Updated Airline Industry Guide Available


The AICPA issued the Audit and Accounting Guide Airlines, which provides the latest information on accounting and auditing issues affecting the airline industry. The guide addresses a number of new transactions and issues that have emerged over the years, including frequent flyer programs, electronic ticketing, revenue breakage, power-by-the hour maintenance arrangements, amendable labor contracts, and airline intangible assets.

 

Chapters of the guide are dedicated specifically to air cargo and regional carriers, and auditing sections include exhibits that provide examples of substantive audit procedures and cover significant accounts unique to the airline industry and related controls. The guide also reflects Statement on Auditing Standards no. 104 through no. 111, commonly referred to as the risk assessment standards.

 

The guide is available for purchase at www.cpa2biz.com (product #012698).

SPONSORED REPORT

Implementing a global statutory reporting maturity model

Assess your organization's capabilities and progress toward an ideal state of global statutory reporting. Sponsored by Workiva.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.