Understanding Financial Statements

MCLE Credits: 4.0
Ethics Credits Included: 0.0

Wednesday, August 8, 9:00 a.m. - 1:15 p.m. ET
Learn more about Virginia CLE webcast format
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Tuesday, October 23, 9:00 a.m. - 1:15 p.m. ET
  • Webcast with Live Q&A
  • Telephone with Live Q&A
MCLE Credit: 4.0 (Ethics: 0.0)
Live-Interactive Credit: 4.0 (all dates, all formats) Live Interactive MCLE Credit Symbol
Registration Fee: $210

Information

Why Attend?

Do you find yourself challenged to decipher financial statements, explain their meaning to your client, or use the information to prove a case or impeach a witness?  Take this course!

You will learn:

  • How to read and understand basic financial statements, balance sheets, income statements, and statements of cash flow
  • Basic concepts of accounting, including net income vs. cash flow, depreciable assets, capitalizing and expensing, and inventory
  • How to spot unusual items in a financial statement
  • Where to look for undervalued assets
  • What to ask your accounting expert
  • Answers to questions clients commonly ask their attorneys

While engaging an accounting expert is sometimes an option, often there is not the time or availability to access that advice. Whatever their specialties, lawyers must understand financial concepts to understand their clients’ goals and the interests of other parties to deals.

Topics to be covered include:

  • The Basic Rules of Accounting
    • Understanding basic accounting terminology and the accounting formula
    • Knowledge of the four basic financial statements
    • How to read financial statements and their interrelations
    • The importance of notes to financial statements
    • Types of auditor reviews of statements and the significance of the auditor's opinion
    • Overview of AICPA Financial Reporting Framework for Small- and Medium-Sized Entities
  • Specific Issues and Quantitative Analysis
    • Capitalization vs. expense policies
    • Inventory valuations
    • Fixed assets and depreciation
    • Intangible assets and amortization
    • Debt analysis and time value of money
    • Ratio and trend analysis
  • Common Areas Where the Attorney Will Be Involved with Financial Statements
    • Securities offerings
    • Contract negotiations
    • Real estate developments
    • Mergers and acquisitions
    • Divorce and custody matters
    • Tax and estate planning

(Includes a 15-minute break)

 

Discounts available for Virginia CLE hybrid seminars Follow link to learn about how Online Bundle credits offer 40% discount Follow link to learn about coupons for lawyers in First Year in Virginia practice Follow link to learn about discount for New Virginia Lawyers (first 3 years) Follow link to learn about Government Employee discount Follow link to learn about Legal Aid discount

Follow link to learn about how Online Bundle credits offer 40% discount Follow link to learn about coupons for lawyers in First Year in Virginia practice Follow link to learn about Government Employee discount Follow link to learn about Legal Aid discount

Registration Deadlines:
Webcast: 10 minutes prior to seminar. If you register for a webcast the day of the seminar, your e-mail receipt will include a link to launch the seminar and download the materials.
Telephone: Online registration ends at 11:59 p.m. the day preceding the seminar
Call (800) 979-8253 to register up to one hour prior to the seminar
Live on Site: Online registration ends at 11:59 p.m. the day preceding the seminar
Walk-in registration is permitted on a space-available basis

Cancellation Policy: Cancellation/transfer requests will be honored until 5:00 p.m. the day preceding the seminar. You will, however, be charged $40 if you cancel or transfer your registration to a different seminar after the link to the materials has been e-mailed by Virginia CLE.

Full refunds or transfers are available up to two days after a webcast in the unlikely event that you experience technical difficulties.

MCLE Credit Caveat: The MCLE Board measures credits by the time you spend in attendance. If you enter a seminar late or leave it early, or both, you must reflect those adjustments accurately in the credits you report on your credit reporting form. A code will be given at the end of the seminar, which must be written on your MCLE form.


Can't Attend?
E-mail distance_ed@vacle.org to be notified when/if this program is made available as an online or USB seminar.
E-mail publications@vacle.org to be notified when/if this program's seminar materials are made available for sale.

Schedule

COURSE SCHEDULE (August 8)

9:00 Understanding Financial Statements
1:00 Question-and-Answer Session
1:15 Adjourn
  • Sign-in for live seminar attendees in Charlottesville begins at 8:30 a.m.
  • Q&A will be handled via chat room for Webcast attendees.
  • Q&A will be handled via e-mail for telephone seminar attendees.

COURSE SCHEDULE (October 23)

9:00 Understanding Financial Statements
1:00 Question-and-Answer Session
1:15 Adjourn
  • Q&A will be handled via chat room for Webcast attendees.
  • Q&A will be handled via e-mail for telephone seminar attendees.

Faculty

ABOUT THE SPEAKER

John L. Norman, Jr., Attorney at Law / McLean

John Norman is a sole practitioner in McLean, with a focus on small business, tax, and estate planning.  A graduate of The College of William and Mary with accounting and law degrees, he currently teaches accounting, finance, law, and tax courses at Bridgewater College.  He has previously taught these courses at The College of William and Mary, George Washington University, University of Maryland University College, and the Keller Graduate School of Management.  Mr. Norman has also been a lecturer for the legal section of the CPA review course.

Locations, Dates and Fees

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