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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.”
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.