Nov 7, 2019 this is a bonus assignment in my course. Oct, 2006 if i sell all or a portion of my comic book collection, what tax benefits if any can i realize. Overstreet comic book price guide the overstreet guide is a must have if you have a lot of comics, are already a collector or plan on having a lot of comics. Among names you would recognize, he was followed in short order by. Understanding and implementing the new standard wiley regulatory reporting. What documentation would you need to show that this was a loss and therefore is not incom. Aug 09, 2019 box office revenue of the leading film studios worldwide 20, by region korean webtoon popularity worldwide 2019 monthly comic titles published in spain 20122018.
Weve been selling comics since 1961 our first sale. Hi, i was wondering if there is anyone on the forum who has any advice what the tax implications when you sell a collection if you show a loss compared with fmv does that negate or. Portfolio in hand, aspiring comicbook artist sean carlson waits patiently in line after a new york comic con panel in october on how to break into the business. Aug 22, 2008 unfortunately, the value of the sig in terms of its immediate resale value has been dependent on the book that is getting signed.
See more ideas about accounting, accounting humor and accounting jokes. A reddit for fans of comic books, graphic novels, and digital comics. If i sell all or a portion of my comic book collection, what tax benefits if any can i realize. Stan lee signing a random issue of a new marvel book. The premier online comics price guide free comic book values. Check your understanding of revenue recognition in this quiz and worksheet combo. Until you earn points all your submissions need to be vetted by other comic vine users. The video and resources below will help you find the best way to get current prices and values of your comic books, whether you own only a couple or thousands here we go. By delivering the weekly list of new releases, along with news concerning current and future products available in local and online comic book shops, we enable consumers to meet their goals more effectively.
All of those revenue streams marvel gets a percentage of. You always know what to suggest and its typically as great as you said it would be. The new revenue recognition standard, asc 606, outlines a single, comprehensive model for accounting for revenue from customer contracts. Etsy is the home to thousands of handmade, vintage, and oneofakind products and gifts related to your search. Global box office revenue of the most successful movies of all time as of. I sold a large portion of my comic book collection to pay some bills. Happy harbor has a consignment program in place for local comic book artists who, like soren, push through selfpublishing a comic to get a finished product. Comic book store owners of reddit, how is business. I sold a large portion of my comic book collection to pay. Everything a comic book artist needs to make it in the business. A comic book or comicbook, also called comic magazine or simply comic, is a publication that. The publishers have proved successful at identifying licensed characters that would move about 5,000 or 10,000 issues per month in comic book stores, said jonathan jackson miller, a writer. Understanding and implementing the new standard wiley regulatory reporting flood, joanne m. Pick a comic and explain to the class why it is funny in a way that shows knowledge of the underlying subject.
Mar 03, 2015 comic books and comics culture have a lot of nuances and traditions and continuity that can be a bit difficult to navigate. Comic books and comics culture have a lot of nuances and traditions and continuity that can be a bit difficult to navigate. Comic art is an art medium used to present ideas or stories via images. The corporation is a fictional organization appearing in american comic books published by marvel comics. This list of comics publishing companies lists companies, specifically publishing companies who primarily publish comics. Generally, revenue is recognized only when a critical event has occurred, and the amount of revenue is measurable. Though its unlikely comic books will replace blue chip stocks such as apple or goldman sachs as investments, dealers say the market for comic books can create solid returns as long as. The minimum price is not a real reflection of market value. Mar 11, 20 i sold a large portion of my comic book collection to pay some bills. From our humble beginnings, we have grown to the largest, most complete comic book price guide with well over. Oct 20, 2016 portfolio in hand, aspiring comic book artist sean carlson waits patiently in line after a new york comic con panel in october on how to break into the business.
Revenue recognition 2016 aicpa audit and accounting guide 1st edition by aicpa author isbn. This process takes no more than a few hours and well send you an email once approved. Comics have plenty of mainstream recognition thanks to all the. It was founded as pyramid publishing in 1986, and became new century comics. However, with increasing recognition of comics as an art form and the growing pop culture presence of comic book conventions, they are now.
Prior to writing the first edition of revenue recognition guide in 2002, mr. For private companies now tasked with asc 606 implementation, the model supersedes most legacy guidance and fundamentally changes how entities need to think about revenue recognition. Also, if you dont hear it enough comic books store owners, thanks for being there. Comics price guide was the first online price guide for comic books back in 1995.
The images are usually arranged in panels in sequence that convey the story. Comic book sales are soaring as the demographics of the average comic book. Jan 24, 2016 the publishers have proved successful at identifying licensed characters that would move about 5,000 or 10,000 issues per month in comic book stores, said jonathan jackson miller, a writer who. While technology has certainly made it easier for people to selfpublish comic books or graphic novels, the same isnt true when it comes to digital distribution or getting selfpublished. As we head into the next decade, is it time to rethink digital. Zoomcomix is a trendsetting online comic book store, offering our firstrate comic books and exceptional customer service to shoppers from the comfort of their own homes. The business of black comic books black enterprise. Jan 18, 2017 is comic industry being oversaturated. In other words, it takes a dealer time to sort, bag, board and price any comic book. We have about a 35% profit margin on our comic book business and growing very nicely if you look at our track. The comic books were bagged and boarded prior to their sale.
Comiclink is the online vintage comic book and comic art auction destination featuring comic book auctions spotlighting the most desirable cgc graded examples of key comics, as well as comic art auctions featuring the biggest names in comic book illustration from the golden age to the present. Unfortunately, the value of the sig in terms of its immediate resale value has been dependent on the book that is getting signed. A revenue is recognized only when it has been earned. From our humble beginnings, we have grown to the largest, most complete comic book price guide with well over 1,000,000 comics in our database. Retailers, publishers weigh in on 2017 state of the business. Taub is a member of the fasbiasb joint transition resource group for revenue recognition, and previously served as a member of the iasbs ifrs interpretations committee and the fasbs valuation resource group.
I have a list of all of the issues that i have purchased over the last 20 years. The revenue recognition principle states that one should only record revenue when it has been earned, not when the related cash is collected. Matt traughber, an owner of the vintage phoenix comic bookstop in indiana. Digital comics have been acknowledged as a growth area for the comic book industry. No matter what youre looking for or where you are in. Comics sales revenue in north america 2018 statista. Scroll down to add issues to your want list and well email you when they arrive.
A new comic book anthology raises money for puerto rico, telling stories of history and fantasy. A new comic book anthology raises money for puerto rico. Aug 17, 2015 happy harbor has a consignment program in place for local comic book artists who, like soren, push through selfpublishing a comic to get a finished product. Jun 03, 2016 limited copies will be available at denver comic con and sdcc, but this looks to be the batman rebirth winner so far.
Understanding the revised accounting model for revenue recognition. Januarys comic sales numbers are healthier than you might think john mayo feb, 2018 though the month was down over january 2017, direct market sales on some ongoing comic series trended up, as did reorders on several miniseries. Revenue recognition is a generally accepted accounting principle gaap that determines the specific conditions in which revenue is recognized or accounted for. Januarys comic sales numbers are healthier than you might think john mayo feb, 2018 though the month was down over january 2017, direct market sales on some ongoing comic. New revenue recognition standard updates deloitte us. Comiclink is the online vintage comic book and comic art auction destination featuring comic book auctions spotlighting the most desirable cgc graded examples of key comics, as well as comic art.
It can recognize the revenue immediately upon completion. Physical comic book sales still vastly outstrip digital sales, and digital comics have. Financial intelligence from smartercomics karen berman, joe knight on. One particularly nasty crime was the torture and killing of a boy in 1948. We figured the best way we could help is use what were good at, which is making comic. This statistic displays the share of comic books readers in norway on an. Understanding the revised accounting model for revenue. Press question mark to learn the rest of the keyboard shortcuts.
If i sell all or a portion of my comic book collection. Western gunfighters comic books 1970 series all regular issues are out of stock. How graphicly is paving the way for selfpublished digital. Plus interview s with 40 comic book professionals haines, lurene on.
Mar 15, 2018 a new comic book anthology raises money for puerto rico, telling stories of history and fantasy. Tax implications on selling a collection cgc comic book. Academy comics was an american comic book publisher founded by mark paniccia an editor at marvel comics as of 2011. Revenue recognition according to gaap, companies cannot book a revenue until they have first recognized the revenue. Jan 25, 2012 while technology has certainly made it easier for people to selfpublish comic books or graphic novels, the same isnt true when it comes to digital distribution or getting selfpublished. So in help a new comic reader out, we team up a rookie comic reader with a seasoned vet to show them the ropes. Comic book creators being recognized as artists the gateway. Hot 10 comics comic book speculation and investing. The industrys razor thin margins mean countless publishers have been shut down over the years. Jun 02, 2017 percentage of total comic book sales for marvel comics 39. For one, comic books are more accessible than ever before, partially because of the internet. Percentage of total comic book sales for marvel comics 39. Limited copies will be available at denver comic con and sdcc, but this looks to be the batman rebirth winner so far.
Bolstered by the emergence of the iphone and ipad, with the various android phone and tablets primed to increase the growth, consumers are speaking more positively of the digital format and. Were a business made up of innovators and forwardthinkers, with the drive and wherewithal to constantly update and improve the online shopping experience. Comics, previously purchased at newsstands or in dedicated comicbook stores, can easily be. So in help a new comic reader out, we team up a rookie comic. Comic book price guides, like overstreet, have a minimum price for comic books.
Our purpose in this updated book is to assist you in gaining an indepth understanding of the new, fivestep, revenue model by answering the questions that we are encountering in practice, providing examples to explain. I am unsure if i have to pay taxes on this or not the books i sold range from ones ive had since i was 10 years old, to ones. The store will display and sell the locallymade comic books, and give the creators 80 per cent of the profits from their work. This statistic displays the time spent on reading comic books on an. We have values for any marvel, dc, image, idw, darkhorse, or dell comic book that is in your collection. Jul 20, 2016 hi, i was wondering if there is anyone on the forum who has any advice what the tax implications when you sell a collection if you show a loss compared with fmv does that negate or mitigate the tax impact.
Created by bob kane and bill finger, batman debuted in 1939. The graph shows data on comics and graphic novel sales revenue in north america from 20 to 2018. Revenue recognition 2016 aicpa audit and accounting guide. Use these assessments to identify study points to look for.