This course provides an overview of the accounting and financial reporting requirements with respect to litigation. This includes distinguishing between probable, reasonably possible, and remote litigation outcomes as well as how to evaluate, recognize, measure, and disclose litigation-related contingencies.
Course Publication Date:
December 16, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Kelen Camehl |
| Course No: | ACT-LEGAL-29004 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Differentiate between probable, reasonably possible, and remote litigation outcomes.
- Identify when to accrue a liability for litigation-related contingencies under ASC 450-20.
- Recognize the role of legal counsel in the litigation process.
- Identify the appropriate financial statement disclosures for litigation-related contingencies.