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Winds of Regulatory and Legislative Change in Canada
The impetus for greater international harmonization in the law of pre-sale franchise disclosure is about to get a boost in Ontario, Canada. At press time, financial statements to be attached to compliant disclosure documents under Ontario's Arthur Wishart Act (“Franchise Disclosure”), 2000 (“The Wishart Act”) are required to be prepared only in accordance with generally accepted auditing standards (“GAAS”) ' if audited ' or, if not audited, then prepared under the review engagement standards in accordance with generally accepted accounting principles (“GAAP”) set out in the Canadian Institute of Chartered Accountants' Handbook (“CICA Handbook”). No other standards are currently acceptable.
That is changing. Effective July 1, 2005, financial statements observing GAAP and, if audited, GAAS “that are at least equivalent to those” required by the CICA Handbook will satisfy Ontario's regulatory requirements. The approach is old hat in Alberta, where equivalency has been de rigueur for years, but it took the Ontario Ministry of Consumer and Business Services the better part of 5 years ' since the coming into force of The Wishart Act ' to catch up. Playing catch up between these two provinces is not new, since Alberta was the first jurisdiction in Canada to pass a franchise law (1972). It took more than a quarter-century for Ontario to follow suit.
Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.