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Managing Legal Risks: The Intersection of Legal and Financial Reporting (Course Id 2504)

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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 19 ||| Word Count: 6568 ||| Review Questions: 4 ||| Final Exam Questions: 5
CPE Credits : 1.0
IRS Credits : 0
Price : $12.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2504

Accounting, Managing, Legal, Risks, Intersection, Legal, Financial, Reporting, cpe, cpa, online course
Description :

This course explores the intersection between legal and financial reporting and focuses on how attorneys and accountants collaborate to evaluate, recognize, and disclose legal risks in financial statements. The course addresses key issues such as probable losses, contingent liabilities, asserted and unasserted claims, and how each discipline contributes to accurate and compliant financial reporting. 

Usage Rank : 25000
Release : 2025
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-Mar-2025
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - 2504

Keywords : Accounting, Managing, Legal, Risks, Intersection, Legal, Financial, Reporting, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you will be able to:
  • Recognize roles of legal counsel and accountants in identifying, assessing, and reporting legal risks
  • Identify key concepts surrounding contingent liabilities and loss contingencies
  • Differentiate between asserted and unasserted claims and their impact on financial reporting
  • Identify communication and collaboration best practices between legal and accounting teams

Course Contents :

Chapter 1 - Managing Legal Risks: The Intersection of Legal and Financial Reporting

Course Learning Objectives

Course Overview

Introduction

Types of Legal Risks

Why Legal Risks Matter for Financial Reporting

Key Concepts in Legal Risk Reporting

Collaboration Between Legal Counsel and Accountants

Legal Counsel vs. Accountants

Review Questions

Collaboration Best Practices

Handling Conflicting Opinions

Consideration of Outside Counsel

Conclusion

Review Questions

Glossary of Key Terms

Click to go to: Accounting CPE Courses | Online Accounting Courses for CPAs
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