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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 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.
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.
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.
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.