Guarantees are often included within certain purchase agreements, sales agreements, commercial agreements, and many other types of agreements. This course provides an overview of the accounting, reporting, and disclosure requirements related to guarantees. The U.S. GAAP guidance related to guarantees is prescribed by ASC Topic 460.
Learning Objectives
Upon completion of this course, you will be able to:
• Identify the primary types of guarantees
• Recognize the guarantees that are within the scope of ASC Topic 460
• Identify the recognition, measurement, and subsequent measurement requirements of guarantees
• Recognize key disclosure requirements for guarantees
Major Topics
Scope of ASC Topic 460
Guarantees Within Scop
Guarantees Outside of Scope
Recognition Scope Exception
Measurement of Guarantees
Noncontingent Part of a Guarantee
Contingent Part of a Guarantee
Consideration of Transactions Within the Scope of ASC Topic 326-20
Recognition of Guarantees
Subsequent Measurement
Guarantees Within the Scope of ASC Topic 326-20
Guarantee Disclosures
Loss Contingencies
Guarantor's Obligations
Product Warranties
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