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Lease Accounting Project Update
The latest FASB/IASB Lease Accounting Project meetings on Feb. 28 and 29 had as the main objective changing the lessee cost pattern to straight-line, similar to current GAAP. This is an urgent need as lessee cost pattern is the most significant unresolved issue holding up the issuance of a new exposure draft for the Lease Project. The Boards could not agree on any of the three lessee accounting approaches presented by the staff at the meetings, creating a potential impasse. To solve the problem, the Boards directed the staff to conduct outreach to get preparer and user feedback on the proposed approaches. The important news here is that after the meeting the Boards added a fourth approach that the ELFA has been recommending from the start of the Lease Project.
The next step is that the Boards plan to meet in June to decide on the lessee accounting approach to use in the new exposure draft.
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.