The Impact of Litigation on Financial Statements

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
 

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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