November 2023
Intermediate to advanced
1360 pages
48h 5m
English
Content preview from Wiley GAAP 2024
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32ASC 460 GUARANTEES
- Perspective and Issues
- Definitions of Terms
- Concepts, Rules, and Examples
- General
- Recognition
- Initial Measurement
- Example of Estimating the Fair Value of a Guarantee Using CON 7 When Recognition of a Loss Contingency under ASC 450 Would Not Be Otherwise Required
- Example of Estimating the Fair Value of a Guarantee Using CON 7 When Recognition of a Loss Contingency under ASC 450 Is Also Required
- Subsequent Measurement
- Product Warranties
- Other Sources
- General
PERSPECTIVE AND ISSUES
Overview
ASC 460 provides guidance for guarantors on the accounting and reporting requirements of certain guarantee obligations. The Scope section below includes extensive guidance on what guarantees are and are not included. Certain guarantees require the guarantor to record a liability at fair value. Others require only disclosure initially. Guarantees embody two separate obligations:
- The contingent obligation to make future payments under the guarantee in the event of nonperformance by the party whose obligation is guaranteed, and
- An obligation to be ready to perform, referred to as a standby obligation, during the period that the guarantee is in effect.
As a result of this bifurcation of the obligation, many guarantees are now required to be recognized as liabilities on the balance sheet.
Subtopic
ASC 460, Guarantees, consists of one subtopic: ...
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