This course explores the intersection between legaland financial reportingand focuses on how attorneys and accountantscollaborate to evaluate, recognize, and disclose legal risksin financial statements. The course addresses key issues such as probablelosses, contingent liabilities, assertedand unassertedclaims, and how each discipline contributes to accurate and compliant financial reporting.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize roles of legal counsel and accountants in identifying, assessing, and reporting legal risks
Identify key concepts surrounding contingent liabilities and loss contingencies
Differentiate between asserted and unasserted claims and their impact on financial reporting
Identify communication and collaboration best practices between legal and accounting teams
Major Topics
Managing Legal Risks: The Intersection of Legal and Financial Reporting
Types of Legal Risks
Why Legal Risks Matter for Financial Reporting
Key Concepts in Legal Risk Reporting
Collaboration Between Legal Counsel and Accountants
Legal Counsel vs. Accountants
Collaboration Best Practices.
Handling Conflicting Opinions
Consideration of Outside Counsel
