Seminar  Seminar

Basics of Accounting for Lawyers 2014: What Every Practicing Lawyer Needs to Know

Why you should attend

Accounting is a language of business. Because attorneys encounter accounting information in a wide range of legal issues, it is critical for lawyers to understand financial statements and core accounting concepts. This practical course, specifically designed for the non-accountant attorney, will provide an understanding of financial statements and the key principles of accounting, using real-life examples of accounting issues that attorneys commonly face. Whether you are in-house or external counsel, Basics of Accounting for Lawyers 2014 will help you to help your company or clients. Basics of Accounting for Lawyers will also offer insight into the effective use of financial experts, accounting and financial issues where attorneys can put themselves at risk, and current hot topics in accounting and business.

What you will learn

  • Understanding Generally Accepted Accounting Principles (GAAP)
  • Generally Accepted Auditing Standards (GAAS)
  • The Accounting Cycle
  • How to read:
    - The Balance Sheet
    - The Income Statement
    - The Statement of Cash Flows
    - The Notes to the Financial Statements
  • How lawyers can effectively use accountants as experts
  • Recent regulatory changes and views from those impacted or involved in the changes
  • Awareness of different accounting and reporting frameworks and requirements
  • Ethical issues for attorneys and accountants

Who should attend

This program will benefit all attorneys and paralegals, both in-house and external, who work with financial information related to ongoing business activities, litigation, and transactional work.

PLI Group Discounts

Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact or call (800) 260-4PLI.


All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

Day One: 9:00 AM - 5:00 PM

Morning Session: 9:00 AM - 12:45 PM

9:00 Program Introduction and Overview

Chetan Joshi, Jeannie Y. Evans

9:15 GAAP and IFRS, the Accounting Cycle, and GAAS - Why They Are Important

  • GAAP and IFRS
  • Overview of US and international fundamental principles of accounting
  • What will it mean to switch from GAAP to IFRS
  • Current status of the US move to IFRS
  • The accounting cycle - why you need to know
  • GAAS - understanding the various levels of care inherent in audits, reviews and complications

Lisa C. Snow

10:45 Networking break

11:00 Anatomy of the Balance Sheet

  • The elements of a balance sheet - assets, liabilities and stockholders’ equity and their significance
  • What to look for when reading a balance sheet
  • Current assets, such as cash, receivables, inventories, investments in debt and equity securities, and fixed and other long-term assets, including intellectual property and goodwill
  • Current liabilities, leases, long-term debt, pension and other post-retirement benefits, other long-term liabilities, and the common components of stockholders’ equity

Sonya Andreassen-Henderson, Michael LoGiudice

12:45 Lunch

Afternoon Session: 2:00 PM - 5:00 PM

2:00 Physiology of the Income Statement

  • Basic principles of revenue and expense recognition and identification of common performance measures
  • Basic understanding of common income statement components and items of comprehensive income/loss

Sonya Andreassen-Henderson, Michael LoGiudice

3:30 Networking break

3:45 Regulatory Trends and Other Issues on the Horizon

  • Current regulatory enforcement actions
  • Other regulatory or accounting issues that should be on your radar screen

Eric H. Sussman

5:00 Adjourn

Day Two: 9:00 AM - 4:30 PM

Morning Session: 9:00 AM - 12:45 PM

9:00 Insight from the Statement of Cash Flows

  • How to understand and use this insightful statement - an explanation of operating, investing and financing cash flows
  • What this statement can tell you about a company’s financial health and the significance of supplemental and certain non-cash information

Tom Lewis, R. Cabell Morris Jr.

10:30 Networking break

10:45 Notes to the Financial Statements: The Rest of the Story

A practical discussion on using the financial statement notes to understand the financial statements, identify policies or transactions of interest, and enhance assessment of company performance and financial condition

Chetan Joshi

11:45 Comparative Accounting

  • An introduction to, and comparison between ,accounting frameworks (beyond basic US GAAP) that attorneys may encounter in working with their clients, companies and other parties to legal matters, including:
    • managerial/internal accounting
    • IRS/tax accounting
    • variations within US GAAP by industry/business structure
    • statutory/regulatory accounting

Kurt M. Anderson, Brian Davidson

12:45 Lunch

Afternoon Session: 2:00 PM - 4:30 PM

2:00 Effective Use of Financial Experts

  • Using accountants as experts
  • Factors to consider in selection
  • Maintaining privilege where necessary
  • Preparing the expert for deposition, trial and cross-examination and use as consulting or rebuttal experts

Frank L. Dery, Jonathan C. Medow

3:00 Current Topics in Professional Ethics for Accountants and Attorneys

  • As law, accounting and finance continue to intersect, every practicing attorney should be alert to areas of ethical risk, learn from the mistakes of others, and have a basic understanding of accountants’ ethical requirements, as well as those of the legal profession.

James J. Grogan

4:30 Adjourn

Jeannie Evans ~ Agrawal Evans LLP
Chetan Joshi ~ Manager, EY
Kurt M. Anderson ~ Corbett, Duncan & Hubly, P.C.
Sonya Andreassen-Henderson ~ Vice President, Enterprise Fraud Management, PNC Bank
Brian Davidson ~ Corbett, Duncan & Hubly, P.C.
Frank L. Dery ~ Director, Forensics, PwC
James J. Grogan ~ Deputy Administrator and Chief Counsel, Attorney Registration & Disciplinary Commission
Tom Lewis ~ Director, PricewaterhouseCoopers Capital Management
Michael LoGiudice ~ Managing Director, CBIZ Valuation Group, LLC
Jonathan C. Medow ~ Mayer Brown LLP
R. Cabell Morris, Jr. ~ Winston & Strawn LLP
Lisa C. Snow ~ Corporate Counsel, Davis & Hosfield Consulting LLC
Eric H. Sussman ~ Paul Hastings
Program Attorney(s)
Kenneth Min ~ Program Attorney, Practising Law Institute
Chicago Seminar Location

University of Chicago Gleacher Center, 450 N. Cityfront Plaza Drive, Chicago, Il 60611. (312) 464-8787.

Chicago Hotel Accommodations

InterContinental Chicago Magnificent Mile
, 505 North Michigan Avenue, Chicago, Illinois 60611. (800) 628-2112. Please contact hotel directly in order to receive the preferred rate. When calling, please mention PLI and the name of the program you are attending.

PLI seminars qualify for credit in all states that require mandatory continuing legal education for attorneys. Please be sure to check with your state.

Please check the Credit Information box to the right of each product description for credit information specific to your state.

Special Note: In New York, newly admitted attorneys may receive CLE credit only for attendance at "transitional" programs during their first two years of admission to the Bar. Non-traditional course formats such as on-demand web programs or recorded items, are not acceptable for CLE credit. Experienced attorneys may choose to attend and receive CLE credit for either a transitional course or for one geared to experienced attorneys.  All product types, including on-demand web programs and recorded items, are approved for experienced attorneys.

Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. PLI programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.

Credit will be granted only to the individual on record as the purchaser unless alternative arrangements (prearranged groupcast) are made in advance.

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