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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 a number of 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 nonfinancial contracts can be guarantees within the scope of ASC 460. The scope does not include guarantees that the guarantor should record in equity. Figure FG 2-1 summarizes the key steps in the application of ASC 460, each of which is discussed in more detail in later sections.
Figure FG 2-1
Framework for application of ASC 460
Figure 2-1 Framework for application of ASC 460
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