Summary of Statement No. 53
Summary of Statement No. 53
Financial Reporting by Producers and Distributors of Motion Picture Films (Issued 12/81)
Summary
This Statement extracts the specialized accounting principles and
practices from the AICPA Industry Accounting Guide, Accounting
for Motion Picture Films, and AICPA Statement of Position 79-4,
Accounting for Motion Picture Films, and establishes
standards of financial accounting and reporting for producers and
distributors of motion picture films. Exhibition rights transferred
under license agreements for television program material shall be
accounted for like sales by the licensor. The sale shall be
recognized by the licensor when the license period begins and
certain specified conditions have been met. Producers and
distributors that license film exhibition rights to movie theaters
generally shall recognize revenue when the films are shown. This
Statement also describes how producers and distributors shall
account for film costs and participation agreements.