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O. Reg. 553/21: NEWLY RECOGNIZED LIABILITIES
filed August 3, 2021 under Financial Administration Act, R.S.O. 1990, c. F.12
Skip to contentontario regulation 553/21
made under the
Financial Administration Act
Made: June 1, 2021
Approved: July 29, 2021
Filed: August 3, 2021
Published on e-Laws: August 3, 2021
Printed in The Ontario Gazette: August 21, 2021
Newly Recognized Liabilities
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.
Commencement
2. This Regulation comes into force on April 1, 2022.
Treasury Board:
le Conseil du Trésor :
Peter Bethlenfalvy
Minister of Finance and President of the Treasury Board /
Ministre des Finances et Président de la Conseil du Trésor
Kevin French
Deputy Minister and Secretary of Treasury Board Secretariat /
sous-ministre et secrétaire du Conseil du Trésor
Date made: June 1, 2021
Pris le : 1er juin 2021