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Franchisor Accounting Update – Recognition Of Initial Franchise Fees
Article originally published December 16, 2020 Last updated March 2, 2021 GAAP Update: Franchisor Revenue Practical Expedient Issue: In January 2021, the Financial Accounting Standard Board issued Accounting Standards Update No. 2021-02 Franchisors – Revenue from Contracts with Customers (Subtopic 952-606). The below article includes the highlights, disclosure and effective date and remains unchanged. Early adoption is permitted. As you […]
Accounting For Delivery Fees
Article written by: Dustin Minton, CPA, MBA Director, Assurance & Business Advisory Services For the past few years, the delivery trend has been on the rise with many delivery service providers (DSPs) like DoorDash, Grubhub, and Uber Eats providing an easy and convenient platform for your customers to order whatever type of food they want and have it delivered […]
Year-End Audit Reminders In A COVID Era
As 2020 quickly comes to an end, we are pleased to provide restaurateurs with an annual reminder of items to keep on the radar before the annual financial statement audit. Planning is the key to a successful and efficient audit. Staying in touch with your external audit team is instrumental, as well as making sure a thorough review of control […]
Gift Card Breakage Accounting
The holiday season is quickly approaching, and gift card promotions remain top of mind for management. As promised in Part I of our gift card accounting series, we are pleased to share Part II of the seasonal reminder for gift card accounting as you finalize promotions. A tricky part of gift card accounting is the “breakage analysis” which can result […]
Accounting for Gift Cards: Prepare for the Holiday Season
Holiday seasons bring joy and excitement to all with colorful autumn trees, family gatherings and festive decorations. When it comes to restaurant entities, it’s also a time for bustling gift card sales and various promotions! However, before running any promotion, restaurants should ensure they are ready to account for gift card sales/redemptions correctly. Companies should consider several points when accounting […]
Restaurant Research RRin5: Accounting For Delivery with Dustin Minton
Recently, Dustin Minton, Director of Restaurant Services, had the opportunity to participate in Restaurant Research’s first podcast, RRin5, featuring five-minute discussions on industry hot topics. To kick off the launch of their podcast series, Dustin had the opportunity to discuss the profitability and accounting treatment of delivery fees, exploring the profitability under differing scenarios, as well as the GAAP accounting […]