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This guide summarizes new standards, guidance, and practices, and delivers "how-to" advice for handling audit and accounting issues common to the airline industry.
Updated as of April 1, 2011, the guide includes relevant guidance contained in applicable standards and other technical sources. The guide addresses accounting and auditing issues specific to major and regional airlines, including an in depth discussion and recommendations on capacity purchase agreements which include consideration of accounting for lease revenue embedded in a capacity purchase agreement and gross vs. net revenue recognition; accounting and reporting for equipment purchases and maintenance; and passenger revenue recognition topics related to frequent flyer programs such as
The guide offers clear and practical guidance on recent developments in areas such as risk assessment, fair value measurements, and internal controls, including detailed examples on auditing of significant accounts and processes and substantive procedures. All content is reviewed by industry experts and approved by the appropriate AICPA senior technical committee(s). A subject index has been added to the Guide for ease of use.
Updates significant to this edition include technical guidance contained in:
For a topical listing of subject matter by chapter, click on the Table of Contents tab.