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A local law requires the removal of asbestos when a building is demolished. There are significant costs for the removal of asbestos and therefore, companies

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A local law requires the removal of asbestos when a building is demolished. There are significant costs for the removal of asbestos and therefore, companies are generally required to record ARO when such building is purchased. ICON Inc. acquires a building for its operation. It plans to use the building for only 10 years and then resell the building to an outside party after. It has no plan to demolish the building. Is ICON Inc. still required to record the ARO? Explain why or why not

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