A. Telecommunications Entities (Access the financial statements of PLDT Inc. and Globe Telecom, Inc.) How do telecommunication entities account its revenue in relation to SMS, Voice and Data/Internet? Is there a difference if the subscriber's plan is prepaid or postpaid? Is impairment of receivables a key issue for telecommunication entities? Explain. Is writedown of inventories a key issue for telecommunication entities? Explain. Is impairment of property, plant and equipment a key issue for telecommunication entities? Explain. What are the key audit issues for telecommunications entities? How should the auditors address such issues? B. Media and Entertainment Entities (Access the financial statements of ABSCBN Corporation and GMA Network, Inc.) - What are the key revenue streams for media and entertainment entities, and how are they accounted for? - Media and entertainment entities have significant intangible assets in relation to its artistic outputs. How should they account (recognition and measurement) for such intangible assets? What are the key audit issues for media and entertainment entities? How should the auditors address such issues? C. Common to Telecommunications and Media and Entertainment Entities How should telecommunications and media and entertainment entities account for its legislative franchises?