Assent 143 & Asset Retirement Obligations (ARO)


What Is Assent 143?

Assent 143 is a software solution designed to streamline the complex process of managing and measuring asset retirement obligations (ARO) according to the guidelines set forth in ASC 410-20 (SFAS 143) by the Financial Accounting Standards Board (FASB). SFAS 143 requires companies to recognize and measure liabilities associated with the retirement of long-lived assets, including asset retirement costs such as decommissioning and dismantling costs, as well as removal and restoration obligations.

Traditionally, managing these obligations has been a cumbersome task, often relying on error-prone spreadsheets. Assent 143's user-friendly interface simplifies data entry and manipulation, ensuring accurate measurement of ARO liabilities and fair value obligations in accordance with financial accounting standards.

Developed over 15 years through collaboration with various industry participants, Assent 143 incorporates best practices gleaned from reviewing countless spreadsheets and technical discussions with leading audit firms. Currently trusted by over 100 companies, Assent 143 empowers you to:

  • Reduce Operational Reporting Risks: Standardized reports streamline the reconciliation process, allowing you to focus on the accuracy and completeness of your data, rather than the computational integrity of spreadsheets.
  • Ensure Compliance with SFAS 143: Assent 143 is designed to meet the specific requirements of SFAS 143, ensuring your financial statements accurately reflect your ARO liabilities and regulatory requirements.
  • Improve Financial Reporting Efficiency: Automated calculations and standardized reports significantly reduce the time and resources required for financial reporting related to asset retirement obligations.
  • Simplify Audits: Facilitate a smoother audit process with comprehensive data change history logs, user access controls, and a SOC 1 report available to streamline annual reviews and compliance efforts.

Assent 143 Features

  • Provides a reliable, auditable and repeatable solution to your ARO reporting requirements.
  • Data can be imported and exported using Excel workbooks. It logically and consistently handles single or multiple changes to ARO calculation variables, such as increases or decreases in economic factors and expected lives.
  • Numerous standardized reports easily exported to Excel minimize time required to build ARO liability roll-forwards.

Assent 143 Benefits

  • Reduced Operational Reporting Risks: Standardized reports facilitate your reconciliation process and allow you to concentrate on accuracy and completeness rather than the computational integrity of spreadsheets.
  • Best Practices: Our solution represents the best practices identified after examining hundreds of client spreadsheets and technical discussions with each of the major audit firms over our 15+ years offering Assent 143.
  • Auditing & Change Control: All data changes are date and time stamped along with the user performing the action. Multiple roles allow appropriate user access to data to limit who can make changes and updates. A SOC1 report is available to Assent clients to facilitate annual audit reviews and compliance.
  • Reduced Time To Prepare Reports: Standard reports streamline procedures and reduce overhead costs by reducing staff time spent managing, maintaining, and updating cumbersome spreadsheets.

Streamlined Implementation with Expert Support

Getting started with Assent 143 is smooth and efficient. Our dedicated team will guide you through every step of the process, ensuring a successful implementation that minimizes disruption and maximizes your return on investment, while ensuring compliance with SFAS 143 for asset retirement obligations (ARO).

Implementation Training & Support:

  • Establish Pilot: We'll work with you to define a pilot program focusing on a specific asset class or location. This allows you to experience the benefits of Assent 143 in a controlled environment before full-scale deployment.
  • Clean Data/Install, Data Upload/Comparison: Our team will assist you in cleaning and preparing your existing data for seamless import into Assent 143. We'll then guide you through the upload process and perform data comparisons to ensure accuracy and consistency.
  • Testing/QA, Modify Reporting: We'll conduct thorough testing and quality assurance checks to guarantee the system functions flawlessly. You'll have the opportunity to customize reports to fit your specific needs, ensuring they deliver the information most valuable to your organization.
  • Audit Assistance: Assent 143 is designed to empower you during SFAS 143 audits. We provide comprehensive support to streamline the audit process, including data change history logs and user access controls. A SOC 1 report is also available to facilitate annual reviews and compliance.

Beyond Implementation:

Our commitment to your success extends beyond the initial setup. We offer ongoing support to ensure you continue to get the most out of Assent 143. This includes:

  • Quick data upload: Our system is designed for effortless data upload, minimizing the time it takes to populate calculations for ARO liabilities.
  • Easy-to-follow outputs: Reports are clear and concise, facilitating a smooth review process and maximizing understanding of your fair value obligations.
  • Experienced oil and gas teams: Our team has extensive experience in the oil and gas industry, allowing them to provide tailored guidance and address your specific challenges related to ARO compliance.

Ready to ensure your company's compliance with SFAS 143 and effectively manage your asset retirement obligations? Our expert team can help you navigate the complexities of liability and obligation, ensuring fair value assessments and seamless integration. Don't leave your compliance to chance—reach out to us today to secure a comprehensive agreement that meets all regulatory standards. Contact us now to get started!

Dave Loucks

Dave Loucks

Principal

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