Audit and Accounting Guide (eBook)

Gaming 2018

Aicpa (Autor)

eBook Download: EPUB

2018 | 1. Auflage
432 Seiten
Wiley (Verlag)
978-1-948306-10-2 (ISBN)

Infos

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.

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Most of the accounting and financial reporting practices of entities undertaking gaming or gaming-related activities (collectively referred to as "e;gaming entities"e;) are essentially the same as those of other industries. However, some activities of gaming entities are unique. Developed by leading experts, this guide delivers "e;how-to"e; 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.

Textauszug

TABLE OF CONTENTS

1. Chapter
   1. 1 Industry Overview
      1. Gaming in the United States
         1. Casino Gaming
         2. Native American Gaming
         3. Lotteries
         4. Other Gaming
      2. Regulation and Oversight
      3. Brief Descriptions of the Games
         1. Table Games
         2. Card Games
         3. Slot Machines
         4. Keno
         5. Bingo
         6. Race and Sports Betting
         7. Online Real Money Gaming
   2. 2 Guide Scope and Applicability
   3. 3 Overview of Gaming and Gaming Related Revenue
      1. Introduction
      2. Overview of Transactions in the Casino and the Casino Cage
         1. Overview of Table Game Transactions
         2. Overview of Incentive Programs in the Gaming Industry
   4. 4 Jackpot Liabilities
      1. Background
      2. Summary of Selected Accounting Literature
      3. Types of Jackpots for Purposes of Accounting for Jackpot Liabilities
      4. Accounting for Jackpots
   5. 5 Participation and Similar Arrangements
      1. Background
      2. Summary of Selected Accounting Literature
      3. Analysis of Lease Criteria for Various Pricing Arrangements
      4. Conclusions and Income Statement Presentation
   6. 6 Loyalty and Incentive Programs
      1. Summary of Selected Accounting Literature
      2. General Description of, and Accounting for, Loyalty and Incentive Programs
         1. Discretionary Incentive Programs
         2. Nondiscretionary Incentive Programs
      3. Specific Accounting for Various Discretionary Incentives
         1. Free Play Offered Other Than Through Loyalty Programs
         2. Cash or Cash Equivalents Offered Other Than Through Loyalty Programs
         3. Complimentaries Offered Other Than Through Loyalty Programs
      4. Specific Accounting for Various Nondiscretionary Incentives
         1. Free Play Offered Through Nondiscretionary Loyalty Programs
         2. Cash or Cash Equivalents Offered Through Nondiscretionary Loyalty Programs
         3. Complimentaries Offered Through Nondiscretionary Loyalty Programs
         4. Nondiscretionary Loyalty Programs in Which Customers Have the Option of Choosing Multiple Types of Incentives
         5. Incentive Programs That Provide Customers With Designated Status Without Entitling Customers to Any Economic Benefits
      5. Financial Statement Disclosures
   7. 7 Gaming License, Project Development, and Preopening and Start-Up Costs
      1. Background
      2. Summary of Selected Accounting Literature
      3. Costs to Obtain a Gaming License
      4. Project Development Costs
      5. Preopening and Start-Up Costs
   8. 8 Managing Properties for Third Parties
      1. Background
      2. Summary of Selected Accounting Literature
      3. Accounting by the Gaming Entity Managing the Third Party Owned Property
         1. Gaming Entity’s Costs Prior to Obtaining the Management Agreement
         2. Gaming Entity’s Costs Related to an Existing Management Agreement
         3. Financial Statement Classification of Amounts Paid on Behalf of the Managed Property
      4. Accounting by the Managed Property
      5. Disclosures
   9. 9 Guarantees
      1. Introduction
      2. Summary of Selected Accounting Literature
         1. Initial Recognition and Measurement of the Guarantee
         2. Income Statement Effect at Initial Recognition
         3. Classification of the Contract or Customer Acquisition Cost
         4. Subsequent Measurement of the Liability
         5. Subsequent Measurement of the Asset
      3. Financial Statement Disclosures
         1. Applicability of FASB ASC 810, Consolidation
   10. 10 Long-Lived Assets
       1. Introduction
       2. Summary of Selected Accounting Literature
          1. Long-Lived Assets to Be Held and Used
          2. Triggering Events
          3. Grouping Long-Lived Assets to Be Held and Used and Related Issues
          4. Estimates of Future Cash Flows Used to Test a Long-Lived Asset for Recoverability
       3. Asset Retirement Obligations
   11. 11 Other Accounting Topics
       1. Intangible Assets Acquired in a Business Combination
       2. Jackpot Insurance
          1. Background
          2. Characteristics of Jackpot Insurance Policies
          3. Accounting for Jackpot Insurance
       3. Gaming Chips and Tokens Liabilities
       4. Racetrack Fees
          1. Background
          2. Accounting for Racetrack Fees
       5. Segment Reporting
       6. Uniforms and Other Long-Lived Assets
       7. Deferred Income Taxes for Casinos
   12. 12 Governmental Gaming Entities
       1. Background
       2. GAAP Hierarchy for Governmental Gaming Entities
       3. Summary of Selected Accounting Literature
       4. Basic Financial Statements and Required Supplementary Information
       5. Resource Flows Between Governmental Gaming Entities and Sponsoring Governments
       6. Allocation of Assets and Liabilities Within the Financial Reporting Entity
       7. Impairment of Capital Assets
          1. Segment Reporting
   13. 13 General Auditing Considerations
       1. Introduction
       2. Terms of Engagement
       3. Opening Balances — Initial Audit Engagements, Including Reaudit Engagements
       4. An Audit of Financial Statements
          1. Planning the Audit
          2. Audit Risk
          3. Use of Assertions in Obtaining Audit Evidence in the Assessment of Risks of Material Misstatement
       5. Materiality
       6. Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
          1. Discussion Among the Audit Team
          2. Industry Risk Factors
       7. Related Parties
          1. Responsibilities of the Auditor
       8. Risk Assessment Procedures
       9. Designing and Performing Further Audit Procedures
          1. Identification of Significant Risks
          2. Analytical Procedures Used in Risk Assessment
       10. Understanding of Internal Control
       11. IT Considerations
       12. Consideration of Fraud in a Financial Statement Audit
           1. Introduction
           2. Professional Skepticism
           3. Discussion Among the Engagement Team
           4. Incentives or Pressures
           5. Opportunities
           6. Attitudes and Rationalizations
           7. Misappropriation of Assets
           8. Risk Assessment Procedures and Related Activities
           9. Identification and Assessment of the Risks of Material Misstatement Due to Fraud
           10. Responses to the Assessed Risks of Material Misstatement Due to Fraud
           11. Evaluation of Audit Evidence
           12. Auditor Unable to Continue the Engagement
           13. Communications to Management and With Those Charged With Governance
           14. Documentation
       13. Consideration of Laws and Regulations
           1. Responsibility for Compliance With Laws and Regulations
       14. Audit Performance and Execution
           1. Designing and Performing Further Audit Procedures
       15. Timing of Audit Procedures
       16. Analytical Procedures Used in Audit Performance
       17. Audit Documentation
           1. Timely Preparation of Audit Documentation
           2. Assembly and Retention of the Final Audit File
       18. Auditor's Consideration of Using the Work of Internal Auditors
       19. Using the Work of Other Specialists
       20. Evaluation of Misstatements Identified During the Audit
       21. Written Representations
           1. Written Representations as Audit Evidence
       22. Communication With Those Charged With Governance
       23. Auditor’s Consideration of Going Concern
           1. Risk Assessment Procedures and Related Activities
           2. Additional Audit Procedures
           3. Consideration of Conditions and Events
           4. Auditor Conclusions
           5. Communicate With Those Charged With Governance
           6. Documentation
       24. Group Audit Engagements
           1. Definition of a Component
           2. Group Audit Technical Practice Aid
       25. Other Information, Supplementary Information, and Required Supplementary Information
   14. 14 Special Auditing...

Produkt-Details

• Erscheint lt. Verlag: 27.11.2018
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• ISBN-10: 1-948306-10-7 / 1948306107
• ISBN-13: 978-1-948306-10-2 / 9781948306102