The Financial Accounting Standards Board (“FASB”) unanimously voted today to propose delaying the effective date for its Accounting Standards Codification® Topic 606 (“ASC 606”), Revenue From Contracts With Customers, for franchisors that are not public business entities.
Tag: ASC 606
Maryland Warns Franchisors About Complying With New Accounting Standards
This morning, Maryland’s franchise chief, Dale Cantone, warned franchise companies about failure to follow ASC 606 when filing for registration.
What Franchisors Need to Know About New Financial Accounting Standards Board (FASB) Revenue Recognition Rules
Under ASC 606, franchisors will have to begin deferring recognition of some or all of the up-front franchise fee revenues they receive over the life of a franchise agreement.