Specialized GAAP: Media & Entertainment Industry (3 hrs)

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Course Description

Specialized GAAP: Entertainment Industry Accounting

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.

Course information

This course is included in our MEGA CPE Unlimited Bundle


Course No. 7039
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (118 pages). Printed book available.
Prerequisites: Basic accounting
Advance Preparation:None
Level: Overview
CPE Credit: 3 Hrs.
Field of Study: Accounting: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: June 2021

Objectives

Course Objectives

After completing this course, you should be able to:

  • Recognize the basic principles of accounting for broadcasters, cable television, films, and music.
  • Recognize different film costs, including participation costs, exploitation costs, and manufacturing costs, and their accounting.
  • Identify the revenue model requirements (e.g. identification of the contract, licenses of intellectual property) that replace the legacy industry-specific revenue guidance.
  • Identify the key lease accounting requirements that create significant changes for the M&E companies.
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