March 2022
Intermediate to advanced
1424 pages
50h 59m
English
Content preview from Wiley Practitioner's Guide to GAAP 2022
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32ASC 460 GUARANTEES
- Perspective and Issues
- Definitions of Terms
- Concepts, Rules, and Examples
- Guarantees
- Initial Recognition
- 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
- Guarantees
PERSPECTIVE AND ISSUES
Overview
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:
- ASC 460-10, Overall, which provides requirements to be met by a guarantor for certain guarantees issued and outstanding.
ASC 460-10 has two subsections:
- General, which discusses the guarantor's recognition and disclosure of a liability at the inception of a guarantee
- Product Warranties
(ASC 460-10-05-1)
Additional sources of guidance are listed in the ...
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