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A Lease, or Not a Lease: That Is the Question
At its May 15, 2003 meeting, the Emerging Issues Task Force (EITF) of the Financial Accounting Standards Board (FASB) came to a consensus on Issue No. 01-8, 'When an Arrangement Contains a Lease,' ending almost two years of deliberations on the issue. As the name implies, the purpose of Issue 01-8 is to provide guidance to accountants to assist them in identifying when an arrangement, including one containing multiple elements, is a lease. Determining when an arrangement is (or includes) a lease can be a difficult and judgmental process. Although the guidance in Issue 01-8 will prove helpful to accountants in determining whether a certain population of transactions contains a lease, it will not remove the difficulty or judgment involved in determining whether a lease exists for a large number of structured transactions.
Background
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.