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US Retail’s Updated Gift Card Guidelines: Accounting for Breakage and Bankruptcy

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Coresight Research

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

What’s the Story?

Why It Matters

Gift Card Accounting: In Detail

What We Think

Implications for Brands/Retailers

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