Which standard does this course apply for litigation contingencies?

The Impact of Litigation on Financial Statements course applies ASC 450 20 to determine when to accrue a liability for litigation related contingencies.

Which outcomes does this course differentiate for litigation?

This course differentiates between probable, reasonably possible, and remote litigation outcomes.

Which role does this course recognize for legal counsel?

This course recognizes the role of legal counsel in the litigation process.

How many CPE credits does this Impact of Litigation course provide?

The Impact of Litigation on Financial Statements is a Technical, self study text course in Accounting worth 1.0 CPE credit, requiring a 5 question final exam preceded by 4 review questions (optional) at a 70% passing score. CPEthink is approved by NASBA as a CPE sponsor and lists this course on the NASBA site as a courtesy for CPAs to search https://nasba.org.

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The Impact of Litigation on Financial Statements (Course Id 2505)

QAS / Registry

Author:	Kelen Camehl, CPA, MBA
Course Length:	Pages: 21 \|\|\| Word Count: 7179 \|\|\| Review Questions: 4 \|\|\| Final Exam Questions: 5
CPE Credits:	1.0
IRS Credits:	0
Price:	$12.95
Passing Score:	70%
Course Type:	Text

The Impact of Litigation on Financial Statements - CPE course for CPAs

Technical Designation:	Technical
Field Of Study:	Accounting
Approved Audience:	NASBA QAS - NASBA Registry
Key Takeaways:	This course covers the accounting and financial reporting obligations related to litigation, including how to classify litigation outcomes as probable, reasonably possible, or remote. Classifies litigation outcomes as probable, reasonably possible, or remote under U.S. GAAP. Explains when to accrue litigation liabilities under ASC 450 20. Covers how to accurately disclose litigation related contingencies in financial statements. Worth 1.0 CPE credit in Accounting as a self study text course on the impact of litigation on financial statements, requiring a 5 question final exam preceded by 4 review questions (optional) and a 70% passing score.
Frequently Asked Questions:	Which standard does this course apply for litigation contingencies? The Impact of Litigation on Financial Statements course applies ASC 450 20 to determine when to accrue a liability for litigation related contingencies. Which outcomes does this course differentiate for litigation? This course differentiates between probable, reasonably possible, and remote litigation outcomes. Which role does this course recognize for legal counsel? This course recognizes the role of legal counsel in the litigation process. How many CPE credits does this Impact of Litigation course provide? The Impact of Litigation on Financial Statements is a Technical, self study text course in Accounting worth 1.0 CPE credit, requiring a 5 question final exam preceded by 4 review questions (optional) at a 70% passing score. CPEthink is approved by NASBA as a CPE sponsor and lists this course on the NASBA site as a courtesy for CPAs to search https://nasba.org.
Description:	This course offers an overview of the accounting and financial reporting obligations related to litigation. It covers the classification of litigation outcomes as probable, reasonably possible, or remote, along with guidance on evaluating, recognizing, measuring, and disclosing litigation-related contingencies.
Usage Rank:	14000
Release:	2025
Version:	1.0
Prerequisites:	None.
Experience Level:	Overview
Additional Contents:	Complete, no additional material needed.
Additional Links:	External: https://www.investopedia.com/terms/l/litigation-risk.asp Internal: Accounting for Litigation and Legal Contingencies (Course Id 2422) Internal: Managing Legal Risks: The Intersection of Legal and Financial Reporting (Course Id 2504) External: Investopedia - Litigation Risk Definition and Overview
Advance Preparation:	None.
Delivery Method:	QAS Self Study
Intended Participants:	Anyone needing Continuing Professional Education (CPE).
Revision Date:	10-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.
Keywords:	The Impact of Litigation on Financial Statements - CPE course for CPAs
Learning Objectives:	Course Learning Objectives Upon completion of this course, you will be able to: Identify when to accrue a liability for litigation-related contingencies under ASC 450-20 Differentiate between probable, reasonably possible, and remote litigation outcomes Recognize the role of legal counsel in the litigation process Identify the appropriate financial statement disclosures for litigation-related contingencies
Course Contents:	Chapter 1 - The Impact of Litigation on Financial Statements Course Learning Objectives Course Overview Introduction Types of Legal Disputes Why Accurate Evaluation Matters Relevant U.S. GAAP Standards Probability of Litigation Outcomes Evaluating the Probability of Litigation Outcomes Review Questions Function of Legal Counsel Asserted vs. Unasserted Claims Recognition and Measurement of Legal Contingencies Gain Contingencies Financial Statement Disclosures Conclusion Review Questions Glossary of Key Terms

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The Impact of Litigation on Financial Statements (Course Id 2505)

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Key Takeaways:

Frequently Asked Questions:

Which standard does this course apply for litigation contingencies?

Which outcomes does this course differentiate for litigation?

Which role does this course recognize for legal counsel?

How many CPE credits does this Impact of Litigation course provide?

Description:

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