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Fair Value Accounting: Insights and Issues
Fair value accounting ' sometimes used interchangeably with mark-to-market accounting ' has been criticized in some quarters as being the main cause of the current credit market turmoil. Proponents of this viewpoint contend that accounting rules were interpreted to mean that entities were required to value certain assets and liabilities, particularly marketable securities (e.g., mortgage-backed securities), at market values despite the fact that those values were established by distressed or fire-sale transactions. Such valuations, these proponents argue, resulted in these securities being written down inappropriately in financial statements significantly below their intrinsic values thereby overstating the losses incurred. These write-downs severely eroded capital in financial services companies, thus curtailing their ability to operate and lend.
To establish context, entities, particularly financial institutions, have recognized significant losses in their financial statements in 2007 and 2008 with respect to fair value write-downs. One estimate put the cumulative losses incurred by financial institutions through the third quarter of 2008 at an amount in excess of $600 billion.
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
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.