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Executive Summary This report advises Mr. Phillip Clark, a member of Livent Inc.'s audit committee, on what actions to take regarding recent criticisms the company has experienced concerning their treatment of pre-production costs. Essentially, analysts feel that Livent's current policy of deferring pre-production costs is too aggressive. The most important users that must be considered when determining what approach to take regarding pre-production expenses are the board of directors, the management, Mr. Clark and the auditing committee, Livent's shareholders, and the C.C.R.A.. The overriding objective of these users is one of presenting the financial aspects of the company in the most economically realistic way, despite having determine that management's significant influence on the board might make profit maximization a conflicting objective. Four alternatives were presented. The first was to continue with the current policy, a policy that some analysts had actually stated was a more conservative approach then what the movie industry...

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