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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.
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.
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.
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.
When Is a Repair Structural or Nonstructural Under a Commercial Lease?
A common question that commercial landlords and tenants face is which of them is responsible for a repair to the subject premises. These disputes often center on whether the repair is "structural" or "nonstructural."