This document is a proposed draft technical report that provides guidance on the processing of High Dynamic Range (HDR) and Wide Colour Gamut (WCG) video content. The purpose of this document is to provide a set of publicly referenceable recommended guidelines for the operation of AVC or HEVC systems adapted for compressing HDR/WCG video for consumer distribution applications. This document includes a description of processing steps for converting linear light, 4:4:4 RGB video signals into non-constant luminance (NCL) YCbCr video signals that use the Perceptual Quantizer (PQ) transfer function defined in SMPTE ST 2084 and Rec. ITU R BT.2100. Although the focus of this document is primarily on 4:2:0 YCbCr 10 bit representations, these guidelines may also apply to other representations with higher bit depth or other colour formats, such as 4:4:4 YCbCr 12 bit video. In addition, this document provides some high-level recommendations for compressing these signals using either the AVC or HEVC video coding standards. A description of post-decoding processing steps for converting these NCL YCbCr signals back to a linear light, 4:4:4 RGB representation is also included.