BDO professionals help you stay on top of best practices, industry issues, and new regulations by sharing content here on our Selections blog, as well as hosting various seminars and webinars throughout the year. The following is a list of events hosted by BDO’s Restaurant practice
The New Lease Accounting Standard: Impact on Retailers & Restaurants
It's been two years since FASB issued its highly anticipated standard on leasing, and companies can no longer ignore the approaching compliance deadline. The new standard takes effect in 2019 for public companies and 2020 for other entities. If you haven't already taken action, now is the time. It could take months to organize resources, gather relevant lease data, and implement new accounting policies. For many companies, the new requirements may also result in the need to upgrade and/or implement new lease management and accounting systems. Watch the recording of our June 2018
webinar for a technical and practical overview of the standard from the perspective of the lessee, with an emphasis on the areas that will most create challenges for retailers, restaurants, and other consumer businesses.
Tax Reform: Benefits & Headaches for Restaurants
Tax reform is largely favorable to restaurant companies. A reduced corporate tax rate, repeal of corporate AMT, and preservation of the Work Opportunity Tax Credit and FICA tip credit are all wins for the industry. But there is a long list of changes – from limitations on net operating losses to cost recovery provisions – that restaurants should be aware of and start planning for immediately. Watch the recording of our January 2018
webinar to hear valuable insights and practical tips for planning and compliance.
The New Revenue Recognition Standard: The Impact of ASC 606 on Restaurants
The new revenue recognition standard is poised to change the way restaurants, especially franchisors, recognize their revenue. The new standard will result in a significant change in the accounting for upfront franchise fees and area development fees charged by franchisors. While franchisees and other owner/operators are not expected to experience the same far-reaching changes from implementing the new standard, some of the changes, in particular those related to the treatment of loyalty programs, may require system changes. Watch the recording of our October 2017
webinar to hear how the new standard will impact your restaurant operation and what you should be doing today to prepare.