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Questions?
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