What should be included in a film journal? – MVOrganizing
What is a film diary?
Where is GAAP used?
Is GAAP required by law?
Do you have to follow GAAP?
A production diary is a live account of the making of a film for promotional purposes in the form of a video podcast. Web-based production diaries are a new way for film makers to publicize their productions as they are being created, rather than when they are released (the old-model of film marketing).
By being more principles-based, IFRS, arguably, represents and captures the economics of a transaction better than GAAP. Some of the differences between the two accounting frameworks are highlighted below.
Key takeaway: In the U.S., GAAP is mandatory for publicly traded and regulated companies. The Financial Accounting Standards Board (FASB) can set GAAP standards, while the SEC has the power to enforce those standards. Other countries have their own GAAP standards.
Who has to comply with GAAP? Only publicly traded companies are required to comply with GAAP. Private companies are not required to comply with GAAP, and this will not change once the new guidance is issued.
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