Accounting for Litigation and Legal ContingenciesCode: 27-ALITIGATION

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Course Details

Pages: 34
Course Overview
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
Upon completion of this course, you will be able to:
  •  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
Category: Accounting

Recommended CPE Hours: 2

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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