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Accounting for Guarantees

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: January, 2022

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Indirect Guarantees of the Indebtedness of Others
  • Transactions Outside the Scope of ASC Topic 460
  • Initial Measurement – Noncontingent Portion
  • Loss Contingencies
  • Recognition of Guarantees
  • Guarantor’s Obligations Disclosures

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 webinar 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.

Recommended For

  • This CPE Course is recommended for CPAs, CIAs, CMAs, CVAs, IAPs, QIALs, and other accounting professionals desiring to understand everything about accounting for guarantees.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 1 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 1 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 1 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 1 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 1 PL Credit of Accounting for Chartered Financial Analyst (CFA)
  • 1 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
  • 1 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 1 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
  • 1 PL Credit of Accounting for Certificate In Investment Performance Measurement (CIPM)
  • 1 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • 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.
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  • 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.
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