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Course Details

Specialized Industry GAAP: Entertainment - v09 (Course Id 1606)

QAS / Registry   Add to Cart 
Author : Jae K. Shim, Ph.D., CPA
Status : Production
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 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 :
Advance Preparation : None.
Delivery Method : QAS 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 - Text - Technical - 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:
  • 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 costs 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
  • Account for royalty payments to music artists
  • Identify the revenue model requirements (e.g., identification of the contract, licenses of intellectual property) that replace the legacy industry-specific revenue guidance
  • Cite the key lease accounting requirements (ASC 842) that create the significant changes for the entertainment entities
Course Contents :

Chapter 1 - Specialized Industry GAAP: Entertainment

Entertainment - Broadcasters


Sources of GAAP

Rules, Concepts, and Illustrations


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


Sources of GAAP

Rules, Concepts, and Illustrations


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


Sources of GAAP

Rules, Concepts, and Illustrations


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


Sources of GAAP

Rules, Concepts, and Illustrations


Accounting for Licensing

Compensation to Artists

Cost of Record Masters Incurred by a Record Company

Review Questions - Section 2

Revenue Recognition Principles


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


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


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