record masters

ASC 605-928 formerly provided industry-specific revenue recognition guidance for the music industry (licensors of music rights, record masters, and related fees). Every paragraph in the subtopic — scope, recognition, initial measurement, and relationships sections — was superseded by ASU 2014-09 (Revenue from Contracts with Customers). Entities now account for music-industry revenue under ASC 606 and, for licensing arrangements, ASC 606-10-55-54 through 55-65, with residual industry guidance in ASC 928.

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.