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In January 2021, the FASB issued ASU 2021-02, Franchisors—Revenue from Contracts with Customers (Subtopic 952-606), which applies to nonpublic entities (that is, all entities other than public entities, as defined) that are franchisors, as defined within ASC 952, Franchisors. ASU 2021-02 includes a practical expedient that permits a nonpublic franchisor to account for certain pre-opening services identified in ASC 952-606-25-2 as distinct from the franchise license in a franchise agreement. Refer to RR 8.4.4 for details on this practical expedient.
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