NORTHFIELD, IL, September 22, 2014 – MFM – the Media Financial Management Association, will offer a Distance Learning Seminar to help media businesses prepare for new standards from FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) that govern revenue reporting, particularly as it relates to digital media. The CPE (continuing professional education) event on “Revenue Recognition” will be held on Tuesday, September 23 from 3:30-4:45 p.m. ET.
Seminar presenters Dan Drobac, Senior Manager in the Washington, DC offices of PricewaterhouseCoopers (PwC), Suzanne Tuxill, Corporate Controller for Salem Communications, and Dwight Delapenha, President of Deladad Advisory, will review the impact of upcoming changes to the revenue recognition standards. They will also discuss best practices in accounting for bundled arrangements with multiple elements, among other topics. Specific outcomes for the Distance Learning Seminar include learning to:
•Determine appropriate accounting treatment for arrangements which include multiple deliverables;
•Utilize appropriate accounting methodology when dealing with non-traditional media revenue; and
• Communicate the impact of changes to the revenue recognition standards.
“As a PwC report recently observed, the new standards for revenue recognition represent the biggest accounting change in a decade,” said Mary M. Collins, President and CEO of MFM and BCCA. “We are pleased to bring together a panel of media finance experts who are familiar not only with the new standards, but also the specific areas of our business that will be most impacted by them.”
According to a new report from PwC, “The new digital ecosystem reality: The new revenue recognition standard – Is your technology company ready,” companies in the technology sector, including telecommunications and media businesses, are expected to see a major impact from the new accounting standards. While the new standards won’t take effect until 2017 for publicly-held companies and 2018 for private businesses, the report’s authors believe companies that start preparing for the changes now “will be in the best position to seize the opportunities that will come with the change – while also surmounting the challenges.”
Registered participants for the Webinar who are interested in fulfilling continuing education requirements will be eligible to receive up to 1.5 CPEs credit toward their certified public accounting (CPA) license. MFM is registered with the National Association of State Boards of Accountancy (NASBA).
The registration fee for the Webinar is $74 for individual members of the Association, $59.00 for corporate members and $94 for non-members. MFM is also offering package discounts for anyone registering for two or more of the nine Distance Learning Seminars that have been scheduled for the coming months. Additional information and an online registration form may be found on MFM’s Web site, at http://www.mediafinance.org
About MFM and BCCA:
Media Financial Management Association (MFM) is the premiere resource for financial professionals for media industry education, networking, and information sharing throughout the U.S. and Canada. More information about MFM is available on its Web site: http://www.mediafinance.org. Its BCCA subsidiary serves as the media industry’s credit association. BCCA’s revenue management services include a variety of credit reports on national and local media advertisers and EMCAPP - the Electronic Media Credit Application. More information about BCCA and EMCAPP is available at http://www.bccacredit.com and www.emcapp.com.
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Media Contact Information:
Andy Holdgate - 720.270.1325 or holdgatepr@comcast.net
Jamie Smith - 847.716.7000 or jamie.smith@mediafinance.org
