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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.
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
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
One Overlooked Element of Executive Safety: Data Privacy
Executives have access to some of the company's most sensitive information, and they're increasingly being targeted by hackers looking to steal company secrets or to perpetrate cybercrimes.