ABC to Alter Audit-Reporting Requirements
The changes were announced yesterday as a consequence of an ABC board of directors meeting held July 7-9 in Whistler, British Columbia.
Among them, the directors voted to intend to amend the standard reporting requirements for paragraph 4B in a review of the consumer magazine Publisher's Statement.
Thus, publishers now will have to disclose average paid circulation from the first copy for all reportable categories. ABC also intends to eliminate the reporting of single purchaser information from the June 30, 2005, Publisher's Statement.
In similar planned changes, the board voted to create rules to qualify non-deductible partnership sales for consumer magazines. This is effective Jan. 1.
In changes affecting newspapers, the auditor's board continued to discuss mandatory disclosure requirements for average paid circulation by day-of-week on ABC reports. The directors endorsed a mandatory five-day average, with an optional six-day.
ABC said these requirements and related rules will be discussed at the November board meeting held during the annual conference. The final rulings will be effective April for March-ending audits and October 2005 for September-ending audits.
Meanwhile, ABC, Schaumburg, IL, elected two members to the board. Linda Thomas-Brooks, executive vice president and managing director of General Motors Mediaworks, fills the seat vacated by retired ABC chairman Michael Browner. And Dennis Skulsky, president and publisher of the Pacific Newspaper Group, replaces retiring ABC director John Honderich, former publisher of Toronto Star Newspapers Ltd.