Accounting Law Commons^™

An Overview Of Promissory Notes Under The Federal Securities Laws, Frederick Green

Fordham Urban Law Journal

Article discusses the intent of the Securities Act of 1933 and Securities Exchange Act of 1934 and their various judicial interpretations. Article notes the judicial trend away from a literal reading where all securities would be covered by the acts but how the Second Circuit has been reluctant to stray from a literal interpretation of the acts despite a rejection from the United States Supreme Court.

Enforcing Transportation Control Plans: The Environmental Protection Agency Vs. The States, William Bell

Fordham Urban Law Journal

Article examines the treatment of transportation control plans (TCP’s) that each state was mandated to create under the Clean Air Act. Article discusses statutory and constitutional objections to challenge the enforcement of the plans, beginning with Pennsylvania v. EPA. Article then considers the issues involved in New York’s TCP which was designed by the State and City of New York.

Electronic Fund Transfers, Branch Banks, And Potential Abuse Of Privacy, Janine Hornicek

Fordham Urban Law Journal

Article discusses electronic fund transfer (EFT) systems which allow consumers to deposit and withdraw money. Article then discusses the legal problems which have resulted from attempts by national banks to use EFT systems in states which do not allow state banks to engage in branch banking, and whether EFT systems are branch banks under applicable federal law.

Erisa And The Preemption Of State Law, Walter Donat

Fordham Urban Law Journal

Article examines the language of Employment Retirement Income Security Act of 1974 (ERISA), the pre-emption provisions, its legislative history, and the various court interpretations of the preemption provisions.

The Standard Of Employer Liability For Conduct Of Supervisory Personnel Under The Occupational Safety And Health Act, William Yoquinto

Fordham Urban Law Journal

Article examines the difference of opinion among the United States courts of appeals regarding the parameters of employer responsibility under the Occupational Safety and Health Act (OSHA) for the conduct of employees. Article examines the Fourth Circuit’s decision in Ocean Electric Corp. v. OSHRC where a more stringent standard of liability should apply to the actions of foremen acting in their supervisory capacity and how other circuits might rule in similar factual scenarios.

Unleashing Cable T.V., Leashing The Fcc: Constitutional Limitations On Government Regulation Of Pay Television, Jo Ann Becker

Fordham Urban Law Journal

Article examines the Federal Communications Commission’s 1975 decision to prohibit cablecasters from showing certain types of programming, on the rationale that pay cablevision, through successful competitive bidding, would ‘siphon’ this programming away from broadcast television and deprive the general public of popular programming. Article discusses the history behind the decision, the court of appeals’ treatment of the FCC rules and the decision’s possible effect on future pay cable regulations

The Effect Of Recent Medicaid Decisions On A Constitutional Right: Abortions Only For The Rich?, Michael Lalli

Fordham Urban Law Journal

Article discusses recent abortion decisions since Roe v Wade and the issues left unanswered, namely, must public hospitals now permit the use of their facilities for abortions and are states obliged to pay for abortions for women who cannot afford them.

Proposing Standards For Child Custody: The Proceedings, The Role Of The Agency, And The Best Interests Of The Child, Joseph Carrieri, Walter Murawski

Fordham Urban Law Journal

Article discusses the nature of child custody proceedings, the roles of the court and the parties, and the standards which the courts will apply in determining the custody of the child under the standard of “best interests” of the child. Article proposes that legislature should amend section 614 of the Family Court Act and section 384(b) of the Social Services Law to state clearly whether the “best interest of the child” test has any relevancy at the fact-finding stage, or whether there must be an independent finding at the fact-finding hearing of neglect or fault on the part of the …

Actuarial Liability: Erisa, Malpractice And The Equity Funding Fraud, Robert Hershan

Fordham Urban Law Journal

Article discusses the potential effect of the Employee Retirement Income Security Act of 1974 (ERISA) on actuaries. Article discusses how actuaries may be held accountable for negligence and whether they can be considered fiduciaries.

The Peculiar Collective Bargaining Status Of Hospital Housestaff, Diane Wende Bricker

Fordham Urban Law Journal

Article discusses confusion as to whether state or federal labor relations boards may decide the collective bargaining rights of housestaff in non-profit hospitals. The National Labor Relations Board found that housestaff were primarily students rather than employees and consequently not a labor organization within the meaning of the National Labor Relations Act. However, since the position is contrary to that which many state courts and labor boards have adopted the article examines (1)if the NLRB preempted state control of labor relations of housestaff in non-profit hospitals and (2) if so, will the federal decision endure, despite the dissatisfaction of state …

Developing A Consumer Right To Invoke The Boycott Exception To The Insurance Company Exemption From Federal Antitrust Laws, Brian Mccarthy

Fordham Urban Law Journal

The McCarran-Ferguson Act provides that the business of insurance shall be subject to the laws of the several states which relate to the regulation or taxation of such business. The Act further provides that the business of insurance shall be exempt from federal antitrust laws if state regulation exists. However, an exception to this exemption exists in section 3(b) of the McCarran Act. Section 3(b) provides that nothing within the McCarran Act shall render the Sherman Act inapplicable to any agreement to boycott, coerce, or intimidate, or any act of boycott, coercion, or intimidation. Despite the seemingly clear statutory language …

Labor Law- Seniority Rules- An Otherwise Bona Fide Seniority System That Perpetuates Effects Of Pre-Title Vii Discrimination Is Not Unlawful , Marjorie London

Fordham Urban Law Journal

Article summarizes International Brotherhood of Teamsters v United States and says that the Supreme Court has carved out an exception to the mandate of the Civil Rights Act that the courts remedy the effects of past employment discrimination that has produced a result that is contrary to the framework and intent of the Act.

Restrictions On Access To The Federal Courts In Civil Rights Actions: The Role Of Abstention And Res Judicata, Irma Ascher

Fordham Urban Law Journal

Article discusses how the United States Supreme Court has limited access of civil rights litigants to the federal courts through expanded use of res judicata. Article discusses availability of federal forum to civil rights claimants who commence actions under sections 1981 and 1983 of Title 42 of the United States Code and Title VII of the Civil Rights Act of 1964.

Penn Central V. City Of New York: A Landmark Landmark Case, Richard Wolloch

Fordham Urban Law Journal

Article discusses the Supreme Court’s decision in Penn Central v. City of New York. Article examines the controversy over governmental regulation of realty and the various cases which have been decided thereunder.

Eliminating The Capital Gains Preference. Part Ii: The Problem Of Corporate Taxation, Michael J. Waggoner

Publications

No abstract provided.

Eliminating The Capital Gains Preference. Part I: The Problems Of Inflation, Bunching And Lock-In, Michael J. Waggoner

Publications

No abstract provided.

Determination Of The Useful Life Of A Taxpayer's Asset For Purposes Of The Federal Income Tax Deduction For Depreciation Using Statistical Methods To Analyze The Facts And Circumstances, Robert E. Anthony

Villanova Law Review (1956 - )

No abstract provided.

Redlining: Remedies For Victims Of Urban Disinvestment, Edward W. Larkin

Fordham Urban Law Journal

This note discusses the practice of redlining, sometimes referred to as "urban disinvestment," which involves the refusal by lending institutions to provide home mortgage loans or home improvement loans to certain geographical areas or the inclusion of particularly burdensome terms or conditions on the loans. The note analyzes the possible effects of redlining, such as neighborhood deterioration, decline of communities, and the deprivation of the benefits of homeownership, especially as these effects pertain to minority groups. The note then examines the legal alternatives open to victims of redlining, including sections of the Civil Rights Acts of 1866, 1964, and 1968, …

Civil Rights - Housing Discrimination - Federal Courts May Order Metropolitan Area Remedy To Correct Wrongs Committed Solely Against City Residents Where Agencies Have Statutory Authority To Conduct Activities Outside The City Limits, Andres J. Valdespino

Fordham Urban Law Journal

This case note examines the United States Supreme Court's decision in Hills v. Gautreaux, 96 S. Cy. 1538 (1976), specifically the approval of a metropolitan area remedy as a valid form of federal relief. The case resulted from a class action suit against the Chicago Housing Authority (CHA) and the Department of Housing and Urban Development (HUD), alleging racially discriminatory public housing policies and practices. Although violations of the Fourteenth Amendment occurred within the Chicago city limits, the Supreme Court held that a metropolitan remedy which included the surrounding areas outside of the city boundaries was valid and that Milliken …

Factors Determining The Degree Of Culpability Necessary For Violation Of The Federal Securities Laws In Information Transmission Cases, David S. Ruder

Washington and Lee Law Review

No abstract provided.

Sec Enforcement Techniques: Expanding And Exotic Forms Of Ancillary Relief, James C. Treadway, Jr.

Washington and Lee Law Review

No abstract provided.

An Examination Of Some Considerations Relating To The Adoption And Use Of The Last-In, First-Out (Lifo) Inventory Accounting Method, Mark F. Dalton

Vanderbilt Law Review

LIFO is a special statutory election available to taxpayers in lieu of the normal methods by which inventory identification and valuation is accomplished under section 471 of the Internal Revenue Code of 1954. The applicable Code section, section 472, and the regulations thereunder are highly technical provisions containing many pitfalls for the unsuspecting. Furthermore, a LIFO election for tax purposes affects a company's financial reports to shareholders and creditors, and raises business considerations that must not be overlooked. In addition, special interpretive problem areas and deficiencies present in the statute should give pause to taxpayers contemplating a switch to LIFO. …

Securities Regulation - Breach Of Statutory Duty Of Inquiry Imposed By Section 17(A) Of Securites And Exchange Act Subjects Accountant To Liability As Aider-Abettor Of Securities Broker's Rule 10b-5 Violation, Philip G. Kircher

Villanova Law Review (1956 - )

No abstract provided.

Recent Cases, Gregg N. Gimsley

Vanderbilt Law Review

The instant decision is of major importance because it clearly defines a more liberal standard for aiding and abetting under section 10(b), reads a requirement of due care by accountants into section 17(a), and serves as an additional warning to the accounting profession of its expanding responsibilities in the field of securities regulation. By establishing negligence, duty to disclose, and causal connection, rather than actual knowledge, substantial assistance,and reliance, as the major elements of aiding and abetting a violation of Rule 10b-5, the Seventh Circuit has given this cause of action the broadest interpretation to date. Nothing precluded this interpretation …

Current Problems Of Accountants' Responsibilities To Third Parties, T. J. Fiflis

Publications

No abstract provided.

Truth In Financial Statements: An Introduction, Douglas W. Hawes

Vanderbilt Law Review

When used in relation to a periodical, the word "symposium"refers to "a collection of opinions on a subject." The word derives from the Greek "sympinein," to drink together, and originally was applied to a drinking party in which conversation and intellectual entertainment played a vital part. To our "party" we have invited a distinguished group of authors representing in some cases widely differing points of view. They have contributed articles dealing with various aspects of these problems of financial reporting and auditing. We leave to you, the reader, and to those engaged in the continuing debate the final judgment on …

Current Problems Of Accountants'responsibilities To Third Parties, T. J. Fiflis

Vanderbilt Law Review

When the auditor begins the audit program, he will record in "working papers" his work and findings. Each page will be dated and initialed by all persons who dealt with it. The papers should be indexed and bound and retained for some years. They should also be comprehensible as they are intended for use by others as well as for later use.

A trial balance is usually the first working paper. Other standard working papers are data from the corporate charter, by-laws,and minutes and analyses of accounts, prescribed by the audit program. One of the last working papers will be …

We Often Paint Fakes, Abraham J. Brilof

Vanderbilt Law Review

To begin, the profession has disseminated the message far and wide that its members are the high priests responsible for the interpretation and application of a very special body of knowledge known as "generally accepted accounting principles" usually referred to as "GAAP." On analysis one quickly discerns that no such defined body of principles exists. Some commentators maintain, in fact,that not a single accounting precept is deserving of the designation"principle" and these exegetics urge that the critical phrase be changed to read "generally accepted accounting standards," hence" GAAS." Others, reflecting on the evils perpetrated in the name of GAAP and/or …

Accounting Standards In The United States And The United Kingdom: Their Nature, Causes And Consequences, George J. Benston

Vanderbilt Law Review

The purpose of this article is to account for the existence of differing accounting standards in the United States and the United Kingdom despite a common language, common practice and a fundamentally common political and economic base in the two countries. What factors explain the fact that, while accounting standards in the United States are codified and explicit, they remain on the whole uncodified and implicit in Great Britain? From which system does the investor more likely benefit? The first section of this paper begins with descriptions of auditing and reporting standards in each country. The factors which influence the …

Over-Accountable Accountants? A Proposal For Clarification Of The Legal Responsibilities Stemming From The Audit Function, Geoffrey T. Chalmers

William & Mary Law Review

No abstract provided.