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Who Moved My FASB?
After years of increasing concerns over the growing complexity of authoritative U.S. generally accepted accounting principles (“U.S. GAAP”), relief has finally arrived. As of July 1, 2009, the FASB's Accounting Standard Codification (“ASC,” or “Codification”) topical system has permanently changed how accountants, lawyers, educators, regulators, and finance professionals will cite and research myriad rules that govern how companies account for and present their financial transactions and financial statements.
The new ASC replaces the historical organization method of authoritative FASB accounting pronouncements into approximately 90 individual topics and alters how those pronouncements are researched or cited ' using plain English instead of numeric references. For example, prior to ASC, it would be common to see “as required by FASB Statement 133, the Company ' ” Under the new ASC, such a footnote will simply refer to the accounting topic itself “ as required by the Derivatives and Hedging Topic of the FASB ASC.”
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.