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FASB Summaries |
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Statement No. 50 Financial Reporting in the Record and Music Industry STATUS Issue Date: November 1981 Effective Date: For fiscal years beginning after December 15, 1981 Affects: Amends FAS 32, Appendix A Affected by: No other pronouncements Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement extracts the specialized accounting principles and practices from AICPA Statement of Position 76-1, Accounting Practices in the Record and Music Industry, and establishes standards of financial accounting and reporting for licensors and licensees in the record and music industry. If a license agreement is, in substance, an outright sale and collectibility of the licensing fee is reasonably assured, this Statement requires the licensor to recognize the licensing fee as revenue. This Statement requires a licensee to record minimum guarantees as assets and charge them to expense in accordance with the terms of the license agreement. It also establishes accounting standards for artist compensation cost and cost of record masters. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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