What's Inside
US retailers witnessed a surge in gift cards sales in 2020. We discuss how US retailers account for gift card sales as well as unredeemed gift card balances under the Accounting Standards Codification (ASC) 606 update issued by the Financial Accounting Standards Board (FASB). We also cover retailers’ unused gift card liabilities, including Amazon, Target and Walmart, and how outstanding gift cards are managed in the event of retailer bankruptcies and liquidations.
Click here to read our report on key trends impacting the US gifting market.
CONTENTS
Gift Card Accounting: In Detail
- Accounting Entries for Sales and Redemption of Gift Cards Under FASB’s Updated Guidance
- Accounting Entries for Unredeemed Gift Cards
- Escheat Law
- ASC 606 Adoption Timeline
- Why Was the Overhaul of Financial Reporting Necessary?
- Gift Card Accounting by Leading US Retailers
- Retailers’ Liabilities: Bankruptcies and Liquidations
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