Managing Legal Risks - The Intersection of Legal and Financial ReportingCode: 27-MANLR

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Course Details

Pages:23
Course Objectives
This course explores the intersection between legal and financial reporting and focuses on how attorneys and accountants collaborate to evaluate, recognize, and disclose legal risks in financial statements. The course addresses key issues such as probable losses, contingent liabilities, asserted and unasserted claims, and how each discipline contributes to accurate and compliant financial reporting.

Learning Objectives
Upon completion of this course, you 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
Category: Accounting

Recommended CPE Hours: 1

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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