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Specialized GAAP - EntertainmentCode: 20-GAAP-ENT
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Course description and objectives:
Specialized Industry GAAP: EntertainmentThis course discusses all of the important authoritative pronouncements on GAAP for entertainment industries. This course addresses accounting principles, financial reporting presentation requirements, required and recommended disclosures for the entertainment industries such as broadcast, cable television, film, and music.
Recognize the reporting requirements for network affiliation agreements
Identify the accounting requirement for barter transactions in the broadcast industry
Identify key terms and how to treat different cost for the cable TV industry.
Recognize the direct selling costs for cable television providers.
Recognize different film costs, including participation costs, exploitation costs, and manufacturing costs, and their accounting
Recognize factors that should be used to estimate future cash flows for a film.
Identify conditions for recognizing music as an outright sale vs. a license.
Account for royalty payments to music artists.
Recognizes the key provisions of the new revenue (ASC 606) and leasing standards (ASC 842) and identify the potential impact upon adoption of these guidelines.
Presentation Method: QAS Self-Study
CPE credit: 3 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase