Here's the perfect practitioner's guide to all aspects of franchising.
Franchising: An Accounting, Auditing, and Income Tax Guide By Ross A. McCallum
TABLE OF CONTENTS
1. Business Format Franchising-An Overview: Franchise Marketing Arrangements; Franchise Recruiting and Development Arrangements; The Franchise Purchase.
2. Franchise Development /Purchase Costs: Franchise Development Costs; Franchise Purchase Costs.
3. Franchise Fees/Revenues: Initial Franchise Fees; Multiple-Unit Franchise Fees; Continuing Franchise Fees/Revenue; Transfer Fees; Franchise Renewal Fees.
4. Specific Franchise Topics: Franchise Deposits; Security Deposits; Franchise Selling Expenses; Approved Supplier Purchases and Volume Rebates; Acquisition and Repossession of Franchises; Option to Purchase; Sale of Company/Franchisee-owned Outlets; Pre-opening/Opening Expenses; Franchisee Co-Operative Advertising Fund; Development/ Construction Fund; Long Term Accounts Receivable.
5. Financial Statements Disclosure: Description of Business/Summary of Operations; Unit Operating Statistics; Contingent Liabilities; Related Party Transactions; Economic Dependence; Contractual Obligations; Saturation of Markets; Segment Information; Subsequent Events.
6. Special Audit Issues: Conflict of Interest in Franchisor/ Franchisee Auditing; Franchisor's Right to Audit Franchisees' Records; Franchisee Reporting; Minimum working Capital; Minimum Insurance Coverage; Auditor's Involvement with Annual Reports.
7. Financial Information in Franchise Disclosure Documents: Federal Trade Commission Rule (New Rule); States Legislation; Uniform Franchise Offering Circular Disclosure Requirements: Item 21- Financial Statements; Financial Statements Disclosure Wording; Auditor's Consent Letter; Auditor and Audited Statements; Timing of Audited Statements.
8. Financial Performance Representations (Earnings Claims) in Franchise Disclosure Statements: Summary of Financial Performance Representations (Earnings Claims) Requirements; Auditor's Function Related to Financial Performance Representations (Earnings Claims); Examples.
9. Canadian/Foreign Franchisors Doing Business in the U.S.: Laws and Tax Treatment with Respect to Doing Business in the U.S; Direct Franchising into the U.S.; Establishing a Business in the U.S.
Appendices: Statement of Financial Accounting Standards No. 45; CICA Emerging Issues Committee Abstract of Issue Discussed: Reacquisition of Troubled Franchises by the Franchisor; Area Development Agreement; Master Franchise Agreement; Franchise Agreement; Application Agreement/ Deposit Receipt; Audit Confirmation Letter to Franchisees; Franchise Co-Operative Advertising Fund By-Laws; Advertising Fund Compliance Report; Construction and Renovation Agreement; Letter of Comfort from Franchisor to Franchisee's Bank; Example of a Report Relating to the Amount of Gross Sales; Federal Trade Commission Final Amended Rule: Part 436: Disclosure Requirements and Prohibitions Concerning Franchising; Uniform Franchise Offering Circular. To help you find what you need FAST, Franchising: An Accounting, Auditing, and Income Tax Guide cross-references information in three ways, by:
1. Sequence of events in a franchise business cycle to the accounting and reporting principles in the text.
2. Chapter order, with a very detailed list of topics.
3. Function Index, with a listing of specific areas of interest (e.g. auditing, taxation, or franchisor/ franchisee issues).
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