However, you will need to evaluate GASB Statement No. Insurance Accounting. ARO. In November 2016, the Governmental Accounting Standards Board (GASB) issued Statement No. The statement applies to retirement obligations for tangible long-lived assets. The oil and gas industry uses many jargons, acronyms and abbreviations. The business jargon and acronyms in this section are mostly just abbreviations for words and phrases many of us use on a regular basis. Top ARO abbreviation meanings updated July 2020. Retrieved January 10, 2021, from https://www.allacronyms.com/ARO/government. 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. Share ARO in Governmentpage. If probability weighting is not feasible at a reasonable cost, a most likely amount should be used. Although, you will still need to include the GASB 83 disclosures. Obviously, this list is not anywhere near exhaustive or definitive, but this should be the most comprehensive list anywhere. ARO. Rate it: ARO: Abrasion Resistant Overlay Find out what is the full meaning of ARO on Abbreviations.com! Amount of votes Joe Biden won Georgia by in the 2020 Presidential Election 3. You’re going to enjoy all the time you save by cutting down on those needless letters! For asset minority owners that use a majority owner’s ARO measurement the measurement date of that ARO should be no more than one year and one day prior to the government’s financial reporting date. What is ARO? ©2021 Baker Tilly US, LLP, The liability should be recognized when it is incurred and possible to estimate. Postal codes: USA: 81657, Canada: T5A 0A7, Your abbreviation search returned 45 meanings, showing only Business & Finance definitions (show all 45 definitions), Note: We have 126 other definitions for ARO in our Acronym Attic, The Acronym Finder is The acronym indicates four categories of priority and importance for project requirements. Find the latest 1094904 (ARO) stock quote, history, news and other vital information to help you with your stock trading and investing. Projects involving City land or financial assistance are exempted if they have been introduced to City Council by Nov. 1, 2017. Rate it: ARO: Assistant Review Officer. An Asset Retirement Obligation (ARO) is a legally enforceable liability associated with the retirement of a tangible capital asset. Asset Retirement Obligation. 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. What does ARO stand for? The Financial Industry Regulatory Authority (FINRA) is a nongovernmental organization that writes and enforces rules for brokers and broker-dealers. Abbreviation Meaning ***** ARO: Accredited Residential Originator ***** ARO: … An Asset Retirement Obligation (ARO) is a legally enforceable liability associated with the retirement of a tangible capital asset. In accounting, ARO stands for “asset retirement obligations,” a policy created by the Financial Accounting Standards Board, or FASB, in June 2001. Business » Accounting. AROS is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms AROS - What does AROS stand for? ARO: Average Rate Option (finance) ARO: Atlanta Regional Office (Georgia) ARO: Air Traffic Services Reporting Office (Italy) ARO: Action Recovery Online (Montana) ARO: Alquiler Rehabilitacion Operacion (Spanish: Rental Rehabilitation Operation) ARO: Alternate Retail Outlet (Harley-Davidson) What Is an Asset Retirement Obligation? 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. "global warming" The statement lays out in detail the reporting requirements in the notes to the financial statements. FAI's Public Utility Finance and Accounting Seminars Seminars for Professionals Concerned with Electric, Gas and Water Companies Financial Accounting Institute P.O. A government that has legal obligations to perform future asset retirement activities related to its tangible capital assets should recognize … Put abbreviations that you do not know in this section. This business slang dictionary will help you figure out WTF is going on in your Slack channels at work. 83 – Certain Asset Retirement Obligations. THE STATEMENT REQUIRES ENTITIES TO RECOGNIZE asset retirement … Mostly coming from user contributions, it is … Till now you might have got some idea about the acronym, abbreviation or meaning of ARO 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. The statement applies to retirement obligations for tangible long-lived assets. Determining whether your estimate will be made by an independent third party or internally is also a consideration. These rules are known collectively as the asset retirement obligation. When used, the acronym will include a time-frame.... See full answer below. Internet » Chat. ****. Wouldn’t it be weird if the run-off senate vote in Georgia were contested? Earlier application is encouraged by GASB. The statement requires that a deferred outflow of resources be measured at the amount of the corresponding liability upon initial measurement. The statement then requires that the current value of the ARO be adjusted for the effects of general inflation or deflation at least annually. Please look for them carefully. An Asset Retirement Obligation (ARO) is a legally enforceable liability associated with the retirement of a tangible capital asset. “I just need to find 11,780 votes.” -Pres. Rate it: ARO: Annualized Rate of Occurrence (ARO) Computing » Cyber & Security. Box 118 Tenafly, NJ 07670 www.financialaccounting.com Phone 201-568-0249 Glossary of Utility Finance and Accounting Terms used in our Seminars PSP, HIPAA aromantic: experiencing little or no romantic attraction to others. 143, Accounting for Asset Retirement Obligations. Looking for the definition of ARO? In addition to ARO, Automatic Request for Retransmission may be short for other acronyms. ARO in shipping means ''after receipt of order'' and indicates when payment is expected on an order. In addition to ARO, Abrasion Resistant Overcoating may be short for other acronyms. Real-Time Trade Reporting Definition. Additional acronyms related to drugs and pharmaceuticals are available via the Drugs@FDA Glossary of Terms. This estimate for additional retirement costs is usually based on laws and regulations that require certain activities be done, such as decommissioning power plants or removing sewage treatment plants. The Free Dictionary The effective date of the statement is for reporting periods beginning after June 15, 2018. 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. Rate it: ARO: Annualized Rate of Occurrence. 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. Computing » Cyber & Security. The Definition of ARO is given above so check it out related information. Mostly coming from user contributions, it is … EXECUTIVE SUMMARY TO PROVIDE BUSINESSES WITH GUIDANCE ON WHEN and how to recognize a liability for asset retirement obligations, FASB issued Statement no. NASA, Business, Social Media, Finance. ARO definition / ARO means? Possible ARO meaning as an acronym, abbreviation, shorthand or slang term vary from category to category. 83 requires the measurement of an ARO be based on the best estimate of the current value of outlays to be incurred. 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. Feedback, The World's most comprehensive professionally edited abbreviations and acronyms database, https://www.acronymfinder.com/Business/ARO.html, Application Resource Optimizer (software development), Application Release Orchestration (Gartner), Air Traffic Services Reporting Office (Italy), Alquiler Rehabilitacion Operacion (Spanish: Rental Rehabilitation Operation), Alternate Retail Outlet (Harley-Davidson). Acronym Definition; ARO: Automatic Request for Retransmission: ARO: Army Research Office: ARO: ATS (Air Traffic Services) Reporting Office: ARO: After Receipt of Order: ARO: Academic Research Organization: ARO: Asset Retirement Obligation: ARO: Automobilul Romanesc: ARO: Application Resource Optimizer (software development) ARO: Association for Research in … 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 … If you received an answer, delete the abbreviation from this section, and add it to its alphabetical section (If it is not there yet). Alternatively search Google for ARO. Miscellaneous » Unclassified. This estimate should include the probability weighting of all potential outcomes, when the information is available or can be obtained at a reasonable cost. Military, Army, Officer. 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. Acronym Finder has 45 verified definitions for ARO 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. Our 'Attic' has 126 unverified meanings for ARO. ARO = Automatic Request for Retransmission Looking for general definition of ARO? Measuring the liability at the current value of outlays is an important difference from the FASB ARO standard. 143, Accounting for Asset Retirement Obligations. For more information on this topic, or to learn how Baker Tilly's energy and utilities practice can help, contact our team. ARO. Asset Retirement Obligation. The meaning of the ARO is also explained earlier. 1. ATS (Air Traffic … 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 What is the meaning of ARO? To determine if a project is located within a Pilot area, enter the project address in the ARO Web Form . 83 for disclosure requirements. If you have current ARO’s under the FASB standard you’ll need a transition plan to measure the ARO’s under the GASB current value method. Rate it: ARO: Aromantic. 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. 2021. ----- ACRONYMS & ABBREVIATIONS 301(H)APPS 301(H)INFO 403C 5SEG A&C A&R A/WPR AA AA AA AA AA AA AAA AAA AAAS AAEE AAEM AAES AANWR AAOHN AAP AAP AAP AAPCO AAR/BOE AARC AARP ABA ABAC ABES ABMA ABTRES AC AC AC ACA Applications for Variance from Secondary Treatment Requirements (File) 301 (h) Application Tracking System Section 403(c) … List of 272 ARO definitions. © 1988-2021, The statement requires the measurement and recognition of a legally enforceable liability for retirement of an asset. ,random What does ARO stand for in text In sum, ARO is an acronym or abbreviation word that is defined in simple language. Keep in mind that the abbreviation of ARO is widely used in industries like banking, computing, educational, finance, governmental, and health. In November 2016, the Governmental Accounting Standards Board (GASB) issued Statement No. In other words, the FASB standard applies to measurement in these circumstances. Keep in mind that the abbreviation of ARO is widely used in industries like banking, computing, educational, finance, governmental, and health. 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. Acronym Finder, All Rights Reserved. We know 242 definitions for ARO abbreviation or acronym in 7 categories. Trump to GA Sec of State in infamous 25th amendment violation worthy phone call, released by WaPo frickin YESTERDAY 2. Examples: NFL, Word(s) in meaning: chat This page illustrates how ARO is used in messaging and chat forums, in addition to social networking software like VK, Instagram, Whatsapp, and Snapchat. 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. This pilot is set to sunset on Dec. 31, 2023. 83 – Certain Asset Retirement Obligations. ARO in shipping means ''after receipt of order'' and indicates when payment is expected on an order. Office, China, Locations. more. 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. There may be more than one meaning of ARO, so check it out all meanings of ARO one by one. 'Army Research Office' is one option -- get in to view more @ The Web's largest and most authoritative acronyms and abbreviations resource. The abbreviation ARO stands for "after receipt of order" and further helps to clarify payment terms by specifically stating when the payment timeline begins. 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. 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. THE STATEMENT REQUIRES ENTITIES TO RECOGNIZE asset retirement … In accounting, ARO stands for “asset retirement obligations,” a policy created by the Financial Accounting Standards Board, or FASB, in June 2001. What does ARO stand for?. Other people might have an idea. The factors that were used in determining the ARO should also be evaluated annually. Statement No. When used, the acronym will include a time-frame.... See full answer below. All Acronyms. The oil and gas industry uses many jargons, acronyms and abbreviations. EXECUTIVE SUMMARY TO PROVIDE BUSINESSES WITH GUIDANCE ON WHEN and how to recognize a liability for asset retirement obligations, FASB issued Statement no. APA. Obviously, this list is not anywhere near exhaustive or definitive, but this should be the most comprehensive list anywhere. List page number 3 Although both metrics are related to your business revenue, they mean two very different things.