Multimedia products raise problems for accountants

Under current Australian law, it is not certain whether multimedia works are recognized as discrete forms of property. Auditors must be aware of the nature of their clients' businesses, assets and liabilities. Therefore, if their client has multimedia assets they must know whether the client ow...

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Bibliographic Details
Published in:Intheblack 1995-07, Vol.65 (6), p.57
Main Author: Sharpe, Anna
Format: Magazinearticle
Language:English
Subjects:
Accounting
Auditing procedures
Auditors
Balance sheets
Copyright
Financial reporting
Intangible assets
Intellectual property
Motion picture directors & producers
Multimedia communications
Multimedia computer applications
Valuation
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Summary:Under current Australian law, it is not certain whether multimedia works are recognized as discrete forms of property. Auditors must be aware of the nature of their clients' businesses, assets and liabilities. Therefore, if their client has multimedia assets they must know whether the client owns all or part of those assets. Accounting standards do not deal specifically with accounting for internally generated intangible assets and it may be a long time before an accounting standard is introduced to cover this area. From the multimedia producer's point of view, it is therefore important not only to deal correctly with the legal issues surrounding multimedia but also to ensure that these valuable assets are correctly reflected on the balance sheet.
ISSN:1832-0899