Accounting for Lawyers

Description

Accounting is the language of business and anyone working as a legal advisor to corporations should have a solid grasp of accounting concepts and financial statements. This course provides a comprehensive and intuitive review of accounting principles from the perspective of a user of financial information. Participants will have the opportunity to explore and understand a set of financial statements that incorporate simple and complex accounting concepts. The accounting impacts of a corporate acquisition will also be examined. Handouts and examples will be used throughout the course.

Details
Prerequisites

None

Time

1 day

Learning Topics

Accounting Concepts

  • Discuss key accounting principles such as revenue recognition, the matching principle, double entry accounting and accrual accounting
  • Learn to read the financial reports which are provided for investors
  • Review a company’s key financial statements and understand how they relate to each other:
    • Income Statement
    • Cash Flow Statement
    • Balance Sheet

Understand Financial Statements

  • Participants will explore and understand a set of financial statements that incorporate numerous accounting concepts, including:
    • Revenue and costs –discuss issues related to recognition
    • Depreciation & Fixed Assets
    • EBITDA –a popular measure of a company’s financial performance
    • Income tax
    • Subsidiary accounting –accounting treatment at various ownership level
    • Debt & equity –the key concepts and terms associated with various forms of capital
  • Understand the links between each of the financial statements

Understand the Impact of Mergers & Acquisitions

  • Discuss the key role of synergies
  • Review the significance of accretion and dilution
    • Understand intangibles and amortization
  • Analyze the common financial statement adjustments that occur in acquisitions
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