Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
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 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.
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.
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.
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.