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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Motion Pictures: Perspective and Issues

The production, sale, licensing, and distribution of motion pictures (and television series) are fraught with uncertainties. The industry is speculative in nature with studios routinely investing multimillion dollar sums in the hope that the production will achieve critical acclaim and that moviegoers will flock to the box office, purchase licensed merchandise tied to the film and its characters, and purchase and rent videos and DVDs. Due to the uncertainties involved in estimating the revenues that will be earned and costs that will be incurred over a film's life, an acceptable estimation methodology is required to achieve proper matching of costs and revenues and accurately reflect the results of the film's financial performance. This methodology is provided in SOP 00‐2, Accounting by Producers or Distributors of Films.

Table . 25-1: Sources of GAAP
SOPEITF
00‐296‐6

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