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The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) are jointly working on a replacement for the current lease accounting standards, FAS 13 and IAS 17, that will be followed by all companies worldwide. The impetus to this new standard was the Enron accounting scandal of 2001. Enron's demise was not caused by leases, but it was caused by other off-balance-sheet transactions. These transactions proved to be accounted for incorrectly, and readers of Enron's financials were not totally aware of the implications. The crisis prompted the U.S. Congress to enact the Sarbanes Oxley Act, which, among other things, directed the SEC to identify other off-balance-sheet transactions. Leases, specifically operating leases, were cited as a major class of off-balance-sheet obligations. In the opinion of the SEC, readers of financial statements would have better information if operating leases were capitalized as an asset and a liability on balance sheet. As a result, the FASB/IASB put a lease accounting project on their agenda in 2006 with the objective of creating a new lease accounting standard requiring lessees to capitalize an asset and liability for all operating leases. Unfortunately, the project has gone much further than merely capitalizing lessee operating lease obligations. The project also includes major changes to lessor accounting, which no one thought was a problem.
Timing of the Project
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.
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.
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.
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.
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.