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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.
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?
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.
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.