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FASB to Change Leveraged Lease Accounting Rules: LILO Settlements to Trigger Rerunning the Earnings
The Financial Accounting Standards Board met on Nov. 17, 2005 on the subject of the accounting impact of IRS settlements of Lease-In-Lease-Out (“LILO”) and Lease-To-Service Contracts (aka “SILO”). To the surprise of the leasing industry, the FASB reached tentative conclusions that a change in the timing of cash flows requires a recalculation of the leveraged lease earnings and the lease classification should be re-examined. The recalculation of earnings results in a large, negative catch up adjustment and a positive adjustment to future earnings, but spread over the life of the lease. The lease classification issue should not be a problem.
Background
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
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.