Accounting

Ed. note: This is the latest installment of Inside Straight, Above the Law’s column for in-house counsel, written by Mark Herrmann.

First, a shameless plug; then, back to business.

The plug: I’ll be giving my “book talk” about The Curmudgeon’s Guide to Practicing Law in several locations in the next couple of weeks, including in a conference room at Skadden and in auditoriums at the law schools of Northwestern and Indiana University. If you have a group that might be interested in the talk, please contact me. We’ll sneak you into one of the upcoming talks, and you can decide whether my spiel would actually fit your occasion.

Now, the business. And it’s real business this time around — a business issue that has caught the attention of an awful lot of in-house counsel. The issue has to do with the Financial Accounting Standards Board’s deliberations over whether to alter corporate disclosures about loss contingencies. (Sorry, guys. No pictures of naked Canadian judges after the jump here. You’ve gone from the sublime to the ridiculous, or vice versa.)

Here’s the backstory: Investors legitimately want to know whether companies are about to lose a ton of money in litigation. So investors want companies to make fulsome disclosures about their “loss contingencies,” which picks up a lot of territory, including pending or threatened litigation.

Companies, on the other hand, are reluctant to disclose publicly that they anticipate losing a lawsuit. If companies were to make that type of disclosure, their litigation opponent would be energized and the settlement value of the case would skyrocket….

double red triangle arrows Continue reading “Inside Straight: FAS 5 Fracas”

Lean on Me.JPG* “They used to call me Crazy Joe, now they can call me the Batman.” [Bad Lawyer]

* Is it really so hard to imagine that young, talented, hard-working individuals would rather start their careers instead of sitting around for a year while being fed $80,000 to stunt their professional growth? [The Economist]

* E-marriage sounds like a terrible idea, for alcoholics. [Ideoblog]

* Wild and crazy CPAs. [What About Clients?]

* Notorious lawyers of 2009. [Business Insider]

* Humor is everywhere around you. [Lowering the Bar]

* Former Biglaw lawyer has problem washing baby’s penis. Sounds about right. [Babies in the Wild]

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