DOCSLIB.ORG

Conceptual Framework Underlying Financial Accounting

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Conceptual Framework Underlying Financial Accounting 7126dc02_33-66 3/28/00 10:09 AM Page 33 CHAPTER 2 Conceptual Framework Underlying Financial Accounting LEARNING T here Are Profits... And There Are Profits OBJECTIVES Accounting in Hollywood affects two parties dramatically. The first is the After studying this chapter, you numerous actors, writers, and producers who sign “net profit contracts” on should be able to: highly successful projects but never receive a share of the profits. With the big ³ Describe the usefulness of studios’ ability to allocate overhead costs creatively, “net profits” often fail to a conceptual framework. materialize. As a result, large-grossing productions like Forrest Gump, · Describe the FASB’s Batman, J.F.K., Alien, Ghostbusters, and Coming to America have never efforts to construct a conceptual framework. produced a “net profit.” Thus, several stars have brought lawsuits against the » movie studios in an attempt to uncover the creative measurement of “net loss.” Understand the objectives of financial reporting. Whether that issue will ever be resolved is anybody’s guess. ¿ Identify the qualitative Investors are another party affected by Hollywood accounting. For example, characteristics of major motion picture studios have been allowed to capitalize advertising and accounting information. marketing costs and amortize these costs against revenues over the life of the ´ Define the basic elements film. As a result, many investors have suggested that the studios’ profit of financial statements. numbers were overstated. Under a new GAAP standard, these costs now must ² Describe the basic be amortized over no more than three months; in many cases, they have to assumptions of be expensed immediately. Similarly, the costs related to abandoned projects accounting. often were allocated to overhead and spread out over the lives of the ¶ Explain the application of successful projects. Not anymore. These costs now must be expensed as they the basic principles of are incurred. Here is a rough estimate of the amounts of capitalized accounting. advertising costs some major studios will have to write off: º Describe the impact that constraints have on Studio (Parent Company) Capitalized Advertising reporting accounting (in millions) information. Columbia Tri-Star (Sony) $200 Paramount (Viacom) 200 20th Century Fox (News Corp) 150 Why the more conservative approach? A lot has to do with a stricter application of the definitions of assets and expenses. While many argue that advertising and marketing costs have future service potential, difficulty in reliably measuring these benefits suggests they are not assets. Therefore, a very short amortization period or immediate charge-off is justified. These new guidelines will not fix the problem of vanishing profits that are used to determine what film stars receive, but investors will now be better able to understand what is happening to the performance of companies in this industry. 33 7126dc02_33-66 3/28/00 10:09 AM Page 34 PREVIEW OF CHAPTER 2 As indicated in the opening story about Hollywood accounting, users of financial state- ments need relevant and reliable information. To help develop this type of financial information, accountants use a conceptual framework that guides financial accounting and reporting. This chapter discusses the basic concepts underlying this conceptual framework. The content and organization of this chapter are as follows: CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING Second Level: Conceptual First Level: Third Level: Fundamental Framework Basic Objectives Recognition and Concepts Measurement • Rationale • Qualitative • Basic • Development characteristics assumptions • Basic elements • Basic principles • Constraints CONCEPTUAL FRAMEWORK A conceptual framework is like a constitution: It is “a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function, and limits of financial accounting and financial statements.”1 Many have considered the Board’s real contribution—and even its continued existence—to depend on the quality and utility of the conceptual framework. Need for Conceptual Framework Why is a conceptual framework necessary? First, to be useful, standard setting should build on and relate to an established body of concepts and objectives. A soundly de- OBJECTIVE ³ veloped conceptual framework should enable the FASB to issue more useful and con- Describe the usefulness sistent standards over time. A coherent set of standards and rules should be the re- of a conceptual sult, because they would be built upon the same foundation. The framework should framework. increase financial statement users’ understanding of and confidence in financial re- porting, and it should enhance comparability among companies’ financial statements. Second, new and emerging practical problems should be more quickly solved by reference to an existing framework of basic theory. To illustrate an emerging problem: Unique debt instruments were issued by companies in the early 1980s as a response to high interest and inflation rates. These included shared appreciation mortgages (debt in which the lender receives equity participation), zero coupon bonds (debt issued at a deep discount with no stated interest rate), and commodity-backed bonds (debt that 1”Conceptual Framework for Financial Accounting and Reporting: Elements of Financial Statements and Their Measurement,” FASB Discussion Memorandum (Stamford, Conn.: FASB, 1976), page 1 of the “Scope and Implications of the Conceptual Framework Project” section. 34 7126dc02_33-66 3/28/00 10:09 AM Page 35 Conceptual Framework • 35 may be repaid in a commodity). For example, Sunshine Mining (a silver mining com- pany) sold two issues of bonds that it would redeem either with $1,000 in cash or with 50 ounces of silver, whichever was worth more at maturity. Both bond issues had a stated interest rate of 8.5%. At what amounts should the bonds have been recorded by Sun- shine or the buyers of the bonds? What is the amount of the premium or discount on the bonds and how should it be amortized, if the bond redemption payments are to be made in silver (the future value of which was unknown at the date of issuance)? It is difficult, if not impossible, for the FASB to prescribe the proper accounting treatment quickly for situations like this. Practicing accountants, however, must resolve such problems on a day-to-day basis. Through the exercise of good judgment and with the help of a universally accepted conceptual framework, it is hoped that practitioners will be able to dismiss certain alternatives quickly and then to focus upon a logical and acceptable treatment. Development of Conceptual Framework Over the years numerous organizations, committees, and interested individuals devel- oped and published their own conceptual frameworks. But no single framework was universally accepted and relied on in practice. Perhaps the most successful was Ac- counting Principles Board Statement No. 4, “Basic Concepts and Accounting Principles Un- derlying Financial Statements of Business Enterprises,” which described existing prac- OBJECTIVE · tice but did not prescribe what practice ought to be.2 Recognizing the need for a generally Describe the FASB’s accepted framework, the FASB in 1976 issued a massive three-part Discussion Memo- efforts to construct a randum entitled Conceptual Framework for Financial Accounting and Reporting: Elements of conceptual framework. Financial Statements and Their Measurement. It set forth the major issues that must be ad- dressed in establishing a conceptual framework that would be a basis for setting ac- counting standards and for resolving financial reporting controversies. Since the publi- cation of that document, the FASB has issued six Statements of Financial Accounting Concepts that relate to financial reporting for business enterprises.3 They are: INTERNATIONAL ³ SFAC No. 1, “Objectives of Financial Reporting by Business Enterprises,” presents INSIGHT the goals and purposes of accounting. The IASC has issued a concep- · tual framework that is broadly SFAC No. 2, “Qualitative Characteristics of Accounting Information,” examines the consistent with that of the U.S. characteristics that make accounting information useful. » SFAC No. 3, “Elements of Financial Statements of Business Enterprises,” provides definitions of items in financial statements, such as assets, liabilities, revenues, and expenses. ¿ SFAC No. 5, “Recognition and Measurement in Financial Statements of Business Enterprises,” sets forth fundamental recognition and measurement criteria and guidance on what information should be formally incorporated into financial state- ments and when. ´ SFAC No. 6, “Elements of Financial Statements,” replaces SFAC No. 3 and expands its scope to include not-for-profit organizations. ᕦ SFAC No. 7, “Using Cash Flow Information and Present Value in Accounting Mea- surements,” provides a framework for using expected future cash flows and pres- ent values as a basis for measurement. Illustration 2-1 provides an overview of the conceptual framework.4 At the first level, the objectives identify the goals and purposes of accounting and are the build- 2”Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises,” APB Statement No. 4 (New York: AICPA, 1970). 3The FASB has also issued a Statement of Financial Accounting Concepts that relates to non- business organizations: Statement of Financial Accounting Concepts No. 4, “Objectives of Financial
Load more

Recommended publications
  • Mogul Studios | White Paper V0.9 Mogul Studios | White Paper V0.9
    mogul Mogul Studios | White Paper V0.9 Mogul Studios | White Paper V0.9 MOGUL STUDIOS Liquid Film Financing White Paper v0.9 [email protected] mogul mogulstudios.com | 2 Mogul Studios | White Paper V0.9 Disclaimer The introduction and description of the basic condition of the project in this document is an invitation to the general public. It is not and cannot be regarded as an investment or declaration of commitment to any specific or unspecified subject. It is neither nor can it be considered as a specific team’s project. It’s not a commitment nor a guarantee. The Mogul team reserves all rights to modify, delete, add, abrogate, and interpret related behaviors of this document. Those who have the intention to participate, invest, and cooperate in this project must clearly understand the full risks of this project. Participants shall enter into a written cooperation agreement for participation in this project. The cooperation agreement shall clearly and completely indicate the cooperation, participation or investment. Participants should indicate in written or verbal form that they have fully understood and accepted all the risks that the project has generated or may have, and take corresponding responsibility. mogul mogulstudios.com | 3 Mogul Studios | White Paper V0.9 Mogul will also help optimize the film funding and production process Executive by enhancing financial transparency at every level. No longer will it be possible for filmmakers to hide exorbitant expenses behind the black Summary box of “Hollywood accounting.” Now, investors can ensure things are The movie business has always been done right, with their interests as about making dreams come true -- investors and film fans are always not just the dreams of viewers in considered first.
    [Show full text]
  • Honorsthesis-Wiecedeborahlynn
    ACCOUNTING FOR MOTION PICTURES: AN EXAMINATION OF THE QUALITY OF TWO ACCOUNTING STANDARDS An Undergraduate Distinction Project Presented in Partial Fulfillment of the Requirements for Graduation with Distinction in the College of Business at The Ohio State University By Deborah Lynn Wiece * * * * * The Ohio State University 2000 Distinction Examination Committee: Dr. Richard Murdock, Adviser Approved by Dr. Daniel Jensen Dr. Raymond Krasniewski ~~Department of Accounting and MIS ABSTRACT FAS 53, Financial Reporting by Producers and Distributors of Motion Picture Films, was issued in 1981 and set the requirements for external financial reporting in the motion picture industry. However, due primarily to changes in the industry since then, there have been many criticisms regarding the statement. In an attempt to address these criticisms, a proposed Statement of Position (PSOP) was written. This PSOP addresses some of the more controversial accounting methods allowed under FAS 53, and it requires more conservative income recognition policies. The goal of this distinction project was to determine which of these two accounting standards—FAS 53 or the PSOP—is of higher quality, with my hypothesis being that the PSOP was a higher-quality standard. To determine the quality of a standard, one can look at the characteristics, primarily the relevance and reliability, of the information it provides. In order to assess the quality of the information, I asked users of financial statements for their opinions through the use of a survey. 150 surveys were sent out to entertainment industry professionals, public accountants, and university accounting professors, and a response rate of 11.33% was achieved. Despite the low response rate, respondents indicated a preference for the PSOP in most areas.
    [Show full text]
  • Leveraged Buyouts, and Mergers & Acquisitions
    Chepakovich valuation model 1 Chepakovich valuation model The Chepakovich valuation model uses the discounted cash flow valuation approach. It was first developed by Alexander Chepakovich in 2000 and perfected in subsequent years. The model was originally designed for valuation of “growth stocks” (ordinary/common shares of companies experiencing high revenue growth rates) and is successfully applied to valuation of high-tech companies, even those that do not generate profit yet. At the same time, it is a general valuation model and can also be applied to no-growth or negative growth companies. In a limiting case, when there is no growth in revenues, the model yields similar (but not the same) valuation result as a regular discounted cash flow to equity model. The key distinguishing feature of the Chepakovich valuation model is separate forecasting of fixed (or quasi-fixed) and variable expenses for the valuated company. The model assumes that fixed expenses will only change at the rate of inflation or other predetermined rate of escalation, while variable expenses are set to be a fixed percentage of revenues (subject to efficiency improvement/degradation in the future – when this can be foreseen). This feature makes possible valuation of start-ups and other high-growth companies on a Example of future financial performance of a currently loss-making but fast-growing fundamental basis, i.e. with company determination of their intrinsic values. Such companies initially have high fixed costs (relative to revenues) and small or negative net income. However, high rate of revenue growth insures that gross profit (defined here as revenues minus variable expenses) will grow rapidly in proportion to fixed expenses.
    [Show full text]
  • Fight for Net-Profits Payments from Blockbuster Hollywood Productions
    JOURNAL OF LAW, TECHNOLOGY& THE INTERNET· VOL. 4 ·No. 2 · 2013 JouRNALOFLAw, TECHNOLOGY&THElNTERNET · VoL.4 · No.2 · 2013 Personal Health Information Shared Via Social Networking HIT LOSERS: THE GOOD (FAITH) the problem until information is inappropriately disclosed results in little opportunity for a meaningful remedy. FIGHT FOR NET-PROFITS PAYMENTS Federal regulations would protect the value placed on control of PHI by attaching protection to the information itself. It is more FROM BLOCKBUSTER HOLLYWOOD realistic to place restrictions on what can be done with acquired PRODUCTIONS information than to attempt detailed regulation of this rapidly evolving industry.209 While users should also participate in the protection of their personal information through use of the privacy Max Bialystock: You were saying that, under the right settings afforded, deceptive privacy advertisement and obtuse privacy circumstances, a producer could make more money with a flop policies should not render this participation meaningless. than he could with a hit. Preemptively establishing a set of federal regulations as a benchmark Leo Bloom: Yes. It's quite possible. for addressing these kinds of issues before they arise will help mitigate Max Bialystock: You keep saying that, but you don't say how! 1 the harms that are otherwise sure to follow. Federal regulations Leo Bloom: Well, it's simply a matter of creative accounting. requiring meaningful privacy disclosures and truthful advertising, Gould: I think conservatively, you and me, we build ourselves establishing guidelines for use of PHI, and providing causes of action in to split, ten percent. (Pause.) with precedential value would keep pace with reality of the evolution Fox: Of the net.
    [Show full text]
  • Creative Accounting Practices Pdf
    Creative accounting practices pdf Continue Euphemism, referring to unethical accounting practice Of Book Preparation, redirects here. For an episode of Black Books, see Cooking Books (Black Books episode). For the New York-tv cooking programme, watch the Cook Books Program (TV program). Part of the series onAccounting Historical Expenses Permanent Purchasing Power Office Tax Main Types Audit Budget Expenditures Forensic Fund State Office Social Tax Key Concepts Period Accrual Permanent Purchasing Power Economic Essence Fair Value Going Historical Concerns Historical Costs Compliance Principle Materiality Income Recognition Unit Account Selected Cash Account Cash Expenses Goods, Sold Amortization/Amortization of Equity Expenses Goodwill Passion principles Financial Reporting Annual Report Balance Sheet Cash Flow Income Office Discussion Notes to Financial Reporting Accountant Bank Reconciliation Of Debits and Loans Double Entry System FIFO and LIFO Journal Ledger / General Registry T Accounts Forensic Balance Audit Of Financial Firms Report by People and Organization Accountants Accounting Organizations but deviate from the spirit of these rules with questionable accounting ethics, in particular misrepresenting the results in favor of training, or the firm that hired the accountant. They are characterized by excessive complications and the use of new ways of characterizing income, assets or liabilities and the intention to influence readers with respect to interpretations desired by the authors. Sometimes the terms are also innovative or aggressive. Another common synonym is the preparation of books. Creative accounting is often used in tandem with outright financial fraud (including securities fraud), and the boundaries between them are blurred. Creative accounting techniques have been known since ancient times and appear all over the world in various forms.
    [Show full text]
  • IP & Antitrust
    September 2018 This newsletter contains an overview of recent publications concerning intellectual property issues. The abstracts included below are as written by the author(s) and are unedited. IP & Antitrust Antitrust and intellectual property in the United States and the European Union Douglas H. Ginsburg (U.S. Court of Appeals for the District of Columbia Circuit; George Mason University - Antonin Scalia Law School, Faculty) Damien Geradin (Tilburg Law & Economics Center (TILEC); University College London - Faculty of Laws) Keith Klovers (FTC) The Interplay Between Competition Law and Intellectual Property - An International Perspective, Gabriella Muscolo and Marina Tavassi eds., Kluwer Law International, Forthcoming https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3237788 The United States and the European Union each have a strong legal regime designed both to protect competition and to foster innovation. Because the competition and intellectual property (IP) laws are occasionally in some tension, each jurisdiction has developed detailed legal rules that govern when and how competition law restrictions apply to IP rights. Recognizing that innovation benefits consumers, each regime presumes a patentee may lawfully use, license, and sell its IP rights freely unless that activity would impair competition on the merits by (i) coordinating with other entities to restrain trade unreasonably; (ii) unilaterally acquiring (in the U.S.) or exercising (in the EU) market power; or (iii) transferring IP through an anticompetitive merger or acquisition. This chapter summarizes and briefly compares the applicable law in the U.S. and the EU, and then identifies the most prominent differences between the two regimes. Note that, because most of the applications discussed herein concern patents, the term patents is used throughout to refer to all kinds of IP unless the difference matters.
    [Show full text]
  • The Net Profits Puzzle
    Columbia Law School Scholarship Archive Faculty Scholarship Faculty Publications 1997 The Net Profits Puzzle Victor P. Goldberg Columbia Law School, [email protected] Follow this and additional works at: https://scholarship.law.columbia.edu/faculty_scholarship Part of the Business Organizations Law Commons Recommended Citation Victor P. Goldberg, The Net Profits Puzzle, 97 COLUM. L. REV. 524 (1997). Available at: https://scholarship.law.columbia.edu/faculty_scholarship/681 This Essay is brought to you for free and open access by the Faculty Publications at Scholarship Archive. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of Scholarship Archive. For more information, please contact [email protected]. ESSAY THE NET PROFITS PUZZLE Victor P. Goldberg* The use of "net profits" clauses in the movie business poses a problem. The standardperception is that Hollywood accountingresults in successful films showing no net profits. If that is indeed so, then why have they survivedfor over four decades? This Essay argues that a successful movie will fail to yield net profits only if a "grossparticipant" (a major star whose compensa- tion is in part afunction of the film's gross receipts) becomes associated with the film. Since the net profits participants typically are associated with a project first, the question becomes: Why would they be willing to sacrifice some (or all) of their contingent compensation when a gross participant is added to the project? The answer is that the net participantsare made better off, ex ante, both directly by increasing their expected earnings, and indi- rectly because the studio is willing to payfor the increasedflexibility.
    [Show full text]
  • Vision 2020 Strategic Plan Vision 2020 and the Budget
    City of West Hollywood Operating Budget ◆ Two Fiscal Years 2010 - 2011 & 2011 - 2012 Capital WOrk plan ◆ Five Fiscal Years 2010 - 2015 West Hollywood, California West “What Do You Like Most About WEHO?” Read the responses to this question by West Hollywood's residents on the back of each divider. PHOTOGRAPHY | Cover: Sierra Bonita Housing Project by Art Gray, Cover: Hancock Housing Project by Eric Staudenmaier, Legislative Executive Tab: City Hall at Night by Ryan Gierach Contributing City of West Hollywood Photographers: Joshua Barash, Jonathan Moore, Richard Settle ,and Brett White. West Hollywood City CounCil John Heilman John J. Duran Lindsey Horvath Abbe Land Jeffrey Prang Mayor Mayor Pro Tempore Council Member Council Member Council Member 2010-2011 2010-2011 City ManageMent teaM City Manager Director of Human Services Paul Arevalo Sam C. Baxter City Attorney Director of Housing and Rent Stabilization Mike Jenkins Allyne Winderman Assistant City Manager Director of Public Information and Joan English Prosecution Services Helen J. Goss, Esq. Deputy City Manager/ Director of Community Development Director of Public Works Anne McIntosh Oscar Delgado Director of Administrative Services Sheriff’s Department Vivian Love Captain Kelley Fraser Director of Finance and Technology Services Anil H. Gandhy Citywide Organizational Chart West Hollywood Residents City Council Commissions Advisory Boards City City Attorney (Contract) ¾ Arts and Cultural Affairs ¾ Disabilities Manager ¾ Business License ¾ Lesbian and Gay ¾ Historic Preservation ¾
    [Show full text]
  • The Studio System and Conglomerate Hollywood
    TCHC01 6/22/07 02:16 PM Page 11 PART I THE STRUCTURE OF THE INDUSTRY TCHC01 6/22/07 02:16 PM Page 12 TCHC01 6/22/07 02:16 PM Page 13 CHAPTER 1 THE STUDIO SYSTEM AND CONGLOMERATE HOLLYWOOD TOM SCHATZ Introduction In August 1995 Neal Gabler, an astute Hollywood observer, wrote an op-ed piece for The New York Times entitled “Revenge of the Studio System” in response to recent events that, in his view, signaled an industry-wide transformation (Gabler 1995). The previous year had seen the Seagram buyout of MCA-Universal, Time Warner’s purchase of the massive Turner Broadcasting System, and the launch of Dream- Works, the first new movie studio since the classical era. Then on August 1 came the bombshell that provoked Gabler’s editorial. Disney announced the acquisition of ABC and its parent conglomerate, Cap Cities, in a $19 billion deal – the second- largest merger in US history, which created the world’s largest media company. Disney CEO Michael Eisner also disclosed a quarter-billion-dollar deal with Mike Ovitz of Hollywood’s top talent agency, Creative Artists, to leave CAA and run the Disney empire. For Gabler, the Disney deals confirmed “a fundamental shift in the balance of power in Hollywood – really the third revolution in the relationship between industry forces.” Revolution I occurred nearly a century before with the formation of the Hollywood studios and the creation of a “system” that enabled them to con- trol the movie industry from the 1920s through the 1940s. Revolution II came with the postwar rise of television and the dismantling of the studio system by the courts, which allowed a new breed of talent brokers, “most notably Lew Wasserman of the Music Corporation of America [MCA],” to usurp control of the film industry.
    [Show full text]
  • Border Lords
    B ORDER L ORDS AN INDEPENDENT MOTION PICTURE B USINESS P LAN VANGUARD PRODUCTIONS 12111 Beatrice St., Culver City, CA 90230 Tel 310-306-4910 Fax 310-306-491 [email protected] This document and the information contained herein is provided solely for the purpose of acquainting the reader with Vanguard Productions and the proposed film Border Lords. It is proprietary information to the Company. By accepting this document, the recipient agrees to keep the contents in strictest confidence and not to reproduce or further distribute it without the express consent of Vanguard Productions. This document is solely a business plan covering aspects of the motion picture industry and the proposed film Border Lords and is not to be construed as an offering of securities. Table of Contents CATEGORY PAGE STATEMENT OF RISK 2 EXECUTIVE SUMMARY 3 THE COMPANY 4 THE PROJECT 5 THE INDUSTRY 9 THE MARKETPLACE 10 MARKETING STRATEGY 11 THE DISTRIBUTION PROCESS 13 DISTRIBUTION STRATEGIES 15 INVESTMENT OPPORTUNITY 16 FINANCIAL PROJECTIONS 17 FOREIGN SALES PROJECTIONS 20 APPENDIX “A” LETTER OF INTEREST: KRIS KRISTOFFERSON 21 APPENDIX “B” LETTER OF INTEREST: RICHARD TYSON 22 APPENDIX “C” LETTER OF INTEREST: LIONS GATE FILMS 23 APPENDIX “D” LETTER OF INTEREST: MAIN LINE RELEASING 24 APPENDIX “E” BOND LETTER: FILM FINANCE 25 APPENDIX “F” CHAIN OF TITLE 26 APPENDIX “G” BUDGET TOP SHEET 27 APPENDIX “H” CASH FLOW CHART 28 APPENDIX “I” PICTURES OF ATTACHED CAST 29 APPENDIX “J” PICTURES OF PROPOSED CAST 34 APPENDIX “K” PICTURES OF LOCATIONS 38 Border Lords Business Plan 1 Statement of Risk Investment in the film industry is highly speculative and inherently risky.
    [Show full text]
  • Institute of Cost and Management Accountants of Bangladesh
    ISSN 1817-5090 92/80(;/9,,, 180%(5 129(0%(5'(&(0%(5 &29,' Institute of Cost and Management Accountants of Bangladesh (A statutory body under the Ministry of Commerce, GoB) Bi-monthly Journal of the ICMAB Contents ISSN 1817-5090 VOLUME XLVIII NUMBER-06, NOVEMBER-DECEMBER 2020 01 Editorial Editor Mr. Ruhul Ameen FCMA 02 Associate Editors Mr. G M Omar Faruque Chowdhury FCMA w From the President’s Desk w Dr. Md. Saiful Alam FCMA Journal Committee 04 Chairman Mr. Md. Touhidul Alam Khan FCMA Forensic Accounting and Fraud Investigation: Mr. Safiul Azam FCMA Vice-Chairman A Conceptual Summary Members Mr. Abu Bakar Siddique FCMA Mr. Md. Munirul Islam FCMA Mr. Md. Ali Haider Chowdhury FCMA 12 Mr. Abu Sayed Md. Shaykhul Islam FCMA External Auditors’ Judgment towards Short-Term Mr. A. K. M. Delwer Hussain FCMA Earnings Management Practices: Evidence from Mr. Arif Khan FCMA Bangladesh Mr. Md. Kausar Alam FCMA Mr. A.K.M. Kamruzzaman FCMA Mr. Md. Yusuf FCMA 24 Mr. Hamid Monirul Azam FCMA The Effect of Credit Risk Management on the Syed Sarwar Hussain FCMA Financial Performance of Banks: A Study on Selected Mr. Md. Shaifur Rahman Mazumdar FCMA Private Commercial Banks in Bangladesh Mr. Md. Halimur Rashid Khan FCMA Mr. S.M. Elias Amin FCMA Mr. Mohammad Khurshid Alam FCMA 36 Mr. Biswanath Paul FCMA Socio-economic Factors of Tax Compliance: An Mr. Md. Ejajur Rahman Chowdhury FCMA Empirical Study of Individual Taxpayers in the Dhaka Mr. Jahangir Hossain FCMA Zones, Bangladesh Mr. Md. Siddiqur Rahman FCMA Mr. Mohammed Nazmul Hoque FCMA Mr.
    [Show full text]
  • What Backend?
    WEDNESDAY, JULY 29, 2020 5:00p - 5:45p PDT BACKEND? WHAT BACKEND? ARE PROFIT PARTICIPATIONS AN OUTDATED CONCEPT IN THE NEW TELEVISION ERA? moderator: Craig Wagner Head of Business Affairs and General Counsel, Paradigm Talent Agency panelists: John V. Berlinski Partner, Kasowitz Benson Torres LLP Craig A. Emanuel Partner, Paul Hastings LLP Karen Tatevosian Executive Vice President and Head of U.S. Business Affairs, Sony Pictures Television Studios JOHN V. BERLINSKI PARTNER, KASOWITZ BENSON TORRES LLP OHN V. BERLINSKI IS A PARTNER IN KASOWITZ’S BEFORE JOINING NBCUNIVERSAL, JOHN WORKED FOR JCENTURY CITY OFFICE AND CHAIR OF THE FIRM’S APPROXIMATELY SEVEN YEARS AS A GENERAL LITIGATOR ENTERTAINMENT PRACTICE GROUP. HIS PRACTICE AT A GLOBAL LAW FIRM. FOCUSES ON REPRESENTING TOP ACTORS, DIRECTORS, PRODUCERS, TALENT AGENCIES, EXECUTIVES, STUDIOS, WORK HIGHLIGHTS NETWORKS, CASINOS, AND RESORTS, AMONG OTHERS, • GENTING MALAYSIA BERHAD, A LEADING IN THEIR MOST SIGNIFICANT DISPUTES, INCLUDING INTERNATIONAL GAMING AND RESORT COMPANY, IN A LITIGATING LICENSING, INTELLECTUAL PROPERTY, AND BILLION-PLUS DOLLAR LAWSUIT AGAINST FOX "BACKEND" PROFIT PARTICIPATION CLAIMS. ENTERTAINMENT GROUP AND THE WALT DISNEY COMPANY. THE LAWSUIT, FILED IN THE CENTRAL PRIOR TO JOINING THE FIRM, JOHN SPENT SEVEN YEARS DISTRICT OF CALIFORNIA, STEMS FROM FOX’S AT NBCUNIVERSAL, WHERE HE WAS THE SENIOR VICE TERMINATION OF A 2013 AGREEMENT IN WHICH IT PRESIDENT & HEAD OF WEST COAST TELEVISION LICENSED TO GENTING CERTAIN FOX INTELLECTUAL LITIGATION. AT NBCUNIVERSAL, HE ACTIVELY PROPERTY FOR USE IN DEVELOPING WHAT WAS TO BE THE PARTICIPATED IN AND MANAGED THE COMPANY’S WORLD’S FIRST FOX-BRANDED THEME PARK. ENTERTAINMENT LITIGATION DOCKET, WHICH INCLUDED DISPUTES INVOLVING PROFIT PARTICIPATION, • EMILY DESCHANEL AND DAVID BOREANAZ, THE STARS COPYRIGHT, IDEA THEFT, RIGHT TO PRIVACY, BREACH OF OF THE LONG-RUNNING HIT TV SHOW “BONES,” AND CONTRACT, LABOR AND EMPLOYMENT, AND OTHER ONE OF ITS PRODUCERS KATHLEEN REICHS, IN MATTERS.
    [Show full text]