Audit and Accounting Guide Airlines. The AICPA has issued a new edition Audit and Accounting Guide Airlines. This guide provides the latest information on accounting and auditing issues affecting the airline industry. It contains invaluable industry background information, including the history of the airline industry and description of its most important operational aspects. This guide addresses a number of new transactions and issues that have emerged over the years, including frequent flyer programs, electronic ticketing, revenue breakage, power-by-the-hour maintenance arrangements, amendable labor contracts, and airline intangible assets, just to name a few. This guide also includes separate chapters dedicated specifically to air cargo and regional carriers. The aditing section of this guide includes exhibits that provide examples of substantive audit procedures and cover significant accounts unique to the airline industry and related controls.  This guide also reflects the new risk assessment standards (SAS Nos. 104-111).

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