In its current form, the Uniform Commercial Code (“UCC”) does little to accommodate emerging technologies such as cryptocurrencies and non-fungible tokens. In efforts to modernize and adapt the Uniform Commercial Code to newer technologies, the Uniform Law Commission (the “ULC”) and the American Law Institute have jointly sponsored the drafting of proposed extensive amendments to
Rebecca O. Fruchtman
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Our Views on the Proposed FASB and IFRS Payables Reporting Rules
In December 2021 the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) released their proposed amendments to their accounting standards that will require buyers of goods/services who use supplier finance programs/arrangements[1] in respect of their payables to disclose key terms of those supplier finance programs in their financial statements.
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