Managing Legal Risks: The Intersection of Legal and Financial Reporting
 

Course Overview
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

Revision Date:  NEW 1/24/25

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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