tailieunhanh - Accountants’ Handbook Special Industries and Special Topics 10th Edition_5

Tham khảo tài liệu 'accountants’ handbook special industries and special topics 10th edition_5', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 30 2 PRODUCERS OR DISTRIBUTORS OF FILMS in June 2000 effective for fiscal years beginning after December 15 2000 and the FASB simultaneously rescinded its Statement No. 53 in its Statement No. 139 Rescission of FASB Statement No. 53 and Amendments to FASB Statements No. 63 89 and 121. This chapter presents the accounting guidance in SOP 00-2. REVENUE REPORTING a BASIC REVENUE REPORTING PRINCIPLES. A film producer or distributor obtains revenue from sale or licensing of its films. An arrangement to license a single film or multiple films transfers a single right or a group of rights to distributors theaters exhibitors or others exclusively or nonexclusively in a particular market and territory under terms that may vary significantly among different contracts. License fees are commonly fixed in amount or based on a percentage of the customer s revenue which may include a nonrefundable minimum guarantee payable in advance or over the license period. Direct control over the distribution of a film may remain with the producer or may be transferred to a distributor exhibitor or other licensee. A producer or distributor should report revenue from a sale or licensing arrangement of a film when all of the following five conditions are met 1. There is persuasive evidence of a sale or licensing arrangement. 2. The film is complete and has been delivered or is available for immediate and unconditional delivery in accordance with the terms of the arrangement. 3. The license period has begun and the customer can begin its exploitation exhibition or sale. 4. The arrangement fee is fixed or determinable. 5. Collection of the fee is reasonably assured. Reporting revenue should be deferred until all of the conditions have been met. A producer or distributor that reports a receivable for advances currently due before the date revenue is to be reported or that receives cash payments before that date should also report an equivalent liability for deferred revenue until all of the