The American Institute of CPAs has issued a proposed update to its audit guide for the gambling industry that takes into account some recent issues faced by casinos.
The enhanced version provides guidance to address the proliferation of tribal casinos that need to follow state and local government generally accepted accounting principles. It also covers accounting issues related to progressive jackpots.
Other new topics include illustrative guidance when accounting for guarantees, guidance regarding the New Jersey Casino Reinvestment Development Authority and guidance for currency transaction reporting in the gaming industry.
"Over the course of time from when the initial guide was developed, the business model evolved, leading to new accounting issues that led to the need for updated guidance," said AICPA director of accounting standards Dan Noll in a statement. Comments are due Dec. 9.
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