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FASB Issues Lease Accounting Discussion Paper Inviting You to Comment
Attention everyone ' you have the opportunity to influence your future. The FASB/IASB Boards issued a Discussion Paper titled Leases: Preliminary Views on March 19, 2009, inviting the public to comment by July 17, 2009. The paper is available on the FASB's Web site www.fasb.org. There are elements of the proposed new lease accounting rules that don't make sense and are detrimental to lessors and lessees. I think there is a good chance the Boards and their staff will listen and revise their approach, but it will only happen if they receive a good volume of substantive comment letters.
The project direction shifted to a point where much more will be capitalized by lessees due to capitalizing certain options and contingent rents. The impact to the industry will be far reaching if certain positions are not changed. Although the project is significantly behind schedule, the Boards still have 2011 as the target for issuance of the new lease accounting standard.
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.
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.