Oil & Gas
Carbon Credit Surrendered (Obligation Met)
Surrendering carbon credits to meet a regulatory or voluntary emissions obligation.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Carbon Obligation Provision (Liability) | Liability (-) | 500,000.00 | - |
| Carbon Credits (Intangible Asset) | Asset (-) | - | 500,000.00 |
💡 Accountant's Note
When carbon credits are surrendered to a regulatory authority or carbon registry, the obligation is discharged and the intangible asset is derecognized. The provision set up at year-end for the emissions obligation is cleared.
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