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Accounting for Intangibles: From IP to CEO
'Jazz isn't music because you can't read it or write it,' declared Buenos Aires concert master Luis Schifrin to his son. A master of what his father deemed intangible, Lalo ' as he called himself ' went on to become a great jazz pianist, write more than 100 scores for films, television, and video games, and become most famous for composing the 'burning-fuse' theme tune from the Mission: Impossible television series.
By modern accounting standards, like those of Schifrin p're, most things of value are intangible. International Accounting Standard 38, promulgated in March 2004, requires an enterprise to recognize an intangible asset, whether purchased or self-created (at cost) if, and only if:
- It is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and
- The cost of the asset can be measured reliably.
It is unlikely that accountants would have recorded the 'burning fuse' theme tune as an asset on a corporate balance sheet. But that shouldn't limit a CEO from managing the asset for maximum value, communicating its value to stakeholders, or protecting that asset's value from risk.
Intangible Asset Finance
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.
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.
The Stranger to the Deed Rule
In 1987, a unanimous Court of Appeals reaffirmed the vitality of the "stranger to the deed" rule, which holds that if a grantor executes a deed to a grantee purporting to create an easement in a third party, the easement is invalid. Daniello v. Wagner, decided by the Second Department on November 29th, makes it clear that not all grantors (or their lawyers) have received the Court of Appeals' message, suggesting that the rule needs re-examination.