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Franchise Community Addresses Revenue Recognition Rules

October 30, 2018
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Last week, International Franchise Association met with the Financial Accounting Standards Board (FASB) to address the franchise community's concerns with the revenue recognition rules. Under the new FASB rules, starting on January 1, 2019, private franchise companies will have to comply with new accounting standards for the recognition of revenue in licensing contracts. IFA staff were joined by members of the FASB task force Aaron Chaitovsky and Joe Turkewitz of Citrin Cooperman, and Lee Plave of Plave Koch.

Learn more about revenue recognition reporting requirements in the IFA article by Aaron Chaitovsky and Dean Hey.

IFA thanks the more than 75 brands that also signed on to a letter to members of Congress on this issue relaying major concerns with the new rule!