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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Franchising: Accounting by Franchisors: Perspective and Issues

Franchising has become a popular growth industry with many businesses seeking to sell franchises as their primary income source and individuals seeking to buy franchises and become entrepreneurs. How to recognize revenue on the individual sale of franchise territories and on the transactions that arise in connection with the continuing relationship between the franchisor and franchisee are prime accounting issues.

The AICPA published an industry accounting guide, Accounting for Franchise Fee Revenue, in 1973, from which the FASB extracted the principles it used to prepare FAS 45, having the same title.

Table . 10-1: Sources of GAAP
FAS
45

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