Generally Accepted Accounting Principles (GAAP)

Accepted rules, conventions, standards, and procedures to which most companies conform when reporting financial information.

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A Perfect Game? UCC Article 9 Collateral Types

Perfectionists will tell you that practice makes perfect and in the next breath, after disappointing you with their imperfections, tell you that nothing is perfect and perfection is impossible. It strikes Toolbox that these people should study UCC Article 9 secured transactions, where perfection is not just an aim, but also a requirement. Maybe law school curricula focus more heavily on UCC Articles 2 and 3 because sales and commercial paper don't have to be perfect (at least not if you're the store or the bank). And as law students are always striving for perfection (and sometimes just have to settle for learning to prioritize and making a few attachments in a study group), what better vehicle to teach the futility of the endeavor than by all the vagaries of drafts, notes and installment contracts. Article 9 is a different animal altogether, one that renders perfection a necessity of securing one's interest in a debt. So if you look at this week's second download, you'll see that Toolbox has decided to give priority to an attachment about UCC Article 9 basics. How perfect is that?

Continue reading "A Perfect Game? UCC Article 9 Collateral Types "

I'm Just A Bill, Yes I'm Only A Bill: Key Provisions Of Financial Regulatory Reform Legislation As It Impacts Life Insurers

Maybe it was a simpler time, but it sure seems like "Bill" from Schoolhouse Rock would have a tougher row to hoe in order to become a law now than back in the 70s when he first described his process:

I'm just a bill.
Yes, I'm only a bill.
And I'm sitting here on Capitol Hill.
Well, it's a long, long journey
To the capital city.
It's a long, long wait
While I'm sitting in committee,
But I know I'll be a law someday
At least I hope and pray that I will,
But today I am still just a bill.

Not that Bill made becoming a law sound easy, but there's nothing in the song about lobbyists, threatened filibusters, reconciliation, nuclear options, the impact of the Tea Party on upcoming elections or even Nebraska's Medicare payments. So it is that the much ballyhooed financial reform legislation is just sitting there on Capitol Hill, waiting it out in various committees. And lawyers have as much interest in the bills as anyone, as it impacts your practice. Today we're going to look at how these bills might affect lawyers for life insurance companies. 

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Stephen Gold (McGuireWoods LLP) assesses the impact of the updated version of the GPL on corporate IT

PLI: An updated version of the GPL, possibly the most widely used open source software license, was released by the Free Software Foundation (FSF) in June 2007. What does that mean for corporate IT?

STEPHEN GOLD: With open source software firmly entrenched in corporate IT and figuring as a key component of competitive strategies across the information technology industry, this arcane legal document is likely to have a disruptive impact on IT operations for corporations and for software developers. In short, GPL Version 3 (GPLv3)...increase[s] the cost of using or contributing to "free" software. 

Continue reading "Stephen Gold (McGuireWoods LLP) assesses the impact of the updated version of the GPL on corporate IT "

Mary McDougall Duffy (Aon Private Equity & Transaction Solutions) examines how transaction liability insurance can help parties conclude distressed deals

PLI: With the current recession affecting virtually all sectors of the economy, the market is seeing an increase in the number of distressed deals. Such deals present unique challenges for both buyers and sellers. What role does insurance play in addressing these challenges?

MARY McDOUGAL DUFFY: In many instances, Transaction Liability insurance products can provide a solution.

Continue reading "Mary McDougall Duffy (Aon Private Equity & Transaction Solutions) examines how transaction liability insurance can help parties conclude distressed deals"

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