This course provides an overview of the accounting and financial reporting requirements with respect to litigation. This includes distinguishing between probable, reasonably possible, and remote litigation outcomes as well as how to evaluate, recognize, measure, and disclose litigation-related contingencies.
Learning Objectives
- Differentiate between probable, reasonably possible, and remote litigation outcomes
- Identify when to accrue a liability for litigation-related contingencies under ASC 450-20
- Recognize the role of legal counsel in the litigation process
- Identify the appropriate financial statement disclosures for litigation-related contingencies
Major Topics
- Recognition and measurement of legal contigencies
- Impact from new information
- Events after the date of the financial statements
- Recognized subsequent events
