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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.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
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.
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.
CLE Shouldn't Be the Only Mandatory Training for Attorneys
Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.