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.
The current COVID-19 pandemic has disrupted businesses across the globe, and franchises are no exception. We have some suggestions for franchisors to consider.
This morning, Maryland’s franchise chief, Dale Cantone, warned franchise companies about failure to follow ASC 606 when filing for registration.
Despite what some in the industry say, it’s neither illegal nor uncommon for franchisors to negotiate franchise agreements with prospective franchise buyers.
Nevada’s new law AB 276 provides comfort to franchisors seeking to enforce covenants not to compete in the state.
California Assembly Bills 1782 and 2637, which would have improved the regulatory climate for franchises in the state, have been vetoed by Governor Jerry Brown after being passed by an overwhelming majority of the legislature.