Expense Accounting in the Wake of Enron
As Elan Pharmaceuticals' problems with the SEC bring home to the drug industry, companies can expect P&L-sparing strategies to come under increasing scrutiny. The practices likely to be affected include: capitalizing deal-related payments such as milestones and royalties; pharma investments in biotech equity; and joint venture arrangements.
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The first major revision since 2007 notably provides a legal foundation for special approvals under a public health crisis.