myCPE

March Mastery Sale : 67% Savings on Subscription. Offer Ends Soon! March Mastery Sale :
67% Savings on Subscription. Offer Ends Soon!
00hrs : 00min : 00sec

View Offer

Accounting for Guarantees

  • CPA (US)
  • CIA
  • CMA
  • CVA
  • CPA/PFS
  • Accountant/Bookkeeper/Tax Professionals
Accounting for Guarantees

Free (Only Today)

1 Credit

Subject Area

Accounting
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

What is a guarantee? 

Guarantees are often included within certain purchase agreements, sales agreements, commercial agreements, and many other types of agreements. 

Oddly enough, while the FASB has a dedicated ASC Topic for the accounting and reporting requirements related to guarantees, the FASB does not offer a concrete definition of the term guarantee. This is likely because there are so many different types of guarantees. 

Within the context of ASC Topic 460, there are three primary types of guarantees: 

  • Financial guarantees 
  • Performance guarantees
  • Indemnifications

ASC 460, Guarantees contains guidance on a guarantor’s accounting and disclosure requirements for particular guarantee obligations. It requires a reporting entity that makes certain types of guarantees to recognize a liability generally measured initially at fair value and to make several specified disclosures. For other types of guarantees, the guarantor is exempt from the initial recognition provisions but is still subject to the disclosure requirements

Both financial and non-financial contracts can be guaranteed within the scope of ASC 460. The scope does not include guarantees that the guarantor should record in equity. Certain guarantees that are within the scope of ASC 460 also fall under the scope of the current expected credit loss (CECL) model in ASC 326, and thus must be assessed for expected credit losses.

This CPE E-Book provides an overview of the accounting, reporting, and disclosure requirements related to guarantees as prescribed by ASC Topic 460.

Learning Objectives

  • To identify the primary types of guarantees.
  • To recognize the guarantees that are within the scope of ASC Topic 460.
  • To identify the recognition, measurement, and subsequent measurement requirements of guarantees.
  • To analyze consideration of transactions within the scope of ASC Topic 326-20.
  • To recognize key disclosure requirements for guarantees.
  • To review real-world examples of policy disclosures.

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 1 CPE Credit for Certified Internal Auditors (CIA)
  • 1 CPE Credit for Certified Management Accountants (CMA)
  • 1 CPE Credit for Certified Valuation Analyst (CVA)
  • 1 CPD Credit for Personal Financial Specialist (PFS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Kelen Camehl, CPA (US), MBA

Advisor, Kelen Camehl CPA

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.

About Company


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.
  • For Refund and Complaint Resolution Policy, CLICK HERE.

Ratings and Review

4.4

15 Ratings

Excellent

0

Very Good

0

Average

0

Poor

0

Terrible

0