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Franchising: FDD Financial Disclosure Requirements and Considerations
Last month, we discussed the mandated audit requirements for the Franchise Disclosure Document (FDD) and introduced a few guidelines outlined by the Federal Trade Commission (FTC). Today, we will dive […]
Franchising: FDD Guidelines & Financial Statement Audit Requirements
If you’ve considered franchising your business, there are a number of legal and accounting-related matters you should be aware of and consider. Franchise regulations in the United States are governed […]
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 […]
Revenue Recognition And Leases: FASB Gives Certain Entities More Time
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the […]
What To Expect During A Franchise Audit
It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can […]
Auditing Royalty Agreements
Companies often grant licenses to others allowing them to use intellectual property — such as a patent or proprietary computer code — in exchange for royalties. Licensors can hire an […]