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The Guarantees Topic establishes the accounting and disclosure requirements to be met by a guarantor for certain guarantees issued and outstanding. This Topic contains only the Overall Subtopic. The guidance in this Subtopic is presented in the following two Subsections:
  1. a
    General
  2. b
    Product Warranties.
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The General Subsections address the recognition of a liability by a guarantor at the inception of a guarantee for the obligations the guarantor has undertaken in issuing that guarantee, and require certain disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under guarantees.
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Additional guidance about certain guarantees, such as put options, is provided in other Topics. Section 460-10-60 provides links to those other Topics. Guarantees that are unique to a particular industry are discussed in the Topic for that industry.
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The Product Warranties Subsections address accounting for product warranties.
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