Guarantee disclosure requirements ensure uniform reporting of government guarantees, covering classes, tracking, funds and invocation accounting treatment. The Standard requires Governments to include a Statement of Guarantees in their Financial Statements prepared by the Accounting Authority, defining guarantees and related mechanisms, and treating guarantees as contingent liabilities. Financial Statements must disclose class-wise and sector-wise details in prescribed formats: maximum guarantees, opening and closing outstanding, additions, deletions, invoked guarantees (discharged or not), guarantee commission and other material details. Notes must report limits on guarantees, existence and balances of Guarantee Redemption/Reserve Funds, Automatic Debit Mechanisms, Structured Payment Arrangements, tracking unit details, and the accounting treatment when guarantees are invoked.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Guarantee disclosure requirements ensure uniform reporting of government guarantees, covering classes, tracking, funds and invocation accounting treatment.
The Standard requires Governments to include a Statement of Guarantees in their Financial Statements prepared by the Accounting Authority, defining guarantees and related mechanisms, and treating guarantees as contingent liabilities. Financial Statements must disclose class-wise and sector-wise details in prescribed formats: maximum guarantees, opening and closing outstanding, additions, deletions, invoked guarantees (discharged or not), guarantee commission and other material details. Notes must report limits on guarantees, existence and balances of Guarantee Redemption/Reserve Funds, Automatic Debit Mechanisms, Structured Payment Arrangements, tracking unit details, and the accounting treatment when guarantees are invoked.
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