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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.
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.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Coverage Issues Stemming from Dry Cleaner Contamination Suits
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.