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FASB Summaries |
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Statement No. 45 Accounting for Franchise Fee Revenue STATUS Issue Date: March 1981 Effective Date: For fiscal years beginning after June 15, 1981 Affects: Amends FAS 32, Appendix A Affected by: No other pronouncements Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement extracts the specialized accounting principles and practices from the AICPA Industry Accounting Guide, Accounting for Franchise Fee Revenue, and establishes accounting and reporting standards for franchisors. It requires that franchise fee revenue from individual and area franchise sales be recognized only when all material services or conditions relating to the sale have been substantially performed or satisfied by the franchisor. This Statement also establishes accounting standards for continuing franchise fees, continuing product sales, agency sales, repossessed franchises, franchising costs, commingled revenue, and relationships between a franchisor and a franchisee. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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