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Specialized Industry GAAP: Entertainment and Media (Course Id 1990)

QAS / Registry
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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 :
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:
    1. Recognize the basic principles of accounting for broadcasters, cable television, films, and music.
    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


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


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


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


CPE Accounting Course: https://www.cpethink.com/gaap-cpe-for-cpas
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