The treatment of upfront franchise and area development fees will see significant change.
The FASB delivered its landmark standard, Revenue from Contracts with Customers, and has been subsequently modified with various updates since 2014. The new standard is mainly converged with comparable IFRS guidance and lays out a single and comprehensive framework for revenue recognition. It also institutes an overall disclosure objective along with considerably enhanced disclosure requirements for revenue recognition. The new standard took effect in 2018 for public companies and in 2019 for all other companies, and covers essentially all industries in U.S. GAAP. This white paper reviews the most pertinent provisions for companies in the restaurant sector, as franchisors will see significant change.
Agenda
Faculty
Angela Newell
BDO USA P.A.
• Deputy Managing Principal of the Professional Practice Group of BDO USA P.A.
• More than 20 years of experience in both auditing and operational and financial reporting
• Works with audit engagement teams to determine the appropriate accounting for a variety of topics
• Served a four year rotation on the Financial Reporting Executive Committee of the AICPA as BDO’s representative, and previously served a prior term as an industry representative; served as a member of the AICPA’s Revenue Recognition Working Group
• M.S. and B.S. degrees, University of Arkansas
• Can be contacted at 214-689-5669 or [email protected]
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