The Impact of Litigation on Financial StatementsCode: 27-LITIGATION

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Course Details

Pages:23
Course 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.

Learning Objectives
Upon completion of this course, you will be able to:
  •  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
Category: Accounting

Recommended CPE Hours: 1

Level of knowledge: Overview

Prerequisite: General understanding of Accounting

Advanced Preparation: None
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