0
| Author : | Jae K. Shim, Ph.D., CPA |
| Course Length : | Pages: 58 ||| Word Count: 21,966 ||| Review Questions: 14 ||| Final Exam Questions: 18 |
| CPE Credits : | 3.5 |
| IRS Credits : | 0 |
| Price : | $31.45 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 2230 |
| Description : |
This course is divided into two 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. It explains how to apply the revenue model with an emphasis on situations specific to the M&E industry. |
| Usage Rank : | 13000 |
| Release : | 2023 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Interactive Media: Definition, Types, and Examples
|
| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 20-Feb-2024 |
| 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 - NASBA Registry - 2230 |
| Keywords : | Accounting, Specialized. Industry. GAAP. Entertainment. v13, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives Upon completion of this course, you will be able to:
2. Identify the applicability of the revenue standard 3. Recognize revenue recognition principles focused on situations specific to the M&E industry |
| Course Contents : | Part I: INDUSTRY-SPECIFIC GUIDANCE I. Accounting for Broadcasters General Rules Program License Agreements Exhibition Rights Amortization Valuation Network Affiliation Agreements Presentation and Disclosures Program License Agreements Statement of Cash Flows Comprehensive Illustration II. Accounting for Cable Television General Rules Cost Incurred - Prematurity Prematurity Period Capitalizable Costs Intangibles Depreciation Expense Interest Costs Review Questions - Section 1 III. Accounting for Film Production and Distribution General Rules Film Costs Definition Amortization Ultimate Revenue Predominant Monetization Strategy Impairment Indicators Discounted Cash Flow Participation Costs Film Properties Presentation and Disclosures Comprehensive Illustrations Individual Film Forecast Computation Method - Episodic Television Series Participation Liability IV. Entertainment - Music General Rules Artists Compensation Cost 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 Identification of Promises in a Contract Determination of Distinct Goods or Services Options to Acquire Additional Goods or Services Step 3. Determine the Transaction Price Variable Consideration Significant Financing Component Noncash Consideration (Barter Arrangements) Consideration Payable to a Customer Step 4. Allocate the Transaction Price to the Performance Obligations Defining Standalone Selling Prices Estimating Standalone Selling Prices Allocating Discounts Allocating Variable Consideration Step 5. Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation Transfer of Control Satisfaction of Performance Obligations II. Licenses of Intellectual Property The Nature of the Entity’s Promise Contractual Restrictions C. Other Considerations Sales-Based or Usage-Based Royalties Sale with a Right of Return Review Questions - Section 3 Appendix A: Superseded Industry-Specific Guidance Appendix B: Impairment Indicators Glossary |
Login/Register