ASC

ASC Topic 928

Entertainment—Music

IntroductoryIndustry-specificRevenueIntangibles and goodwillCompensation and benefits1 subtopics · 3 paragraphs

Source downloaded: .Record version fbe2f59d9374. Effective date must be checked in the source.

ASC 928-10 is the overview and scope gateway to the Entertainment—Music Topic, which supplies industry-specific accounting guidance for entities in the record and music business. It signposts the substantive subtopics addressed elsewhere in ASC 928: license agreements for music copyrights and record masters, artist compensation costs (including royalties paid to recording artists), the costs of producing record masters, and licensee accounting for fees and minimum guarantees (928-10-05-1). The single most important idea is that ASC 928 is only incremental guidance—entities within its scope, both licensors and licensees in the record and music industry, must still apply all other applicable GAAP (928-10-15-1; 928-10-15-2).

record and music industrylicense agreements for music copyrightsrecord mastersartist compensation costsrecording artist royaltiesminimum guaranteeslicensor and licensee accountingincremental industry-specific guidance

Subtopics

  1. 10Overall3 ¶

    ASC 928-10 is the overview and scope subtopic for accounting by entities in the record and music industry. It flags the topics covered elsewhere in ASC 928 — licensing of music copyrights and record masters, artist compensation costs (including royalties paid to recording artists), costs of producing record masters, and licensees' accounting for fees and minimum guarantees. The guidance is incremental industry-specific guidance only; entities in scope must still follow all other applicable GAAP.

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