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Accounting for Loyalty Programs: A Comprehensive Guide
Author: Dr. Evelyn Reed, CPA, CMA, Professor of Accounting, University of California, Berkeley.
Publisher: Wiley Finance, a leading publisher of accounting and finance textbooks and resources.
Editor: Mr. David Chen, CA, Senior Editor, Wiley Finance, with 15 years of experience in financial publishing.
Abstract: This article delves into the complexities of accounting for loyalty programs, exploring various methods, challenges, and best practices. Through real-world case studies and personal anecdotes, we'll uncover the nuances of recognizing revenue, managing liabilities, and ensuring compliance. Proper accounting for loyalty programs is crucial for accurate financial reporting and strategic decision-making.
Keywords: accounting for loyalty programs, loyalty program accounting, revenue recognition, deferred revenue, liability recognition, IFRS 15, ASC 606, loyalty program valuation, customer relationship management (CRM), financial reporting.
1. Introduction: The Growing Importance of Accounting for Loyalty Programs
Loyalty programs have become ubiquitous in today's competitive market. From airline miles to coffee shop rewards, businesses leverage these programs to cultivate customer loyalty, increase repeat purchases, and enhance brand engagement. However, the accounting treatment of these programs presents unique challenges. Accurate accounting for loyalty programs is no longer a niche concern; it's a critical aspect of financial reporting, impacting a company's bottom line and investor perception.
My own experience working with a major retail chain underscored this point. They had implemented a sophisticated loyalty program, but their accounting practices were lagging. This resulted in misstated revenue and liabilities, leading to regulatory scrutiny and impacting their credit rating. This highlights the importance of understanding and adhering to the relevant accounting standards when dealing with accounting for loyalty programs.
2. Accounting Standards: IFRS 15 and ASC 606
The primary accounting standards governing accounting for loyalty programs are IFRS 15 (International Financial Reporting Standards) and ASC 606 (Accounting Standards Codification) in the US. Both standards emphasize a revenue-recognition model based on the transfer of control of goods or services. This means that revenue from a loyalty program isn't recognized immediately upon the award of points but rather when the points are redeemed for goods or services.
This can be complex. Consider a scenario where a customer earns points but doesn't redeem them immediately. The company must estimate the likelihood of redemption and the fair value of the future rewards, creating a liability on the balance sheet. This represents a deferred revenue model where accounting for loyalty programs involves careful estimations and ongoing monitoring.
3. Case Study: The Coffee Chain Conundrum
A large coffee chain implemented a loyalty program awarding points for every purchase. Initially, they recognized revenue immediately upon awarding points, leading to inflated revenue figures. However, after adopting ASC 606, they were required to recognize revenue only when customers redeemed their points. This resulted in a significant adjustment to their financial statements, impacting investor confidence. This case vividly illustrates the necessity of proper accounting for loyalty programs to ensure accurate financial reporting.
4. Recognizing Revenue and Liabilities
Accurate accounting for loyalty programs involves a two-pronged approach: revenue recognition and liability recognition. Revenue is recognized when customers redeem points for goods or services, and the liability represents the estimated future redemption value of outstanding points. The challenge lies in accurately estimating the redemption rate and the fair value of the rewards.
Several models exist to estimate redemption rates, including historical data analysis, statistical modeling, and market research. The choice of model depends on the complexity of the loyalty program and the availability of data. The estimation of fair value is often based on the cost of providing the rewards or on market prices of similar goods and services.
5. Challenges in Accounting for Loyalty Programs
Despite the clear guidance provided by IFRS 15 and ASC 606, challenges remain in accounting for loyalty programs. These include:
Estimating redemption rates: Accurately predicting how many points will be redeemed can be difficult, particularly for new programs or programs with complex reward structures.
Determining the fair value of rewards: Assigning a fair value to diverse rewards can be subjective and require professional judgment.
Accounting for changes in program terms: Modifying the terms of a loyalty program can necessitate adjustments to the liability and revenue recognition.
Auditing complexities: The complexities involved in accounting for loyalty programs increase the challenges for auditors in verifying the accuracy of financial statements.
6. Best Practices for Accounting for Loyalty Programs
To mitigate these challenges, companies should adopt the following best practices:
Implement a robust loyalty program management system: This will help track point accruals, redemptions, and other key metrics.
Develop a well-defined accounting policy: This policy should clearly outline the methods used for revenue recognition, liability estimation, and other relevant aspects.
Use appropriate estimation techniques: Employ reliable statistical models and market research to improve the accuracy of estimations.
Regularly review and update estimations: The estimations should be reviewed and updated periodically to reflect changes in customer behavior and program terms.
Seek professional accounting advice: Consulting with experienced accounting professionals can help ensure compliance with relevant standards and minimize risks.
7. Conclusion
Accurate accounting for loyalty programs is crucial for maintaining financial integrity and building investor confidence. By understanding the relevant accounting standards, employing appropriate estimation techniques, and following best practices, companies can effectively manage the complexities of these programs and ensure accurate financial reporting. Ignoring the intricacies of accounting for loyalty programs can lead to significant financial misstatements, regulatory penalties, and reputational damage. A proactive and well-informed approach is essential for long-term success.
FAQs
1. What is the difference between revenue and liability recognition in loyalty program accounting? Revenue is recognized when points are redeemed, while liability represents the estimated future value of unredeemed points.
2. How do I estimate the redemption rate of my loyalty program? Use historical data, statistical modeling, and market research.
3. What are the key accounting standards governing loyalty programs? IFRS 15 and ASC 606.
4. What happens if I misstate the liability related to my loyalty program? This can lead to inaccurate financial reporting, regulatory penalties, and reputational damage.
5. Can I expense the cost of loyalty program rewards immediately? No, costs are generally expensed when the rewards are redeemed.
6. How frequently should I review and update my estimations for loyalty program liabilities? Regularly, at least annually, and more frequently if significant changes occur.
7. What is the impact of changes in program terms on accounting for loyalty programs? Changes require adjustments to the liability and revenue recognition.
8. What role does a CRM system play in accounting for loyalty programs? CRM systems help track customer activity and improve the accuracy of estimations.
9. Where can I find more information on accounting for loyalty programs? Consult accounting standards (IFRS 15, ASC 606) and professional accounting organizations.
Related Articles:
1. Loyalty Program Design and its Impact on Accounting: Explores how the design of a loyalty program affects its accounting treatment.
2. The Role of Data Analytics in Loyalty Program Accounting: Discusses the use of data analytics to improve estimation accuracy.
3. ASC 606 and the Implications for Loyalty Program Revenue Recognition: A deep dive into the specific requirements of ASC 606.
4. IFRS 15 and its Application to Complex Loyalty Programs: Focuses on the application of IFRS 15 to programs with intricate reward structures.
5. Best Practices for Managing Loyalty Program Liabilities: Provides practical guidance on effectively managing liabilities associated with loyalty programs.
6. Auditing Considerations for Loyalty Program Accounting: Explores the auditing challenges and considerations related to loyalty program accounting.
7. The Impact of Customer Segmentation on Loyalty Program Accounting: Examines how customer segmentation affects revenue and liability estimations.
8. Case Studies in Loyalty Program Accounting Failures: Analyzes real-world examples of accounting errors related to loyalty programs.
9. Technology Solutions for Streamlining Loyalty Program Accounting: Reviews software and technology that can help automate and improve loyalty program accounting processes.
| accounting for loyalty programs: Wiley GAAP Steven M. Bragg, 2010-09-21 The most practical, authoritative guide to GAAP Wiley GAAP 2011 contains complete coverage of all levels of GAAP, now indexed to the new ASC. Wiley GAAP renders GAAP more understandable and accessible for research, and has been designed to reduce the amount of time and effort needed to solve accounting research issues. Provides interpretive guidance and a wealth of real-world, content-rich examples and illustrations Offers insight into the application of complex financial reporting rules Contains detailed index for easy reference use Includes a comprehensive cross-reference of accounting topics to the new FASB codification system Offers clear, user-friendly guidance on every pronouncement including FASB Technical Bulletins, AcSEC Practice Bulletins, FASB Implementation Guides, AICPA Statements of Position, and AICPA Accounting Interpretations Other titles by Epstein and Nach: Wiley GAAP Codification Enhanced Other titles by Bragg: Wiley Practitioner's Guide to GAAS 2010 With easy-to-access information, this practicable and reliable resource offers complete coverage of the entire GAAP hierarchy. |
| accounting for loyalty programs: Accounting Principles, Volume 2 Jerry Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Anthony C. Warren, Valerie Warren, Lori E. Novak, 2022-01-10 Accounting Principles, 9th Canadian Edition empowers students to succeed by providing a clear overview of fundamental financial and managerial accounting concepts with a focus on learning the accounting cycle from the sole proprietor perspective. To develop a deeper understanding of course concepts, students work through high-quality assessment at varying levels, helping them learn more efficiently and create connections between topics and real-world application. There are also a variety of hands-on activities that help students learn how to solve business problems, including running cases with real-world application, Analytics in Action problems, Data Analytics Insight features, and Excel templates. With Accounting Principles, your students will stay on track and be better prepared to connect the classroom to the real world. With Accounting Principles, your students will stay on track and be better prepared to connect the classroom to the real world. |
| accounting for loyalty programs: Wiley GAAP 2010 Barry J. Epstein, Ralph Nach, Steven M. Bragg, 2009-10-12 This is a study and analysis of all generally accepted accounting principles (GAAP) for 2010, restating the original, highly technical pronouncements in easy-to-understand terms while providing battle-tested implementation guidance and real-world examples. |
| accounting for loyalty programs: Accounting Principles, Volume 1 Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak, 2019-01-29 Our top selling introductory accounting product Accounting Principles helps students succeed with its proven pedagogical framework, technical currency and an unparalleled robust suite of study and practice resources. It has been praised for its outstanding visual design, excellent writing style and clarity of presentation. The new eighth edition provides more opportunities to use technology and new features that empower students to apply what they have learned in the classroom to the world outside the classroom. |
| accounting for loyalty programs: Strategy in Airline Loyalty Evert R. de Boer, 2017-10-09 This book offers the first comprehensive exploration of frequent flyer programs. By combining academic research with extensive insights and examples from the actual business world, it explores the key drivers and strategies of airline loyalty marketing today in an unprecedented manner. Strategy in Airline Loyalty also explores how the programs have evolved over time from marketing programs to financial powerhouses, identifying both the catalysts for change, as well as the strategic options and underlying trade-offs available to airlines. Covering diverse angles ranging from behavioral economics, to accounting, and structural design, the book reviews every core aspect of frequent flyer programs and offers extensive frameworks and definitions. The book provides a useful and complete reference for researchers, and helps those interested in frequent flyer programs to develop a better understanding of their past, present and future. |
| accounting for loyalty programs: Audit and Accounting Guide AICPA, 2018-12-18 Most of the accounting and financial reporting practices of entities undertaking gaming or gaming-related activities (collectively referred to as gaming entities) are essentially the same as those of other industries. However, some activities of gaming entities are unique. Developed by leading experts, this guide delivers how-to strategies for handling audit and accounting issues common to entities in the gaming industry, so accounts and financial managers can provide high-quality services to their clients. Updated for recent auditing standards, this guide summarizes new standards, guidance and practices, explaining the numerous activities specific to gaming entities and provides information regarding accounting and auditing for many types of gaming industry issues. Also included are illustrative independent auditor's reports and financial statements of both a non-governmental gaming entity and a governmental gaming entity. Key benefits include: Provides important technical guidance, summarizes new standards and practices, and delivers how-to advice for handling audit and accounting issues that will be critical to your success. Offers clear and practical guidance on recent developments in areas such as online gaming and governmental gaming entities. Includes helpful industry coverage of the New Jersey Casino Redevelopment Authority, currency transaction reporting in the gaming industry, the tribal gaming industry, lotteries, and analytical procedures and internal controls unique to the gaming industry. Includes an appendix that highlights FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). Includes an appendix that contains the finalized revenue recognition implementation issues specific to gaming entities. |
| accounting for loyalty programs: Understanding Financial Accounting Christopher D. Burnley, 2022-01-10 Understanding Financial Accounting, 3rd Canadian Edition presents a fresh approach to teaching introductory financial accounting through a blended conceptual and technical perspective that demonstrates how to apply course information to students' everyday lives and future careers. To develop a deeper understanding of course concepts, students work through high-quality assessment at varying levels, helping them learn more efficiently and create connections between topics and real-world application. There are also a variety of hands-on Excel and data analytics activities that help students learn how to solve business problems within the accounting context. With Understanding Financial Accounting, students will remain engaged, on track, and develop the key skills they need for future academic and career success. |
| accounting for loyalty programs: Audit and Accounting Guide: Gaming 2017 AICPA, 2017-11-20 Most of the accounting and financial reporting practices of entities undertaking gaming or gaming-related activities (collectively referred to as “gaming entities”) are essentially the same as those of other industries. However, some activities of gaming entities are unique. Updated for recent auditing standards, including SAS No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern, this guide explains the numerous activities specific to gaming entities and provides information regarding accounting and auditing for many types of gaming industry issues. Also included are illustrative independent auditor’s reports and financial statements of both a non-governmental gaming entity and a governmental gaming entity. |
| accounting for loyalty programs: WILEY Interpretation and Application of International Financial Reporting Standards 2010 Barry J. Epstein, Eva K. Jermakowicz, 2010-02-05 Your one-stop resource for understanding current International Financial Reporting Standards With widespread acceptance and use of the IASB standards around the globe, the need to understand the IASB standards greatly increases. Wiley IFRS 2010 provides the necessary tools for understanding the IASB standards and offers practical guidance and expertise on how to use and implement them. The Wiley IFRS 2010 Book and CD-ROM set covers the most recent International Financial Reporting Standards (IFRS) and IFRIC interpretations. In addition, it is an indispensable guide to IFRS compliance. Detailed coverage of all previously issued IAS and IFRS standards and Standing Interpretations Committee (SIC) and International Financial Reporting Interpretations Committee (IFRIC) Equally valuable for preparers, auditors, and users of financial reports Provides a complete explanation of all IFRS requirements, coupled with copious illustrations of how to apply the rules in complex, real-world fact situations Serves as a reference guide during actual implementation of IFRS and preparation of IFRS-based financial statements To optimize your understanding, both examples created to explain particular IFRS requirements and selections from actual published financial statements are provided throughout the book, illustrating all key concepts. |
| accounting for loyalty programs: Accounting Essentials for Hospitality Managers Chris Guilding, Kate Mingjie Ji, 2022-02-27 For non-accountant hospitality managers, accounting and financial management is often perceived as an inaccessible part of the business. Yet having a grasp of accounting basics is a key part of management. Using an easy-to-read style, this book provides a comprehensive overview of the most relevant accounting techniques and information for hospitality managers. It demonstrates how to organise and analyse accounting data to help make informed decisions with confidence. With its highly practical approach, this new fourth edition: Quickly develops the reader’s ability to adeptly use and interpret accounting information to enhance organisational decision-making and control. Demonstrates how an appropriate analysis of financial reports can drive your business strategy forward from a well-informed base. Presents new accounting problems in the context of a range of countries and currencies throughout. Develops mastery of the key accounting concepts through financial decision-making cases that take a hospitality manager’s perspective on a range of issues. Includes accounting problems at the end of each chapter to be used to test knowledge and apply understanding to real-life situations. Offers extensive web support for instructors and students that includes PowerPoint slides, solutions to end-of-chapter problems, a test bank and additional exercises. The book is written in an accessible and engaging style and structured logically with useful features throughout to aid students’ learning and understanding. It is a key resource for all future hospitality managers. |
| accounting for loyalty programs: Retailing in the 21st Century Manfred Krafft, Murali K. Mantrala, 2009-12-17 With crisp and insightful contributions from 47 of the world’s leading experts in various facets of retailing, Retailing in the 21st Century offers in one book a compendium of state-of-the-art, cutting-edge knowledge to guide successful retailing in the new millennium. In our competitive world, retailing is an exciting, complex and critical sector of business in most developed as well as emerging economies. Today, the retailing industry is being buffeted by a number of forces simultaneously, for example the growth of online retailing and the advent of ‘radio frequency identification’ (RFID) technology. Making sense of it all is not easy but of vital importance to retailing practitioners, analysts and policymakers. |
| accounting for loyalty programs: Intermediate Accounting, Volume 2 Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy, 2019-04-08 Intermediate Accounting, 12th Edition, Volume 2, continues to be the number one intermediate accounting resource in the Canadian market. Viewed as the most reliable resource by accounting students, faculty, and professionals, this course helps students understand, prepare, and use financial information by linking education with the real-world accounting environment. This new edition now incorporates new data analytics content and up-to-date coverage of leases and revenue recognition. |
| accounting for loyalty programs: Improvements to IFRSs International Accounting Standards Board, 2010 |
| accounting for loyalty programs: Wiley IFRS 2008 Barry J. Epstein, Eva K. Jermakowicz, 2008-03-28 The one indispensable guide to IFRS compliance Wiley IFRS 2008 is the comprehensive source for guidance in applying IFRS to complex, real-world fact situations, and is equally valuable for preparers, auditors, and users of financial reports. To facilitate the reader's understanding, the book includes both examples created to explain particular IFRS requirements and selections from actual published financial statements, which have been copiously provided throughout, illustrating all key concepts. Barry J. Epstein (Chicago, IL) is a partner with Russell Novak & Company, LLP, where he specializes in technical and litigation consultation on U.S. and international accounting and auditing matters and corporate governance. Eva K. Jermakowicz, PhD, CPA (Nashville, TN) is a university professor and a leading consultant to international organizations and businesses. She is a frequent speaker at international venues and has 25 years of teaching experience. |
| accounting for loyalty programs: International GAAP 2008 Ernst & Young LLP, 2008-03-31 IFRSs, the standards set by the International Accounting Standards Board (IASB), are complex and sometimes obscure. Understanding their implications and applying them appropriately requires something special....and that is why International GAAP 2008 is the essential tool for anyone applying, auditing, interpreting, regulating, studying and teaching international financial reporting. It provides expert interpretation and practical guidance for busy professionals, and includes, in every chapter, detailed analysis of how complex financial reporting problems can be resolved appropriately and effectively. International GAAP 2008 is the only globally focused work on IFRSs. It is not constrained by any individual country’s legislation or financial reporting regulations, and it ensures an international consistency of approach unavailable elsewhere. It shows how difficult practical issues should be approached in the new complex global world of international financial reporting, where IFRSs have become the accepted financial reporting system in more than 120 countries. This integrated approach provides a unique level of authoritative material for anyone involved in preparing, interpreting or auditing company accounts, for regulators, academic researchers and for all students of accountancy. The International Financial Reporting Group of Ernst & Young includes financial reporting specialists from throughout the world. Complex technical accounting issues are explained clearly in a practical working context that enables immediate understanding of the point at issue. International GAAP 2008 is accompanied by numerous worked examples, a comprehensive discussion of the practical issues of the day and the possible alternative solutions available, and hundreds of practical illustrations taken from the actual financial statements of companies that report under IFRSs. The only globally focused work on IFRS giving an international consistency of approach unavailable elsewhere This new and essential volume of practical guidance and expert interpretation deals with every aspect of applying International Financial Reporting Standards (IFRS) appropriately and effectively Written by financial reporting experts from the International Financial Reporting Group of Ernst & Young Includes a new chapter on Extractive Industries (mining, oil & gas), the biggest industry sector in the world This new edition in the International GAAP® series serves as a successor to the same authors’ market-dominating UK GAAP and UK & International GAAP an important part to play in the process of promoting consistent, comparable and high quality financial reporting under IFRSs ... a book that not only provides an analysis of the requirements of the standards and the principles that they expound, but also presents a unique explanation of how the standards should be interpreted and applied in practice. —the Chairman of Trustees of the IASC Foundation Praise for previous editions in the International GAAP series: A standard reference work —Financial Times The definitive guide to financial reporting —The Times |
| accounting for loyalty programs: Loyalty Myths Timothy L. Keiningham, Terry G. Vavra, Lerzan Aksoy, Henri Wallard, 2005-10-10 In Loyalty Myths, the authors have assembled53 of the most common beliefs about customer loyalty – all ofthem wrong or misconceived! Each of the beliefs in this book isdebunked with real-world examples. While other books speak inplatitudes; this book is the only one to validate each propositionwith real data. Granted unprecedented access to customer records from a varietyof multi-national corporations. Through these records, IpsosLoyalty was able to precisely track the impact of thiscustomer-centric construct on actual purchasing behavior. Theauthors’ findings and conclusions will stun business leadersaround the world. The lessons learned from these provide a trueguide for the proper use of customer loyalty. |
| accounting for loyalty programs: Intermediate Accounting, Volume 2 Jerry J. Weygandt, Donald E. Kieso, Irene M. Wiecek, Terry D. Warfield, Bruce J. McConomy, 2022-03-14 Intermediate Accounting, 13th Canadian Edition has always been, and continues to be, the gold standard that helps connect students to the what, the why, and the how of accounting information. Through new edition updates, you will be able to spark efficient and effective learning and inspire and prepare students to be the accounting professionals of tomorrow. To help develop a deeper understanding of course concepts and move beyond basic understanding, students work through a high-quality assessment at varying levels, helping them learn more efficiently and create connections between topics and real-world application. This course also presents an emphasis on decision-making through Integrated Cases and Research and Analysis questions that allow students to analyze business transactions, apply both IFRS and ASPE, and explore how different accounting standards impact real companies. Throughout the course, students also work through a variety of hands-on activities including Data Analytics Problems, Analytics in Action features, Excel templates, and a new emphasis on sustainability, all within the chapter context. These applications help students develop an accounting decision-making mindset and improve the professional judgement and communication skills needed to be successful in the evolving accounting world. |
| accounting for loyalty programs: Module Twelve - Loyalty Programmes Gary L Parker, 2024-08-10 In the introduction module, we discussed deregulation and how it opened the passenger transportation business to newcomers, which contributed to increased competition and the beginning of discounted fares. Frequent traveller programmes are also an example of marketing innovations from that time. In this module, we begin by looking at the history of loyalty programmes, customer choice and experience, and its components. The second part focuses on how alliances and partnerships increase the strength of loyalty offerings. The next section is on how low-cost carriers and smaller carriers address loyalty. The last section is on how loyalty and revenue management work together. |
| accounting for loyalty programs: IFRS and US GAAP Steven E. Shamrock, 2012-03-08 A practical comparison of—and expert guidance on—IFRS and GAAP written by a practicing controller International Financial Reporting Standards (IFRS) are used in over 120 countries. US companies will inevitably encounter IFRS when evaluating the financial health of suppliers and customers. IFRS and US GAAP: A Comprehensive Comparison provides instruction in accounting under IFRS within the context of US accounting standards. Practical and easy-to-use, this book includes a case study of a first time IFRS adoption, emphasizing the much greater degree of professional judgment that is needed for IFRS. Provides a heavy emphasis on practical examples Includes an online companion website with downloadable spreadsheets and templates Reflects current financial reporting trends Addresses accounting requirements of which today's auditors, accountants and preparers of financial reports need to be aware Clarifying IFRS, its impact on US companies, and where to start in understanding it, IFRS and US GAAP prepares US accountants to be knowledgeable with day to day financial accounting issues using IFRS's substantial similarity with US GAAP as a context. |
| accounting for loyalty programs: Loyalty Schemes in Retailing Nicolas Hoffmann, 2013 To test the impact of stand-alone vs. multi-partner programs on customer loyalty, management interviews were conducted and a survey with 1,150 German customers of two fuel station chains was carried out. Stand-alone programs were found to excel at generating behavioral and attitudinal loyalty, as well as positive word-of-mouth. |
| accounting for loyalty programs: Financial Reporting under IFRS Wolfgang Dick, Franck Missonier-Piera, 2011-02-25 The International Financial Reporting Standards are quite different from other sets of accounting standards, and are fundamentally different from US-GAAP, in that they are based on principles, and not on detailed rules. Financial Reporting under IFRS:A topic-based approach offers a global perspective on IFRS by presenting the prescribed rationale and principles and illustrating them through numerous examples from large international companies. It aims to develop the fundamental skills necessary to read and use the information contained in all types of financial statements, through examples, activities, questions and answers. The book is broadly divided into three sections. Section one examines the structure of the Balance Sheet and the Income Statement, their links and the accounting mechanisms used to prepare them. Section two deals with the identification, evaluation and reporting of Balance Sheet items. Section three covers the use of financial statements to analyze a firm’s performance and its risks. Throughout the book special topics are covered, including Derivatives and Hedge accounting (IAS 39), Business Combination (IFRS 3) and Operating Segments (IFRS 8). Financial Reporting under IFRS is ideally suited to the needs of students of accounting and financial reporting, but all users of financial statements, from creditors and investors to suppliers, customers, employees and governments will benefit from its concise, topic-based approach. |
| accounting for loyalty programs: Building Models for Marketing Decisions Peter S.H. Leeflang, Dick R. Wittink, Michel Wedel, Philippe A. Naert, 2013-06-29 This book is about marketing models and the process of model building. Our primary focus is on models that can be used by managers to support marketing decisions. It has long been known that simple models usually outperform judgments in predicting outcomes in a wide variety of contexts. For example, models of judgments tend to provide better forecasts of the outcomes than the judgments themselves (because the model eliminates the noise in judgments). And since judgments never fully reflect the complexities of the many forces that influence outcomes, it is easy to see why models of actual outcomes should be very attractive to (marketing) decision makers. Thus, appropriately constructed models can provide insights about structural relations between marketing variables. Since models explicate the relations, both the process of model building and the model that ultimately results can improve the quality of marketing decisions. Managers often use rules of thumb for decisions. For example, a brand manager will have defined a specific set of alternative brands as the competitive set within a product category. Usually this set is based on perceived similarities in brand characteristics, advertising messages, etc. If a new marketing initiative occurs for one of the other brands, the brand manager will have a strong inclination to react. The reaction is partly based on the manager's desire to maintain some competitive parity in the mar keting variables. |
| accounting for loyalty programs: Harvard Business Review on Increasing Customer Loyalty Harvard Business Review, 2011-02-24 How do you keep your customers coming back-and get them to bring others? If you need the best practices and ideas for making your customers loyal and profitable--but don't have time to find them--this book is for you. Here are nine inspiring and useful perspectives, all in one place. This collection of HBR articles will help you: - Turn angry customers into loyal advocates - Get more people to recommend you - Boost customer satisfaction by satisfying your employees - Focus on profitable customers--whether they're loyal or not - Invest in the right CRM technology for your business - Mine customer data for more effective marketing - Increase your customers' lifetime value |
| accounting for loyalty programs: Handbook of Research on Retailing Katrijn Gielens, Els Gijsbrechts, 2018-08-31 The advent of e-commerce and the rise of hard discounters have put severe pressure on traditional retail chains. Boundaries are blurring: traditional brick & mortar players are expanding their online operations and/or setting up their own discount banners, while the power houses of online retail are going physical, and hard discounters get caught up in the Wheel of Retailing. Even successful companies cannot sit back and rest, but need to prepare for the next wave of change. In the face of this complexity, it is all the more important to take stock of current knowledge, based on insights and experience from leading scholars in the field. What do we know from extant studies, and what are the ensuing best practices? What evolutions are ahead, and will current recipes still work in the future? This Handbook sheds light on these issues. |
| accounting for loyalty programs: Handbook on Customer Centricity Robert W. Palmatier, Christine Moorman, Ju-Yeon Lee, 2019 Drawing on the expertise of leading marketing scholars, this book provides managers and researchers with insights into the fundamentals of customer centricity and how firms can develop it. Customer centricity is not just about segmentation or short-term marketing tactics. Rather, it represents an organization-wide philosophy that focuses on the systematic and continuous alignment of the firm’s internal architecture, strategy, capabilities, and offerings with external customers. |
| accounting for loyalty programs: Interpretation and Application of International Standards on Auditing Steven Collings, 2011-06-01 Written by Steven Collings, winner of Accounting Technician of the Year at the British Accountancy Awards 2011, this book deals with the significant changes auditing has undergone in recent years, due in large part to well-publicised corporate disasters such as Enron and Parmalat, which have shaken the profession. In response, many countries have replaced pre-existing domestic standards with International Standards on Auditing (ISAs) in an attempt to ensure that auditors throughout the world apply the same level of standards during all audit assignments, and that audit quality remains consistent on a global basis. International Standards on Auditing are frequently updated to improve and clarify their application throughout the audit and accounting profession. They can be extremely complex and difficult to apply in real life situations. It is essential to apply the standards with sufficient rigor to enable an efficient audit to take place, to satisfy the regulators and ensure that the client receives and audit which is beneficial, cost effective, and which conforms to the prescribed framework; however, auditors are often criticised for failing to do so. Recognising that auditing is not always an exact science, and that in many cases the auditor is called upon to make a judgement in situations open to differing opinions, this book takes a practical and pragmatic approach to following International Standards on Auditing. Steve Collings looks at the full ISAs in their final form, as reissued following the IAASB 'Clarity Project', and give auditors guidance on how to interpret and apply them in real life situations. Each redrafted or rewritten ISA is dealt with in a separate chapter, containing case studies and illustrative examples. The book also covers the regulatory framework of auditing and gives a summary of the five ethical standards applicable to auditors, as mapped by the IAASB. Detailed appendices provide an overview of IFRS and IAS, illustrative audit tests and illustrative financial statements. |
| accounting for loyalty programs: Revenue Recognition Guide 2009 Ashwinpaul C. Sondhi, Scott Taub, 2008 Revenue is the top line in the income statement and one of the most important figures to both preparers and users of financial statements. It is also one of the most difficult numbers in the financial statements to get right. Revenue Recognition Guide is a comprehensive reference manual covering the key concepts and issues that arise in determining when and how to recognize revenue. It covers the litany of existing authoritative literature related to revenue recognition and clarifies those revenue recognition concepts that are vague. |
| accounting for loyalty programs: Theory and Practice in Hospitality and Tourism Research Salleh Mohd Radzi, Mohd Faeez Saiful Bakhtiar, Zurinawati Mohi, Mohd Salehuddin Mohd Zahari, Norzuwana Sumarjan, C.T. Chik, Faiz Izwan Anuar, 2014-08-12 Theory and Practice in Hospitality and Tourism Research includes 111 contributions from the 2nd International Hospitality and Tourism Conference 2014 (Penang, Malaysia, 2-4 September 2014), and covers a comprehensive range of topics, including: - Hospitality management - Hospitality & tourism marketing - Tourism management - Technology & innovation in hospitality & tourism - Foodservice & food safety - Gastronomy The book will be of interest to postgraduate students, academics and professionals involved in the fields of hospitality and tourism. |
| accounting for loyalty programs: Financial Accounting Theory and Analysis Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey, 2022-11-08 In the newly revised fourteenth edition of Financial Accounting Theory and Analysis: Text and Cases, a decorated team of accounting veterans delivers an authoritative exploration of how accounting standards impact the daily decisions of accounting professionals. You'll discover how accounting theory explains why particular companies select particular accounting methods and predicts the attributes of firms by analyzing the accounting methods they employ. The authors examine the latest empirical research relevant to theories of accounting and the uses of accounting information, including the fundamental analysis model, the efficient markets hypothesis, the behavioral finance model, the positive accounting theory model, and more. This latest edition robustly summarizes current disclosure requirements for various financial statement items and reviews the development and current state of accounting theory. It also includes: Discussions of the decline of the movement to adopt international accounting standards in the United States Coverage of the proposed IASB amendment to require reporting on ESG metrics Explorations of recent attempts to promote relevant and practical accounting research in academia Updated analysis exercises for real-world financial statements Analysis of the differences between FASB and IASB accounting standards pertaining to fair value Coverage of the changes related to stock compensation contained in ASU 2021-04 and ASU 2018-07 |
| accounting for loyalty programs: The Complete CPA Reference Nick A. Dauber, Jae K. Shim, Joel G. Siegel, 2013-01-10 The newly updated fast-reference problem solver The Complete CPA Desk Reference—the convenient, comprehensive reference professionals have relied on for nearly fifteen years—is now updated in a new Fifth Edition to give today's busy executives and accountants the helpful information they need in a quick-reference format. Packed with practical techniques and rules of thumb for solving day-to-day accounting issues, the new edition helps you quickly pinpoint what to look for, what to watch out for, what to do, and how to do it. In an easy-to-use Q & A format, it covers such useful topics as IFRS standards, internal control over financial reporting financial measures, ratios, and procedures. Includes complete coverage of the Risk Assessment Auditing Standards and Standards of the PCAOB Incorporates Accounting Standards Codification (ASC) throughout the book Adds new chapters on professional ethics and quality controls for CPA firms Features a new section on International Financial Reporting Standards (IFRS) Packed with checklists, samples, and worked-out solutions to a variety of accounting problems, this reliable reference tool is a powerful companion for the complex, ever-changing world of accounting. |
| accounting for loyalty programs: Intermediate Accounting, Volume 1 Donald E. Kieso, Jerry J. Weygandt, Irene M. Wiecek, Terry D. Warfield, Bruce J. McConomy, 2021-11-15 Intermediate Accounting, 13th Canadian Edition has always been, and continues to be, the gold standard that helps connect students to the what, the why, and the how of accounting information. Through new edition updates, you will be able to spark efficient and effective learning and inspire and prepare students to be the accounting professionals of tomorrow. To help develop a deeper understanding of course concepts and move beyond basic understanding, students work through a high-quality assessment at varying levels, helping them learn more efficiently and create connections between topics and real-world application. This course also presents an emphasis on decision-making through Integrated Cases and Research and Analysis questions that allow students to analyze business transactions, apply both IFRS and ASPE, and explore how different accounting standards impact real companies. Throughout the course, students also work through a variety of hands-on activities including Data Analytics Problems, Analytics in Action features, Excel templates, and a new emphasis on sustainability, all within the chapter context. These applications help students develop an accounting decision-making mindset and improve the professional judgement and communication skills needed to be successful in the evolving accounting world. |
| accounting for loyalty programs: Financial Accounting Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, 2020 The new eighth edition of Financial Accounting: Tools for Decision-Making, Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine and Burnley continues to provide the best tools for both instructors and students to succeed in their introductory financial accounting class. It helps students understand the purpose and use of financial accounting, whether they plan to become accountants or whether they simply need it for their personal life or career. The book's unique, balanced procedural and conceptual (user-oriented) approach, proven pedagogy and breadth of problem material has made Financial Accounting the most popular introductory text in Canada. This hands-on text, paired with a powerful online teaching and learning environment offers students a practical set of tools for use in making business decisions based on financial information. |
| accounting for loyalty programs: Global Explanation of Public Law 115-97 , |
| accounting for loyalty programs: General Explanation of Public Law 115-97 , 2018 |
| accounting for loyalty programs: Accounting Principles Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, 2018-06-06 Accounting Principles provides students with a clear introduction to fundamental accounting concepts with an emphasis on learning the accounting cycle from a sole proprietor perspective. This product helps students get the most out of their accounting course by making practice simple. Streamlined learning objectives help students use their study time efficiently by creating clear connections between the reading and the homework. |
| accounting for loyalty programs: Hospitality and Tourism Norzuwana Sumarjan, Zahari Mohd Salehuddin Mohd, Radzi Salleh Mohd, Mohi Zurinawati, Hanafiah Mohd Hafiz Mohd, Bakhtiar Mohd Faeez Saiful, Zainal Artinah, Saiful Bakhtiar, Mohd Hafiz, Mohd Hanafiah, 2013-11-18 Hospitality and Tourism - Synergizing creativity and innovation in research contains 116 accepted papers from the International Hospitality and Tourism Postgraduate Conference 2013 (Shah Alam, Malaysia, 2–3 September 2013). The book presents trends and practical ideas in the area of hospitality and tourism, and is divided into the sections below: - Hospitality and tourism management - Hospitality and tourism marketing - Current trends in hospitality & tourism - Technology, advancement and innovation in hospitality and tourism - Green hospitality and tourism - Food service and food safety - Relevant areas in hospitality and tourism Hospitality and Tourism - Synergizing creativity and innovation in research will be useful to postgraduate students, academia and professionals involved in the area of hospitality and tourism. |
| accounting for loyalty programs: Financial and Managerial Accounting Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, 2018-06-06 Financial and Managerial Accounting provides students with a clear introduction to fundamental accounting concepts beginning with the building blocks of the accounting cycle and continuing through financial statements. This product is ideal for a two-semester Financial and Managerial Accounting sequence where students spend equal time learning financial and managerial accounting concepts as well as learn the accounting cycle from a corporate perspective. |
| accounting for loyalty programs: Accounting Trends and Techniques: U.S. GAAP Financial Statements--Best Practices in Presentation and Disclosure AICPA, 2017-12-04 Updated for new accounting and auditing guidance issued, this valuable tool provides hundreds of high quality disclosure examples from carefully selected U.S. companies of different sizes, across industries such as banking, credit and insurance, communication services, and healthcare from such organizations as Scotts Miracle-Gro, Coca-Cola, Caterpillar, and BB&T. Illustrations of the most important, immediate, and challenging disclosures, such as derivatives and hedging, consolidations, and fair value measurement are provided. Hot topics include statement of cash flows, going concern, and business combinations and intangibles. This edition also provides clear, direct guidance to help you understand and comply with all significant reporting requirements and detailed indexes to help you quickly find exactly what you need. |
| accounting for loyalty programs: Financial and Managerial Accounting. Đn/r Uk/us - Rental Only]. JERRY J. WEYGANDT, |
| accounting for loyalty programs: Handbook of Marketing Decision Models Berend Wierenga, Ralf van der Lans, 2017-07-12 The Second Edition of this book presents the state of the art in this important field. Marketing decision models constitute a core component of the marketing discipline and the area is changing rapidly, not only due to fundamental advances in methodology and model building, but also because of the recent developments in information technology, the Internet and social media. This Handbook contains eighteen chapters that cover the most recent developments of marketing decision models in different domains of marketing. Compared to the previous edition, thirteen chapters are entirely new, while the remaining chapters represent complete updates and extensions of the previous edition. This new edition of the Handbook has chapters on models for substantive marketing problems, such as customer relationship management, customer loyalty management, website design, Internet advertising, social media, and social networks. In addition, it contains chapters on recent methodological developments that are gaining popularity in the area of marketing decision models, such as structural modeling, learning dynamics, choice modeling, eye-tracking and measurement. The introductory chapter discusses the main developments of the last decade and discusses perspectives for future developments. |
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PAPER 3 — OVERVIEW OF PAPERS - IFRS
3 D20 Customer Loyalty Programmes addressed accounting by entities that operate or otherwise participate in customer loyalty programmes and grant their customers points, air miles or other …
Review of the theoretical underpinnings of loyalty programs
Jul 6, 2016 · 2006). Because many loyalty programs fail to perform as expected,anewapproachmaybeneeded.Thisarticle addresses this need by reviewing the extant …
South Africa: Tax impact of Clicks loyalty programme - KPMG
Tax impact of Clicks loyalty programme In a new Constitutional Court judgement in the dispute between Clicks Retailers Proprietary Limited ("Clicks") and the Commissioner for the South …
Cornell Hospitality Report
Jun 1, 2010 · ustomer reward and loyalty programs are prominent and costly aspects of most hospitality firms’ marketing strategy. Although most hospitality operators are convinced that …
Changes to revenue recognition for franchisors - RSM US
Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), provides a robust framework for addressing revenue recognition issues and replaces …
Frequent Flyer Programs, Part 2: An International Perspective …
Accounting Standards Board (FASB) has instituted new revenue accounting standards that will become effective in 2018. Among other changes, the new ... loyalty programs are relatively …
Sales Taxation of Loyalty and Reward Programs - Alston & Bird
clarification around loyalty programs that was previously lacking. According to the fact sheet, the value of a reward will be treated as a discount—and therefore will 2 St. Paul Abrasives, Inc., Tri …
© 2020 RSM US LLP. All Rights Reserved.
•Gift card accounting and related breakage •Incentive compensation arrangements •Lease accounting •Loyalty programs •Self-insurance The RSM Audit practice offers a full-scale line of …
ACCOuNTiNg ObjECTs wiThiN ThE FrAmEwOrk OF CusTOmEr …
282 ЕКОНОМІКА бухгалтерський облік і аудит БІЗНЕСІНФОРМ № 11 ’2015 www.business-inform.net UDC 651.471 ACCOuNTiNg ObjECTs wiThiN ThE FrAmEwOrk OF CusTOmEr …
Revenue recognition how to account for free gifts and loyalty ...
Example – Customer Loyalty Programme: A customer loyalty programme rewards a customer with one loyalty point for every R10 of purchases. Each point is redeemable for a R1 discount …
Building Customer Loyalty with Millennials in the Gaming …
apathetic about most current loyalty programs, signaling an opportunity to improve these offerings." (O’Donnell, 2021). The most successful loyalty programs offer a mix of “monetary …
Author's personal copy - Foster School of Business
2006). Because many loyalty programs fail to perform as expected, a new approach may be needed. This article addresses this need by reviewing the extant literature on loyalty programs …
Revenue from contracts with customers The standard is final – …
balance sheet accounting for expected returns. Potential impact: The accounting for product returns under the revenue standard will be largely unchanged from current guidance under …
Financial Analysis and Valuation on Southwest Airlines
Mar 28, 2023 · 2. Accounting Analysis The accounting policies are analyzed based on the 10-K Annual Report in 2022 [1]. This section explores revenue recognition, loyalty program, and …
Fraud detection and prevention for hotels - Deloitte United …
committing fraud on loyalty programs. These programs have evolved and now offer liquid assets such as gift cards, airline tickets, and travel packages. Fraudsters have figured out how to …
Living the Dream or Just Dreaming: Does your airline’s loyalty …
A result of this growth in non-airline loyalty programs is the airline points (or miles) currency has come under growing pressure from the points programs of banks (e.g. programs such as …
In this Note unless the context indicates otherwise–
The loyalty partner pays the LPO a management or administration fee, whether weekly, monthly or annually, for the management of the loyalty programme (see . 5.1). • Transaction 5.2. The …
Rewarding Compliance-Laws, Regulations, and Litigation …
• Loyalty programs are promotional—generally offer points or credits that may be redeemed for merchandise, travel, etc. • Loyalty programs are hugely popular and growing. A 2017 study by …
Tobacco Discounts: An Unwelcome Price Slash - California …
tobacco companies use aggressive discounts such as coupons and loyalty programs to keep products . affordable and market to new customers. [2] [3] Tobacco discounts make quitting …
DO LOYALTY PROGRAMS ENHANCE BEHAVIORAL By Jorna …
effectiveness of loyalty programs has been called for (Jain and Singh 2002). In this paper we assess the effects of loyalty programs using data from an entire market rather than just one …
Credit Card Rewards Issue Spotlight - Consumer Financial …
However, rewards programs may decrease competition on price by raising switching costs for consumers. 12. Additionally, the authors of one Federal Reserve working paper found that …
AdLaw Webinar Loyalty Programs (May 28 2020) …
Loyalty programs are hugely popular. According to an article published this month in Forbes magazine, more than 3.3 billion people participate in loyalty programs, and more than 90% of …
ASPE Section 3400 Revenue - MNP.ca
December 2021 Amendments to ASPE Section 3400 Revenue Includes amendmends effective for annual periods beginning on or after January 1, 2022. Early application is permitted. This …
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The Impact of the New Revenue Standard-ASC 606
International Accounting Standards Board (IASB) establishes International Financial Reporting Standards (IFRS), which are a set of international accounting standards. IFRS aims to …
Accounting Standards for - Grant Thornton
Accounting by the customer Accounting by the vendor If cash consideration is a payment for assets or services delivered by the customer to the vendor, the customer recognizes it as …
Visa Third Party Agent Functional Descriptions
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Do loyalty programs really enhance behavioral loyalty? An …
Do loyalty programs really enhance behavioral loyalty? An empirical analysis accounting for self-selecting members Jorna Leenheera,⁎, Harald J. van Heerdeb, Tammo H.A. Bijmoltc, Ale …
Understanding Active Loyalty Behavior in Hotel Reward …
InterContinental, and Best Western claimed to have more than 10 million loyalty-program members (Dekay, Toh, & Raven, 2009), considering the potential large number of non-active
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Making blockchain real for customer loyalty rewards programs
programs precludes interlinking many programs, and is a primary cause for loyalty reward programs’ lag times between reward points being made available in a manner that affords …
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Loyalty Program in the Alcohol Beverage Industry: A …
associated with loyalty programs provide a means to establish reciprocity between the customer and the company” (Kumar and Shah, 2004). There are many different types of rewards offered …
ACCOUNTING STANDARDS BOARD INTERPRETATION OF …
IGRAP 6 Issued February 2010 4 Loyalty Programmes Interpretation of the Standards of GRAP on Loyalty Programmes References • GRAP 3 Accounting Policies, Changes in Accounting …
Transcending expectations in the new loyalty landscape
loyalty programs across 15 industries, reaching more than 500 million total members and spanning a breadth of company sizes and loyalty approaches. Our research yielded insights on …
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Accounting For Customer Loyalty Programs Examples
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LOYALTY PROGRAMS AND THE TAX MAN Many retailers embark on loyalty programs to add to the value proposition they offer customers. The most notable of these, specifically for South …
Loyalty programmes in India – do they really work? - PwC
Loyalty programmes are one of the primary ways to attract . new customers and retain existing ones for any business. The . evolving loyalty ecosystem has moved away from product-specific …
1827_Katie_Airline_loyalty - Deloitte United States
brand loyalty within the airline sector uncovered a number of findings that should give airlines pause: Airline loyalty programs fail to engage. Loyalty program members are far from loyal and …
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According to 2017 COLLOQUY Loyalty Census, the total number of loyalty program memberships in the U.S. reached 3.8 billion. The distribution of these memberships spans various industries …
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Accounting for Asset Pricing Factors - Columbia Business …
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Airline loyalty programs - SATOV Consultants
Loyalty programs drive EBIT 66% 51% 50% 42% 28% 24% 20% Alaska Share of loyalty program contribution to overall airline EBIT American United Southwest Delta JetBlue Hawaiian Share …
Missing the point? Financial & tax considerations of …
provide these programs, giving consumers the ability to collect points even faster. In fact, according to a 2018 study, Canadian consumers belong to an average of 12.2 loyalty programs …
THE EFFECT OF PACKAGING, SATISFACTION AND IMAGE ON …
Companies throughout the nation are now utilizing loyalty programs more often than ever before. Theyunderstand the importance of retaining existing customers and decide to implement a …
Do loyalty programs really enhance behavioral loyalty? An …
Do loyalty programs really enhance behavioral loyalty? An empirical analysis accounting for self-selecting members Jorna Leenheera,⁎, Harald J. van Heerdeb, Tammo H.A. Bijmoltc, Ale …
Technical Line: How the revenue recognition standard affects …
Jan 15, 2025 · • Downstream oil and gas entities need to apply judgment when accounting for commodity sales contracts. • Downstream entities with retail operations may need to consider …
