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

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.