A Closer Look at Guarantees and Commitments under U.S. GAAP
SKU: 02-284-01-CPE
Credit Hours: 2
Category: Accounting
Prerequisites: None
Learning Level: Overview
Delivery Method: Online PDF
Instructor: Kelen F. Camehl, CPA, MBA
Course Description:
This course provides an overview of the accounting for guarantees and commitments under U.S. GAAP. It begins with the principles for recognizing and disclosing guarantees and then expands to cover commitments, such as unused lines of credit, purchase obligations, and other off-balance sheet arrangements.
Upon completion of this course, you should be able to:
- Identify which arrangements fall within the scope of ASC Topic 460
- Recognize when a guarantee must be recorded as a liability
- Determine the appropriate initial and subsequent measurement of a guarantee
- Select the required disclosures for guarantees in the financial statements
- Identify the types of arrangements that may be considered commitments under ASC 440
- Recognize when a commitment should be disclosed in the financial statements
- Differentiate commitments from other obligations that create recognized assets or liabilities
- Determine when other accounting guidance may take precedence over ASC 440 for certain commitments