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| Author : | Jae K. Shim, Ph.D., CPA |
| Status : | Production |
| CPE Credits : | 3.0 |
| IRS Credits : | 0 |
| Price : | $26.95 |
| Passing Score : | 70% |
| NASBA Technical: | Yes |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1606 |
| Description : | Specialized Industry Gaap: Entertainment This 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. Each citation in this course will have its ASC topic number and description, ASC citation (XXX-YY-ZZ-PP). |
| Usage Rank : | 0 |
| Release : | 2019 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
What is a Corporate Entertainment Accountant?
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| Advance Preparation : | None. |
| Delivery Method : | Self-Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 16-Jan-2020 |
| 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 - NASBA Registry - 1606 |
| Keywords : | Accounting, Specialized, Industry, GAAP, Entertainment, v09, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives After reading this course you will be able to:
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| Course Contents : | Chapter 1 - Specialized Industry GAAP: Entertainment Entertainment - Broadcasters Terminology Sources of GAAP Rules, Concepts, and Illustrations Key GAAP Program License Agreements Cost Allocation and Amortization of Capitalized Program License Agreement Balance Sheet Valuation of Capitalized Program License Agreement Network Affiliation Agreements Entertainment - Cable Television Terminology Sources of GAAP Rules, Concepts, and Illustrations Key GAAP Establishment of the Prematurity Period Accounting for Costs during the Prematurity Period Capitalization of Interest Costs during the Prematurity Period Recognition of Hookup Revenue and Amortization of Capitalized Costs Franchise Applications Recoverability of Capitalized Assets Review Questions - Section 1 Entertainment - Films Terminology Sources of GAAP Rules, Concepts, and Illustrations Key GAAP Revenue Recognition Costs and Expenses Discussion of Cost and Expenses Considerations Example 1: Individual-Film-Forecast Method Of Amortization For A Film In Its Initial Year Of Release Example 2: Individual-Film-Forecast Method Of Amortization Where Estimates Are Revised Subsequent To The Initial Year Of Release Example 3: Participation Liability That Is In Excess Of A Revised Estimate Of Amounts Ultimately Payable Entertainment - Music Terminology Sources of GAAP Rules, Concepts, and Illustrations Key GAAP Accounting for Licensing Compensation to Artists Cost of Record Masters Incurred by a Record Company Review Questions - Section 2 Revenue Recognition Principles Overview The Five-Step Revenue Recognition Model Step 1: Identify the Contract with a Customer Step 2: Identify the Performance Obligations in the Contract 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 Forms of Variable Consideration Constraint on Variable Consideration Example 4: Estimate of the Transaction Price Significant Financing Component Noncash Consideration (Barter Arrangements) Consideration Payable to a Customer Step 4: Allocate the Transaction Price to the Performance Obligations Definition of Standalone Selling Prices Estimating Standalone Selling Prices Allocating Discounts Example 5: Allocating a Discount Allocating Variable Consideration Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation Transfer of Control Satisfaction of Performance Obligations Licenses of Intellectual Property The Nature of the Entity’s Promise Example 6: Symbolic IP Licenses (Right to Access) Example 7: Functional IP Licenses (Right to Use) Contractual Restrictions Other Considerations Sales-Based or Usage-Based Royalties Example 8: Sales-based Royalty Sale with a Right of Return Example 9: Right of Return New Leasing Standards Overview The Core Principles of Lease Accounting Definition of a Lease Example 10: Advertising Billboard - Whether a Contract Contains a Lease Lease Classification Review Questions - Section 3 Glossary |
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