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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.
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.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.