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 2013 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 accounting and business “hot” topics.
What you will learn
- Understanding Generally Accepted Accounting Principles (GAAP) and 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.
Day One: 9:00 a.m. - 5:00 p.m.
Morning Session: 9:00 a.m. - 12:45 p.m.
9:00
Program Introduction and Overview
John J. Molenda, Colleen Vallen
9:15
Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS), the Accounting Cycle, and Generally Accepted Auditing Standards (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
Karen Kincaid Balmer, John J. Molenda
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
John J. Molenda, Colleen Vallen
12:45
Lunch
Afternoon Session: 2:00 p.m. - 5:00 p.m.
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
Heather D. McArn, Kenneth G. Yormark
3:30
Networking Break
3:45
Regulatory Trends, Fraud, and Other Issues on the Horizon
- Current regulatory enforcement actions
- Other regulatory or accounting issues that should be on your radar screen
Karen Kincaid Balmer, Tracy Richelle High, Alexander M. Vasilescu
5:00
Adjourn
Day Two: 9:00 a.m. - 4:30 p.m.
Morning Session: 9:00 a.m. - 1:00 p.m.
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
T. C. Fleming, John J. Molenda
10:00
Networking Break
10:15
What the Statement of Cash Flows Tells You
- What this statement can tell you about a company’s financial health and the significance of supplemental and certain non-cash information
T. C. Fleming, John J. Molenda
11:15
Networking Break
11:30
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
John J. Carney, Matthew B. Greenblatt
1:00
Lunch
Afternoon Session: 2:00 p.m. - 4:30 p.m.
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
Jorge A. Amador, John J. Molenda, Glenn Newman
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
T. C. Fleming, John J. Molenda
4:30
Adjourn
Co-Chair(s)
Colleen Vallen ~ Head of the Forensic and Litigation Practice, Citrin Cooperman
Speaker(s)
Glenn Newman ~ Practice Leader, Forensic Litigation & Valuation Services, ParenteBeard, LLC
Alexander M. Vasilescu ~ Regional Trial Counsel/Trial Unit Chief, U.S. Securities and Exchange Commission, New York Regional Office
Program Attorney(s)
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
The New York Hilton & Towers,
1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is 0495741. You can also
make reservations online to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at
www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to:
res.ny@warwickhotels.comSheraton New York Times Square Hotel, 811 7th Avenue, New York, NY 10019, 1-800-325-3535 or (212) 581-1000. When calling, please mention Practising Law Institute and mention SET#311155. You may also book
online.
PLI's live programs are approved in all states that require mandatory continuing legal education for attorneys, except Arizona. Please be sure to check with your state for details.
Please check the CLE Calculator above each product description for CLE 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.
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.