A Closer Look at Guarantees and Commitments Under U.S. GAAP ON DEMAND
Available Until
Your Desk
2.0 Credits
Member Price $58.00
Non-Member Price $67.00
Overview
This course provides an 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. Throughout, you’ll gain practical insight into how these obligations affect financial reporting and the disclosure requirements for each.
Highlights
Guarantees. Scope of ASC Topic 460. Measurement of guarantees. Subsequent measurement. Guarantee disclosures. Commitments. Guarantees vs. Commitments. Scope of ASC 440. Recognition requirements. Disclosure requirements.
Prerequisites
None.
Designed For
CPAs, CEOs, CFOs, controllers, and other financial managers.
Objectives
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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
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.
Non-Member Price $67.00
Member Price $58.00