TIC issues media alert on guarantees exposure draft.

• Position: PCPS Update

As always, many issues were vigorously debated at the Spring TIC meeting, held in May in Santa Barbara. One moved to the front burner: the FASB's issuance of an Exposure Draft on Guarantors' Accounting and Disclosure Requirements for Guarantees. Small businesses and even individuals--the core clients of local and regional firms--would be adversely affected by the requirement that at the time a guarantor issues a guarantee, it should recognize a liability at fair value for its obligation to stand ready to perform under...