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In August 2010, the FASB and IASB issued a joint exposure draft ' Leases. The exposure draft creates a new accounting model for both lessees and lessors, and eliminates the concept of operating leases. All outstanding leases will be subject to the new lease accounting rules ' there will be no grandfathering of existing leases. The boards are expected to issue a final standard in June 2011, but they have not yet decided on an effective date for the new rules. This article summarizes the new accounting model for lessees and addresses the impact the new model may have on financial and other covenants typically found in financing agreements, where the lessee is the borrower. (The new accounting model for lessors is beyond the scope of this article.)
Summary of the New Accounting Model for Lessees
Example
Company A enters into an equipment lease. The lease term is noncancelable for five years, with no renewal options. The agreement is for quarterly lease payments of $100,000 per quarter. Company A's incremental borrowing rate is 8%. The agreement does not include a purchase option or a residual value guarantee.
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
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This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.