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Lease Accounting Project Update
Subsequent to publication of last month's lease accounting update article, the FASB/IASB Boards conducted a meeting on May 19, 2011 at which they unexpectedly reversed some of their tentative decisions favorable to the industry. Although these tentative decisions were based on a high volume of common criticisms contained in comment letters (780+) and numerous outreach meetings, the Boards re-deliberated the issues and reversed course on some.
It appears that the project outcome is unsettled now. The Boards seemed to be listening to feedback, but now appear to be thinking that many of their decisions made in the Exposure Draft (“ED”) will stand. This is surprising to me, as the feedback from users of financials (equity and debt analysts, lenders, and investors) on the information they find useful in financial statements regarding leases is being ignored.
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.