The Impact of Litigation on Financial Statements ON DEMAND
Available Until
Your Desk
1.0 Credits
Member Price $29.00
Non-Member Price $33.00
Overview
This course offers an overview of the accounting and financial reporting obligations related to litigation. It covers the classification of litigation outcomes as probable, reasonably possible, or remote, along with guidance on evaluating, recognizing, measuring, and disclosing litigation-related contingencies.
Highlights
The impact of litigation on financial statements. Types of legal disputes. Why accurate evaluation matters. Relevant U. S. GAAP standards. Probability of litigation outcomes. Evaluating the probability of litigation outcomes. Function of legal counsel. Asserted vs. Unasserted claims. Recognition and measurement of legal contingencies. Gain contingencies. Financial statement disclosures.
Prerequisites
None.
Designed For
CPAs, CEOs, CFPs, and other accounting professionals.
Objectives
Identify when to accrue a liability for litigation-related contingencies under ASC 450-20. Differentiate between probable, reasonably possible, and remote litigation outcomes. Recognize the role of legal counsel in the litigation process. Identify the appropriate financial statement disclosures for litigation-related contingencies.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $33.00
Member Price $29.00