Rescission of FASB Statement No. 53 and amendments to FASB Statements No. 63, 89, and 121 (Issued 6/00)
Summary
This Statement rescinds FASB Statement No. 53, Financial Reporting by Producers and Distributors of Motion Picture Films. An entity that previously was subject to the requirements of Statement 53 shall follow the guidance in AICPA Statement of Position 00-2, Accounting by Producers or Distributors of Films. This Statement also amends FASB Statements No. 63, Financial Reporting by Broadcasters, No.89, Financial Reporting and Changing Prices, and No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.
This Statement is effective for financial statements for fiscal years beginning after December 15, 2000. Earlier application is permitted only upon early adoption of the Statement of Position.