The unique intangible assets in the airline industry are primarily domestic slots, airport operating rights, and international route authorities and slots. Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 852‐10‐45‐20 provides requirements for the reporting of assets and liabilities under fresh start accounting. This guidance indicates that the reorganization value of the entity should be assigned to the entity's assets and liabilities in conformity with the procedures specified by FASB ASC 805‐ 20s. A number of airlines have structures that need to be evaluated under the guidance of FASB ASC 810‐10‐25‐20, to determine if they are variable interest entities (VIEs) and, if so, whether the airline is the primary beneficiary of the VIEs and needs to consolidate them. Airlines finance new aircraft acquisitions through Enhanced Equipment Trust Certificates (EETC) structures that generally are VIEs because these structures contain multiple trusts that do not contain sufficient equity at risk.
Other Accounting Considerations
Audit and Accounting Guide ; 181-204
2016-10-28
24 pages
Article/Chapter (Book)
Electronic Resource
English
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