Financial Administration Act

ONTARIO REGULATION 553/21

NEWLY RECOGNIZED LIABILITIES

Consolidation Period:  From April 1, 2022 to the e-Laws currency date.

No amendments.

This is the English version of a bilingual regulation.

Asset retirement obligations

1. (1) For the purposes of section 11.9 of the Act,

(a) asset retirement obligations are prescribed as newly recognized liabilities; and

(b) April 1, 2022 is prescribed as the corresponding recognition date for those liabilities.

(2) In this section, “asset retirement obligations” means legal obligations associated with the retirement of a tangible capital asset resulting from its acquisition, construction, development or normal use.

2. Omitted (provides for coming into force of provisions of this Regulation).