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Companies Slow to Respond to New Accounting Standards
A recent survey by audit, tax and advisory firm KPMG LLP indicates that nearly 80% of public companies have not completed an assessment of the impacts of the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB). In addition, 60% of respondents indicated that they are running behind schedule in their overall implementation of the standard, which has an effective date of Jan. 1, 2018, for calendar-year public companies and one year later for nonpublic companies.
Generally, respondents feel their efforts to move forward with implementation have been hampered by competing internal business priorities, human resources constraints and financial limitations. Two-thirds of respondents believe implementation costs will total under $1 million, 17% foresee spending between $1 million and $2.5 million, and for 16%, up to $20 million. Respondents were divided as to whether their systems will need to change, or if they will rely on existing systems or manual processes to operationalize the new standard.
Lease Accounting
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.
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.
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.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
The Cost of Making Partner
Making partner isn't cheap, and the cost is more than just the years of hard work and stress that associates put in as they reach for the brass ring.