How to Read and Understand a Financial Statement & Tax Return

Program Co-Chairs:

Howard H. Fine
Gettry Marcus CPA, P.C.

Kevin Leifer
Gettry Marcus CPA, P.C.

• Description
• Agenda
• CLE Credit
• Sponsors

• A greater understanding of the client’s financial matters allows the attorney to better service the client and to possibly generate additional services for the client and billings for the law firm.

  This program is a comprehensive seminar, designed to familiarize the attorney with the structure and contents of the client’s financial statements.

  Items to be covered in this program include:

  • Overview and Purposes of Financial Statements
  • Types of Financial Statements
  • Levels of Accountant’s Report
  • Contents of Financial Statements
  • Overview of Tax Returns of Various Business Entities
  • Common Differences Between Financial Statement and Tax Return Reporting

  DVDs & CDs: $229 Member | $329Nonmember
  On-Demand: $179 Member| $279 Nonmember
  Materials Only (No CLE Credit): $99 Member | $129 Nonmember

  * New York residents will be charged the New York sales tax for all audio visual purchases.

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• 9:00 am – 9:05 am	Overview & Purposes of Financial Statements
  9:05 am – 9:20 am	Types of Financial Statements Historical Projections and Forecasts Pro-forma Specified Elements
  9:20 am – 9:35 am	Levels of Accountant’s Report Audit Review Compilation “Prepared” Agreed Upon Procedures
  9:35 am – 10:05 am	Contents of Financial Statements Balance Sheet Statement of Operations Statement of Cash Flow Statement of Shareholders Equity Notes to the Financial Statements Supplementary Information
  10:05 am – 10:10 am	Users of Financial Statements
  10:10 am – 10:25 am	Basis of Accounting Accrual basis Income tax or cash basis Liquidation basis
  10:25 am – 10:35 am	Break
  10:35 am – 10:50 am	Fraud Issues on Financial Statements Accountant’s Responsibility Fraudulent Financial Statements v. Asset Misappropriation Common Areas of Fraudulent Financial Statements
  10:50 am– 10:55 am	Q & A
  10:55 am – 11:00 am	Introduction to Understanding a Tax Return
  11:00 am– 11:10 am	Schedule M-3 (Common Book – Tax Differences)
  11:10 am – 11:40 am	Overview of Entity Tax Returns C Corporations S Corporations Partnerships
  11:40 am – 11:45 am	Q & A

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• This program provides 3.0 credits in skills for the New York & New Jersey MCLE requirements. California & Pennsylvania credit differs as it is based on a 60-minute credit hour. The live program provided transitional credit to newly admitted attorneys; the recording does not provide transitional credit.

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• Sponsorship Opportunities are Available! Please Contact:
  Maricela Alfonso| Membership and CLE Relations Associate| (212) 382-6608 | MAlfonso@nycbar.org