As I read through the thread on Journey and the money stuff it got me thinking. When I first started preparing for an accounting career in college and took one of my first accounting classes, we were given an assignment to write a paper on a FAS. This is from a board in the accounting world.

We could pick any of them (there are a lot) we wanted. I had no idea at the time about these but I looked into them and saw one that caught my eye: FAS50 Summary Financial Reporting in the Record and Music Industry.

Now, I want to think I chose this one because I was interested in the topic. On the other hand, it is one of the shorter ones so I'm thinking that could have been the reason I picked it. 😉

Anyway, this was my first college paper. If you think accounting sounds like a boring profession (it can be), imagine writing about it.

But I thought this might be of interest to some on this site. Some acronyms: FASB is The Financial Accounting Standards Board. AICPA is The American Institute of Certified Public Accountants.

There are some references to other documents that you can look up.

The topics that I found fascinating at the time were discussions of the royalties and licenses. I also find it interesting that even as long ago that this was written they talk about the record master.

They leave a lot things kind of open ended so there is a definite degree of subjectivity.

I know there are some people on the site that might have more knowledge of what actually transpires, but it seems a few are interested in the business side of things.

Oh, you want to read FAS 050 (as issued). Just accept the terms.

https://www.fasb.org/jsp/FASB/Document_C/DocumentPage&cid=1218220126791

[Edited on 4/17/2020 by Lee]