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FASB Summaries |
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Statement No. 63 Financial Reporting by Broadcasters STATUS Issue Date: June 1982 Effective Date: For fiscal years beginning after December 15, 1982 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 and modifies the specialized accounting principles and practices contained in AICPA Statement of Position (SOP) 75-5, Accounting Practices in the Broadcasting Industry, and establishes standards of financial accounting and reporting for broadcasters. Exhibition rights acquired under a license agreement for program material shall be accounted for as a purchase of rights by the licensee. The asset and liability for a license agreement shall be reported by the licensee, at either the present value or the gross amount of the liability, when the license period begins and certain specified conditions have been met. This Statement also establishes standards of reporting by broadcasters for barter transactions and network affiliation agreements. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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