On the Radar — Contingencies, Loss Recoveries, and Guarantees
Published on:
08 Apr 2024
![On the Radar — Contingencies, Loss Recoveries, and Guarantees Image]()
Although the guidance in ASC 450 on accounting for contingencies has not changed significantly for decades, it is often challenging to apply because of the need for an entity to use significant judgment in doing so (e.g., when developing legal interpretations). Similarly, the guidance in ASC 460 on accounting for guarantee liabilities, which has existed for two decades, is often difficult to apply because the determination of whether an arrangement constitutes a guarantee is complex.
The On the Radar is available on the Deloitte Accounting Research Tool Web site.
