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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 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.