Originally held on Tuesday, August 01, 2023 | 9:00 am – 12:15 pm
 
Description:
Whether you’re a transactional attorney or a litigator, when financial and accounting records emerge in the legal matter you’re handling, it helps to know some accounting basics. The numbers always tell a story—one that may support your legal position.

This basic level program will provide an overview for the non-accountant attorney of key accounting principles including:

• Introduction of Financial Statements
  •  Types of Financial Statements
  • Users of Financial Statements
• Overview of Generally Accepted Accounting Principles (GAAP)
• How to read:
  • Level of Accountant’s Reports
  • The Balance Sheet
  • The Income Statement
  • The Statement of Cash Flows
  • The Notes to the Financial Statements
• Examples of financial statements by different industries
• How to analyze financial statements for key indicators and financial statement ratios
• Effect of COVID-19 issues on financial statements
• Current developments
• Fraud issues on financial statements
• How to read a tax return
  • Tax forms associated with different entities
  • Identifying sources of income
  • Tax deductions that do no equal economic outlay
  • Differences between financial accounting and tax accounting
• Discoverability of tax returns
  • Federal Statutes
  • Case Law
  • Will a tax return answer your questions