Author : | Jae K. Shim, Ph.D., CPA |
Course Length : | Pages: 48 ||| Review Questions: 15 ||| Final Exam Questions: 15 |
CPE Credits : | 3.0 |
IRS Credits : | 0 |
Price : | $26.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1990 |
Description : | This course is divided into three parts. Part I is designed to help you navigate the specialized accounting principles and practices for the media and entertainment (M&E) industry. It discusses all the important authoritative pronouncements on GAAP for broadcasters, cable television, films, and music. Relevant references to and excerpts from ASC 920, ASC 922, ASC 926, and ASC 928 are discussed throughout the course. It also provides specific examples to illustrate the application. Part II focuses on the ASC 606 revenue recognition requirements since it supersedes most industry-specific guidance. Entities across industries are required to follow the guidance of ASC 606. Part III highlights key aspects of the lease standard as leases are common in the M&E industry. |
Usage Rank : | 0 |
Release : | 2021 |
Version : | 1.0 |
Prerequisites : | None. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
What is a Corporate Entertainment Accountant?
|
Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 15-Apr-2022 |
NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
Approved Audience : | NASBA QAS - Text - Technical - NASBA Registry - 1990 |
Keywords : | Specialized, Industry, GAAP, Entertainment, Media |
Learning Objectives : |
Course Learning Objectives After reading this course you will be able to:
2. Recognize different film costs, including participation costs, exploitation costs, and manufacturing costs, and their accounting. 3. Identify the revenue model requirements (e.g. identification of the contract, licenses of intellectual property) that replace the legacy industry-specific revenue guidance. 4. Identify the key lease accounting requirements that create significant changes for the M&E companies. |
Course Contents : | Chapter 1 - Specialized Industry GAAP: Entertainment and Media PART I: INDUSTRY-SPECIFIC GUIDANCE I. Accounting for Broadcasters A. General Rules B. Program License Agreements 1. Exhibition Rights 2. Amortization 3. Valuation C. Network Affiliation Agreements D. Presentation and Disclosures 1. Program License Agreements 2. Statement of Cash Flows Comprehensive Illustration II. Accounting for Cable Television A. General Rules B. Establishment of the Prematurity Period C. Costs Incurred During the Prematurity Period 1. Property, Plant, and Equipment 2. Intangibles 3. Interest Costs 4. Other Expenses Review Questions - Section 1 III. Accounting for Films A. General Rules B. Film Costs 1. Definitions 2. Amortization 3. Ultimate Revenue 4. Change in Predominant Monetization Strategy C. Participation Costs D. Impairment 1. Indicators 2. Use of Discounted Cash Flow Model 3. Allocating Impairment Losses to a Film Group E. Film Properties F. Presentation and Disclosures Comprehensive Illustrations 1. Participation Liability 2. Individual Film Forecast Computation Method - Episodic Television Series IV. Entertainment - Music A. General Rules B. Artists Compensation Cost C. Record Master Costs Review Questions - Section 2 PART II: REVENUE STANDARD I. The Revenue Recognition Model Step 1. Identify the Contract with a Customer Step 2. Identify the Performance Obligations in the Contract 1. Identification of Promises in a Contract 2. Determination of Distinct Goods or Services 3. Options to Acquire Additional Goods or Services Step 3. Determine the Transaction Price 1. Forms of Variable Consideration 2. Constraint on Variable Consideration 3. Significant Financing Component 4. Noncash Consideration (Barter Arrangements) 5. Consideration Payable to a Customer Step 4. Allocate the Transaction Price to the Performance Obligations 1. Definition of Standalone Selling Prices 2. Estimating Standalone Selling Prices 3. Allocating Discounts 4. Allocating Variable Consideration Step 5. Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation 1. Transfer of Control 2. Satisfaction of Performance Obligations II. Licenses of Intellectual Property A. The Nature of the Entity’s Promise B. Contractual Restrictions C. Other Considerations 1. Sales-Based or Usage-Based Royalties 2. Sale with a Right of Return PART III: LEASE ACCOUNTING A. General Rules B. The Core Principles 1. Definition of a Lease 2. Lease Classification Review Questions - Section 3 Appendix A: Superseded Industry-Specific Guidance Appendix B: Impairment Indicators Glossary |