The Federal Aviation Administration (FAA) issued final rules establishing a passenger facility charge (PFC) program in 1991. The PFC Audit Guide provides auditors with a comprehensive set of procedures for examining air carrier's PFC collection, remittance, and reporting practices. For reporting purposes, the financial statement presentation of an airline organization is similar to that of other commercial enterprises. The Uniform System of Accounts and Reports (USAR) provides for the grouping of revenues and expenses by both objective and functional activity and for varying detail information, depending on the accounting requirements and the capacities of the air carrier. Generally, the income statement presentation is divided among operating revenues, operating expenses, nonoperating income and expense (net), income taxes, and net income. Under the Department of Transportation (DOT) definition, revenues are classified among the entities on the basis of a flight's origin and destination.
Special Reports and Example Reporting
Audit and Accounting Guide ; 253-270
2016-10-28
18 pages
Article/Chapter (Book)
Electronic Resource
English
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