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Accounting for Intangibles: From IP to CEO
'Jazz isn't music because you can't read it or write it,' declared Buenos Aires concert master Luis Schifrin to his son. A master of what his father deemed intangible, Lalo ' as he called himself ' went on to become a great jazz pianist, write more than 100 scores for films, television, and video games, and become most famous for composing the 'burning-fuse' theme tune from the Mission: Impossible television series.
By modern accounting standards, like those of Schifrin p're, most things of value are intangible. International Accounting Standard 38, promulgated in March 2004, requires an enterprise to recognize an intangible asset, whether purchased or self-created (at cost) if, and only if:
- It is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and
- The cost of the asset can be measured reliably.
It is unlikely that accountants would have recorded the 'burning fuse' theme tune as an asset on a corporate balance sheet. But that shouldn't limit a CEO from managing the asset for maximum value, communicating its value to stakeholders, or protecting that asset's value from risk.
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.