The Benefits of Asset Retirement Obligation (ARO) Software
Assent 143 ARO software presents a streamlined solution to the oil and gas industry. Oil and gas exploration and production companies are required by Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 410-20 to record asset retirement obligations associated with the retirement of tangible long-lived assets. Asset Retirement Obligation (ARO) software is a solution that replaces inefficient, costly, and complex methods for calculating asset retirement obligations. Typically, asset retirement obligations have been calculated using cumbersome spreadsheets. The Assent 143 ARO software enables companies to streamline procedures and reduce the costs associated with managing, maintaining, and updating cumbersome spreadsheets.
ARO software includes the following benefits:
- Assent 143 ARO software provides a repeatable, consistent, and auditable solution to asset retirement obligation reporting requirements
- Assent 143 ARO software allows users to concentrate on the quality of asset retirement obligation inputs and decision management by allowing users to easily import and export data
- Assent 143 ARO software mitigates computational risk with error checking features within the application
- Assent 143 ARO software provides consistency in the asset retirement obligation calculations across people and locations
- Assent 143 ARO software facilitates asset retirement obligation review through standardized reports
- Assent 143 ARO software provides a full manual to explain how the application works, including a step by step user guide
- Assent 143 ARO software provides maintenance and support for issue resolution
The Assent 143 ARO software's customized implementation process involves a review with the client about current asset retirement obligation calculations to determine differences in business unit calculations. We then develop a pilot implementation and begin loading data based on a current asset retirement obligation calculation. In addition to assisting the client with data reconciliation and recalculation, we work with the client on documenting the methodology and planning towards simplifying the asset retirement obligation calculation upon implementation or in future years.
Assent 143 ARO software's many users will agree that Assent 143 brings consistency and accuracy as well as efficiency and value to a company’s ARO calculation, allowing financial reporting resources to focus on other tasks.