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.
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. SEC Filer Examples.
CPAs, CFOs, controllers, financial professionals, and auditors.
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.
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
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