Food Industry Overview - Alternative Issue Resolution Considerations & Industry Resources
LMSB-04-0207-018
"This document is not an official pronouncement of the law or the position of the Service and cannot be used, or cited, or relied upon as such."
10. Alternative Issue Resolution Considerations
|
Cost Segregation Studies relating to restaurant structures |
Members of the National Restaurant Association have expressed an interest in developing an industry wide agreement on the treatment of the costs of a building used as a restaurant or it may be a good pre-filing candidate. There have been 5 restaurant PFA’s on this topic. |
11. Industry Resources
A. Websites
|
Name of Site |
Summary and Available Information |
|
FASB Summaries |
|
|
Information from the AICPA |
|
| Rutgers Resources |
Information from business library |
|
Self-explanatory
|
|
|
Self-explanatory |
|
|
Self-explanatory |
|
|
Self-explanatory |
|
|
Self-explanatory |
|
|
Self-explanatory |
|
|
Links to CPA Sites |
|
|
Self-explanatory |
|
|
Self-explanatory |
|
|
Self-explanatory |
|
|
Provides links to various tax sites |
|
|
Self-explanatory |
|
|
Self-explanatory |
|
|
Provides links to various sites |
|
|
Information on the restaurant industry |
|
|
Largest grocery manufacturers association |
|
|
Activities and other information relating to the restaurant industry |
|
|
Information about the prepared foods industry |
|
|
Information on publicly traded restaurants |
|
|
Information on companies |
|
|
Restaurant Seminars |
|
|
Information on Restaurant and Institutions |
|
|
Restaurant Directory |
B. Trade Associations
|
Name |
Address |
Purpose, Goals, Objectives, etc. |
|
Grocery Manufacturers of America |
1010 Wisconsin Avenue NW
|
To forcefully advance the public policy and trade relations interests of grocery manufacturers through aggressive, strategic government relations, communications, legal, regulatory, scientific and education advocacy and by forging cooperative industry alliances to improve the productivity and distributional efficiencies of the industry. |
|
National Restaurant Association |
1200 17th Street. NW |
Serves its members by providing representation, education, and promotion of the restaurant industry. |
|
Food Marketing Institute |
800 Connecticut Avenue, NW, |
A non-profit association conducting programs in research, education and public affairs on behalf of retailers, wholesalers and their customers. |
|
Tax Executive Institute |
1200 G. St. |
A professional organization of business executives who are responsible for taxation matters on an administrative or policymaking level, or whose work is otherwise primarily concerned with the problems of business taxation. |
C. IRS and Other Training Courses/Videotapes
|
Name of Course |
Course Number |
Delivery Method |
Developer of Course and Procedures to Secure Material |
|
No formal courses |
|
|
|
D. Trade Magazines and Newsletters
|
Title |
Frequency of Publishing |
Summary of Purpose/Information Included/Availability |
|
Beverage Aisle |
Monthly |
Subscription rate is $65.00/yr. Contains information about the beverage industry. |
|
Frozen Food Age |
Monthly |
Subscription rate is $115.00/yr. Contains information about the various frozen food products. |
|
Food & Beverage Marketing |
Monthly |
Subscription rate is $85.00/yr. Contains information about the food and beverage industry, new developments, marketing and education information. |
|
Advertising Age |
Weekly |
Subscription rate is $109.00/yr. Contains information about corporate advertising strategies, new products, etc. |
E. Industry Books
|
Date of Latest Edition |
Title |
Summary of Contents |
|
1995 |
Co-Op Advertising by Bob Houk, available from the Association of National Advertisers |
The book describes marketing activities, development of marketing budgets, cost controls, marketing jargon, legal considerations for price structures, etc. Helps the reader understand the motivations and internal procedures relative to marketing strategies.
|
|
1993 |
Great Advertising Campaigns |
Discusses successful marketing strategies, brand building, etc. |
|
Annual |
Thomas Food Registry |
Lists companies and their products and brands, d/b/a names and other statistical information. |
F. Internal Revenue Manual Citations
|
IRM Section |
Title |
Summary of Information Included |
|
None |
|
|
G. AICPA Auditing Standards and Publications
|
Date of Issuance |
Title |
Summary of Information Included |
|
1981 |
S45 – Accounting for Franchise Fee Revenue |
Discusses treatment of franchise fee revenue. Since many national restaurant chains are franchisers, this statement provides guidance. |
|
1999 |
S121- Leases |
Accounting for leases: Sale-Leaseback Transaction, Involves R/E, Sales-Type Leases of Real Estate- Definition of the lease term and Initial direct costs of direct financing leases-an amendment of FASB ‘s #13, 66, 91 |
|
1993 |
SOP 93-7 |
Discusses the treatment of advertising costs for financial accounting purposes. |
|
1999 |
SAB 101 |
Provides the SEC’s views in applying generally accepted accounting principles to selected revenue recognition issues. |
|
2001 |
FASB 144 |
FASB 144 is effective for fiscal years beginning after December 15, 2001. It provides for asset impairment losses to be recognized for financial accounting purposes |
H. Market Segment Specialization Program (MSSP)
|
Guide Name |
|
Retail Industry ATG - Chapter 4: Examination Techniques for the Food and Beverages Industries |
Chapter 9 | Table of Contents | Appendix
