The UK film and TV industries have a new online guide to production accounting, launched yesterday by industry collective the Production Accounting Forum.
According to the Forum, which includes The Production Guild of Great Britain, independent producers, broadcasters including the BBC, ITV and Channel 5, and accountancy specialists, ‘The Best Practice Guide to Production Accounting’ will be updated regularly and clarify guidelines including working in international locations.
The guide, online at www.productionguild.com/productionaccounting, covers every aspect of production accounting, from pre-production and forecasting, through to taxation, filming overseas and payroll.
Graham Easton, UK managing director for film finances, said: “The financing of film and television production has become ever more complex. Film makers live in a world of fiscal incentives, discounted pre-sales, gap funding, tax breaks, co-production regulations. Everyone with a financial interest in the movie, from producer to financier to completion guarantor, expects the production accountant to carry out his or her duties in a manner that satisfies their requirements.
We all go to the production accountant for clear and accurate information and impartial advice. But who does the production accountant go to when he or she needs some help? Who can offer impartial advice on what to do, on best practice, in such a specialised area? I believe that this guide, put together with input from knowledgeable practitioners from all sides of our business will fill that gap.”
The guide has been sponsored by Creative Skillset, the Chartered Institute of Management Accountants, Film Finances, Channel 5, ITV, Moneypenny, Sargent Disc, TPH and Grant Thornton and is endorsed by the Production Guild, the BBC, Channel 4, Kudos, Raw and SKY.