Examlex
Which circumstance is an exception to the catch or declare rule?
Fair Value
The projected cost at which an asset or liability could be swapped between consenting, informed entities in a transaction without any special ties.
Book Value
The net value of an asset as recorded on a company's balance sheet, calculated as the original cost minus depreciation.
Asset Retirement Obligations
Liabilities recognized for the future costs of disposing of an asset and restoring the site, typically relevant for companies with significant fixed assets.
GAAP
Commonly followed accounting rules and standards for financial reporting, referred to as Generally Accepted Accounting Principles.
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