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ASC 440, Commitments, provides general guidance for commitments. The guidance within ASC 440 is broken down into two categories of commitments: general commitments and unconditional purchase obligations. Both categories are covered in this chapter.
ASC 450, Contingencies, contains guidance on the recognition, measurement, presentation and disclosure requirements related to loss contingencies. Disclosures of gain and loss contingencies continue to be an area of focus for the SEC, investors, and auditors.
ASC 460, Guarantees, provides guidance on a guarantor's recognition, measurement, and disclosures for certain guarantees, including financial guarantees, performance guarantees, indemnifications, indirect guarantees of indebtedness of others, and product warranties. The required disclosures include information on the nature of the guarantees, potential maximum payments under the guarantees, as well as possible recoveries.
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