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New FASB/IASB Lease Accounting Rules to Be Issued Soon
The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) have completed decision-making meetings and the respective staffs are drafting the final rules, which will be signed and issued this month. The IASB and FASB will issue separate rules as they have chosen two different models for lessee accounting. They both have adopted the same lessor model with a few minor differences.
The transition year for public companies will be 2019 (fiscal years beginning after Dec. 15, 2018) with SEC-required comparative balance sheets for 2018 & 2019, and comparative P&L for 2017, 2018 and 2019. For U.S. private companies, the transition year will be 2020 (fiscal years beginning after Dec. 15, 2019) with two years' recommended comparative balance sheet and P&L, although not required.
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.