Originally held on Friday, November 1, 2019 | 9:00 a.m. – 12:00 p.m.
Program Co-Instructors: | |
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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 comprehensive seminar is designed to familiarize the attorney with the structure and contents of the client’s financial statements and tax returns. 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 for Various Business Entities
- Common Differences between Financial Statement and Tax Return Reporting
OnDemand: $179 for Members | $279 for Nonmembers
Members who are Recent Law Graduates, Newly Admitted Lawyers (admitted for the first time in any state or country 2017-2019), In-House/Corporate Counsel, Judges (and their staff who are also members), or attorneys that practice within the Government, Academic or Not-for-Profit sectors attend this program for free. -
9:00 a.m. – 9:15 a.m. Overview and Purposes of Financial Statements - Users of Financial Statements
- Historical v. Forecasts and Projections
9:15 a.m. – 9:30 a.m. Levels of Accountant’s Report - Audit
- Review
- Compilation
- “Prepared”
9:30 a.m. – 10:20 a.m. Contents of Financial Statements - Basis of Accounting (Accrual v. Cash)
- Balance Sheet
- Statement of Operations
- Statement of Cash Flow
- Statement of Shareholders’ Equity
- Notes to the Financial Statements
- Supplementary Information
10:20 a.m. – 10:30 a.m. Break 10:30 a.m. – 10:50 a.m. Fraud Issues on Financial Statements - Fraudulent Financial Statements v. Asset Misappropriation
- Common Areas of Fraudulent Financial Statements
10:50 a.m. – 11:00 a.m. Q & A 11:00 a.m. – 11:30 a.m. Introduction to Understanding a Tax Return - Overview of Entity Tax Returns
- C Corporations
- S Corporations
- Partnerships
- Effects of New Tax Law
11:30 a.m.– 11:50 a.m. Differences Between Financial Statements & Tax
Returns11:50 a.m. – 12:00 p.m. Q & A -
CLE Credit
New York: 3.0 Skills
New Jersey: 3.4 General
California: 2.5 General
Pennsylvania: 2.5 GeneralPlease Note: Newly admitted NY attorneys cannot fulfill ethics or skills credits through our on-demand programs under OCA rules. For more information on this, please see http://www.nycourts.gov/attorneys/cle/changes_for_2016.shtml.
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Sponsorship Opportunities are Available! Please Contact:
Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org