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In the Marketplace
The Financial Accounting Standards Board has released a statement and response to the SEC's study on arrangements with off balance sheet implications, special purpose entities, and transparency of filings by issuers. In the statement, FASB reaffirmed 'its commitment to improving transparency and usefulness of financial reporting to better serve investors and the capital markets.' FASB's response to the SEC's 'Off Balance Sheet Report' discusses a number of 'fundamental structural, institutional, cultural, and behavioral forces that it believes cause complexity and impede transparent financial reporting.' The response provides an update on FASB's activities and projects intended to address and improve outdated, overly complex accounting standards. These areas include accounting for leases; accounting for pensions and other post employment benefits; consolidation policies; accounting for financial instruments; accounting for intangible assets; and conceptual and disclosure frameworks. The FASB has also 'undertaken several initiatives aimed at improving the understandability, consistency, and overall usability of existing accounting literature, through codification, by attempting to stem the proliferation of new pronouncements emanating from multiple sources, and by developing new standards in a 'principles-based' or 'objectives-oriented' approach.' The full text of FASB's response is available at www.fasb.org/fasb_response_sec_study_obs.pdf.
Interpool, Inc. of Princeton, NJ, has announced that its wholly owned subsidiary, Interpool Containers Limited, has entered into an agreement to sell a substantial majority of its operating lease portfolio of standard dry marine cargo containers to a newly formed subsidiary of an investor group based in Switzerland. Following the sale, Interpool and its 50%-owned subsidiary, Container Applications International, Inc., will perform management services on behalf of the purchaser for the containers being sold, and Interpool will continue its active businesses of leasing cargo containers and container chassis to shipping lines and other customers. The container sale involves a total of approximately 273,000 standard dry marine cargo containers, as well as an assignment of all of ICL's rights under existing leases for this equipment. The purchase price is approximately $515 million, and sale is expected to close on March 31, 2006.
The Financial Accounting Standards Board has released a statement and response to the SEC's study on arrangements with off balance sheet implications, special purpose entities, and transparency of filings by issuers. In the statement, FASB reaffirmed 'its commitment to improving transparency and usefulness of financial reporting to better serve investors and the capital markets.' FASB's response to the SEC's 'Off Balance Sheet Report' discusses a number of 'fundamental structural, institutional, cultural, and behavioral forces that it believes cause complexity and impede transparent financial reporting.' The response provides an update on FASB's activities and projects intended to address and improve outdated, overly complex accounting standards. These areas include accounting for leases; accounting for pensions and other post employment benefits; consolidation policies; accounting for financial instruments; accounting for intangible assets; and conceptual and disclosure frameworks. The FASB has also 'undertaken several initiatives aimed at improving the understandability, consistency, and overall usability of existing accounting literature, through codification, by attempting to stem the proliferation of new pronouncements emanating from multiple sources, and by developing new standards in a 'principles-based' or 'objectives-oriented' approach.' The full text of FASB's response is available at www.fasb.org/fasb_response_sec_study_obs.pdf.
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.
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.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.