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.
Course Publication Date:
September 27, 2025
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Kelen Camehl |
| Course No: | ACT-GUARANT-8255 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning 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.