Canadian entertainment and media industry

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Intangible assets have traditionally played a huge role in the financial statements of Canadian media organizations like broadcasters, film producers, newspapers and production companies, and this will not change when International Financial Reporting Standards come into effect in January 2011.

With the deadline so close, it is important that entertainment and media companies understand how the transition to IFRS will affect their sector.

Key differences between IFRS and GAAP

Key areas (both tangible and intangible) of entertainment and media companies that will require consideration include:

  • Programming rights
  • Revenue
  • Goodwill and intangible assets
  • Impairment
  • Regulatory obligations
  • Government financing arrangements
  • Plant, property and equipment
  • Financial statement presentation and transition issues

How PwC can help

Our IFRS teams have assisted companies large and small in the Canadian entertainment and media industry make the conversion to IFRS, and we can do the same for you. We have facilitated an IFRS workshop for broadcasters and have other courses available on our IFRS curriculum. We have the entertainment and media industry knowledge to address your specific issues and help you make a smooth transition.

Contact our team today to learn more.

IFRS events of interest:

IFRS Conversion - Getting on Track

PricewaterhouseCoopers is offering a series of workshops to help you with your adoption of IFRS. All events will take place in the Greater Toronto Area, with exact locales to be finalized. Here are the confirmed topics and dates for 2010:

  • Revenue recognition:
    • May 31
  • Financial statements under IFRS/first time adoption issues:
    • June 23
  • Share-based payments and debt/equity instruments under IFRS:
    • July 30

IFRS conversion – Are you on Track?

If you did not get the opportunity to attend our 2 day IFRS bootcamp in Fall 2009, we are offering you an additional opportunity to attend. It will help you to identify the key areas of IFRS impacting you and work through practical IFRS conversion issues in an interactive environment. The course will be held in the Greater Toronto Area, with exact locales to be finalized.

  • May 17 & 18

Stay Current on IFRS – Update Webinars

  • Held on the last Thursday of every other month:
    • June 24
    • August 26

These webinars replace the calls previously held on the first Thursday of each month. They will bring you up to speed on new developments with IFRS and their implications on your business. For more information or to register, please visit the registration page.



Additional publications and resources of interest: