decommissioning costs

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The costs incurred in ceasing an operation or activity. An example might be the removal of an oil rig and the restoration of the seabed. Under Financial Reporting Standard 12, a provision should be made for decommissioning costs relating to damage already done, e.g. the damage caused by the installation of a rig. The relevant International Accounting Standard is IAS 37.

Subjects: Accounting.

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