Newly Recognized Liabilities
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O. Reg. 553/21: NEWLY RECOGNIZED LIABILITIES, Under: Financial Administration Act, R.S.O. 1990, c. F.12
Financial Administration Act
NEWLY RECOGNIZED LIABILITIES
Consolidation Period: From April 1, 2022 to the e-Laws currency date.
No amendments.
This is the English version of a bilingual regulation.
Asset retirement obligations
1. (1) For the purposes of section 11.9 of the Act,
(a) asset retirement obligations are prescribed as newly recognized liabilities; and
(b) April 1, 2022 is prescribed as the corresponding recognition date for those liabilities.
(2) In this section, “asset retirement obligations” means legal obligations associated with the retirement of a tangible capital asset resulting from its acquisition, construction, development or normal use.
2. Omitted (provides for coming into force of provisions of this Regulation).