What is a guarantee? Describe the nature of the guarantee described in Note 41. Does the guarantee

Question:

What is a guarantee? Describe the nature of the guarantee described in Note 41. Does the guarantee meet the definition of a liability (see Chapter 2). Under what circum stances are guarantees reported as liabilities? If a guarantee isn't reported as a liability, why is it reported in the notes to the financial statements? Is information about guarantees useful to ? Explain.

Stakeholders
A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees,...