Hi all,
As a business owner, you realise that you are unaware of so many accounting terms that are significantly important for your business. When my bookkeeper told me about asset retirement obligations (ARO), I was surprised to know that it was a legal obligation that needed to be fulfilled. He told me that we had to comply with it because we were dealing with hazardous chemicals that needed to be removed from the leased premises at the end of the tenancy. I am sure many of the people owning chemical-based businesses are not aware of ARO, so here is an article that will enlighten you and answer all your questions.
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