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FAS TASK FORCE ASKS INDUSTRY MEMBERSTO SUBMIT COMMENTS ON ACCOUNTING STANDARDS

 LOS ANGELES, June 28 /PRNewswire/ -- The Entertainment and Sports Committee of the Los Angeles Chapter of the California Society of CPAs (CSCPA) has formed the FAS 53 Task Force to examine accounting practices in the entertainment industry that have been criticized by the financial press in recent years. Since its initial planning meeting on Oct. 14, 1992, this group of 30 entertainment industry financial executives -- representing all of the major studios, several of the independent motion picture and television producers and distributors, two bankers and two investment bankers, all of the Big Six and two other accounting firms -- have held confidential meetings to discuss the varying accounting and reporting practices in the motion picture and television industries.
 In December 1981, the Financial Accounting Standards Board (FASB) issued Statement No. 53, entitled "Financial Reporting by Producers and Distributors of Motion Picture Films" (FAS 53), which established the standards of financial accounting and reporting for companies engaged in the production and distribution of motion pictures and television programs. Since that time, the motion picture and television industries have experienced significant changes, many of which were unforeseen in 1981.
 The objective of the Task Force is to identify the varying interpretations and applications of FAS 53 that have been adopted by companies in the industry and recommend clarifications, amplifications, and possible changes to the statement. The Task Force is composed of four subcommittees, each meeting separately and presenting its findings and recommendations to the Task Force for full discussion and voting. At the conclusion of its June 1994 term, the Task Force plans to issue a "white paper" describing its recommendations. This white paper will not have authoritative accounting enforcement until the CSCPA, the American Institute of CPAs and the FASB review the white paper and determine whether to proceed with an exposure draft. If approved, this process would involve deliberations in a public meeting and exposure for comments.
 While the subcommittees and the Task Force will continue to meet in a confidential forum, the Task Force is currently inviting industry members to submit comments for consideration. All questions and issues should be directed in writing to:
 Shadi S. Sanbar, chairman, FAS 53 Task Force, c/o Arthur Andersen & Co., 633 West Fifth St., Los Angeles, CA 90071.
 -0- 6/28/93
 /CONTACT: Mark H. Leaf, media relations director of Arthur Andersen, 213-614-1616, or (pager) 213-707-5962/


CO: Arthur Andersen ST: California IN: FIN SU:

JB-EH -- LA025 -- 6443 06/28/93 17:16 EDT
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Date:Jun 28, 1993
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