Bob the Builder adopts US GAAP
HIT Entertainment, maker of Bob the Builder and Barney the Dinosaur, expects the headline figures in its results for the past year to be affected by the adoption of US accounting standards.
HIT announced on Tuesday that results for the year ending 31 July 2001 will ‘exceed’ all expectations under traditional accounting methods.
The adoption of US GAAP, however, will affect the figures, which will be announced on 29 October, though a statement said the company hoped even after accounting adjustments the results will ‘achieve the consensus market forecast’.
‘The new methods are generally regarded as more prudent and will be consistent with those adopted by major US entertainment rights companies,’ the statement added.
It is reported that 60% of HIT’s sales come from the US this year against 15% in the previous year.
The news comes as Bob the Builder this week releases his new single – a cover of Lou Bega’s ‘Mambo Number Five’. His last single ‘Can we fix it?’ was a Christmas number one.
Links
US GAAP pushes Cedar into the red
GT calls for movie industry accounting standards