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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Specialized Accounting

Broadcasters

This section addresses accounting and financial reporting standards for broadcasters.

License Agreements for Program Material — A licensee reports the asset and liability for a broadcast license agreement either at the:

  • Present value of the liability

    –OR–

  • Gross amount of liability

If the present value approach is used, the difference between gross and net liability is accounted for as interest.

Barter Transactions — Broadcaster may barter unsold advertising time for products or services. All barter transactions (except those involving the exchange of advertising time for network programming) are reported at the estimated fair value of the product or service received. Barter revenue is reported when commercials are broadcast. Merchandise or services received are reported when received or used. A liability is reported if merchandise or services are received prior to the broadcast of the commercial. Likewise, a receivable is reported if the commercial is broadcast first.