Which arrangements fall within the scope of ASC Topic 460, according to this course?

The Guarantees and Commitments under U.S. GAAP course identifies which arrangements fall within the scope of ASC Topic 460.

When must a guarantee be recorded as a liability, according to this course?

This course recognizes when a guarantee must be recorded as a liability on the balance sheet.

How does this course distinguish commitments from other obligations?

This course differentiates commitments from other obligations that create recognized assets or liabilities.

How many CPE credits does this Guarantees and Commitments course provide?

A Closer Look at Guarantees and Commitments under U.S. GAAP is a Technical, self study text course in Accounting carrying 2.0 CPE credits, with a 10 question final exam and 6 review questions (optional) required for a 70% passing score. CPEthink is approved by NASBA as a CPE sponsor and lists this course on the NASBA site as a courtesy for CPAs to search https://nasba.org.

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A Closer Look at Guarantees and Commitments under U.S. GAAP (Course Id 2635)

QAS / Registry

Author:	Kelen Camehl, CPA, MBA
Course Length:	Pages: 32 \|\|\| Word Count: 13,031 \|\|\| Review Questions: 6 \|\|\| Final Exam Questions: 10
CPE Credits:	2.0
IRS Credits:	0
Price:	$17.95
Passing Score:	70%
Course Type:	Text

A Closer Look at Guarantees and Commitments under U.S. GAAP - CPE course for CPAs

Technical Designation:	Technical
Field Of Study:	Accounting
Approved Audience:	NASBA QAS - NASBA Registry
Key Takeaways:	This course focuses on accounting for guarantees and commitments under U.S. GAAP, covering recognition, measurement, and disclosure requirements under ASC Topics 460 and 440. Covers the principles for recognizing and disclosing guarantees under ASC Topic 460. Explains commitments such as unused lines of credit, purchase obligations, and other off balance sheet arrangements. Reviews the disclosure requirements for guarantees and commitments under current accounting standards. Worth 2.0 CPE credits in Accounting as a self study text course on guarantees and commitments under U.S. GAAP, requiring a 10 question final exam preceded by 6 review questions (optional) and a 70% passing score.
Frequently Asked Questions:	Which arrangements fall within the scope of ASC Topic 460, according to this course? The Guarantees and Commitments under U.S. GAAP course identifies which arrangements fall within the scope of ASC Topic 460. When must a guarantee be recorded as a liability, according to this course? This course recognizes when a guarantee must be recorded as a liability on the balance sheet. How does this course distinguish commitments from other obligations? This course differentiates commitments from other obligations that create recognized assets or liabilities. How many CPE credits does this Guarantees and Commitments course provide? A Closer Look at Guarantees and Commitments under U.S. GAAP is a Technical, self study text course in Accounting carrying 2.0 CPE credits, with a 10 question final exam and 6 review questions (optional) required for a 70% passing score. CPEthink is approved by NASBA as a CPE sponsor and lists this course on the NASBA site as a courtesy for CPAs to search https://nasba.org.
Description:	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.
Usage Rank:	28333
Release:	2025
Version:	1.0
Prerequisites:	None.
Experience Level:	Overview
Additional Contents:	Complete, no additional material needed.
Additional Links:	Internal: Breaking Down Key U.S. GAAP Standards and SEC Filing Requirements (Course Id 2515) Internal: U.S. GAAP vs. IFRS - Rev Rec and Business Combinations (Course Id 1938) External: Generally Accepted Accounting Principles (GAAP): Definition and Rules External: SEC Compliance & Disclosure: Non‑GAAP Financial Measures (C&DIs)
Advance Preparation:	None.
Delivery Method:	QAS Self Study
Intended Participants:	Anyone needing Continuing Professional Education (CPE).
Revision Date:	20-Aug-2025
NASBA Course Declaration:	Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Keywords:	A Closer Look at Guarantees and Commitments under U.S. GAAP - CPE course for CPAs
Learning Objectives:	Chapter 1 Guarantees Upon completion of this chapter, you will be able to: 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 Chapter 2 Commitments Upon completion of this chapter, you will be able to: 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
Course Contents:	Chapter 1 - Guarantees Chapter Overview Learning Objectives Introduction Scope of ASC Topic 460 Measurement of Guarantees Subsequent Measurement Guarantee Disclosures Conclusion Review Questions Chapter 2 - Commitments Chapter Overview Learning Objectives Introduction Common Examples of Commitments Guarantees vs. Commitments Scope of ASC 440 Recognition Requirements Disclosure Requirements Conclusion Review Questions Glossary of Key Terms

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A Closer Look at Guarantees and Commitments under U.S. GAAP (Course Id 2635)

Author:

Course Length:

CPE Credits:

IRS Credits:

Price:

Passing Score:

Course Type:

Technical Designation:

Field Of Study:

Approved Audience:

Key Takeaways:

Frequently Asked Questions:

Which arrangements fall within the scope of ASC Topic 460, according to this course?

When must a guarantee be recorded as a liability, according to this course?

How does this course distinguish commitments from other obligations?

How many CPE credits does this Guarantees and Commitments course provide?

Description:

Usage Rank:

Release:

Version:

Prerequisites:

Experience Level:

Additional Contents:

Additional Links:

Advance Preparation:

Delivery Method:

Intended Participants:

Revision Date:

NASBA Course Declaration:

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Course Contents: