BusinessCompany NewsMedia fines to be calculated under GAAP

Media fines to be calculated under GAAP

Turnover fines imposed by the new Office of Communications regulator will be calculated according to generally accepted UK accounting principles, trade and industry minister Lord Sainsbury has announced in the Lords.

Link: PwC and KPMG in battle after media giants merge

The fines, imposed under the 2003 Communications Act will be limited to turnover on relevant businesses, net of sales rebates, VAT and other taxes, and will be imposed on communications providers who contravene the conditions of entitlement.

Whereÿthe business consists of two or more undertakings OfCom will exclude turnover resulting from the supply of goods or services between them, when imposing the fines.

The new Office of Communications merges the functions of five existing regulatory bodies the Independent Television Commission (ITC), the Broadcasting Standards Commission (BSC), the Office of Telecommunications (Oftel), the Radio Authority (RAu) and the Radiocommunications Agency (RA).ÿ

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