Understanding Financial Statements (Online Seminar)

MCLE Credits: 4.0
Ethics Credits Included: 0.0

MCLE Credit: 4.0 (Ethics: 0.0)
Live-Interactive Credit: 0.0
Price: $229 (Includes a downloadable audio version.)
Viewable Through: 8/30/2021


A pre-recorded streaming video replay from the August 2018 webcast, Understanding Financial Statements.

Course Benefits

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
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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.

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