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How to Understand and Analyze Financial Statements for Lawyers
featuring Douglas R. Smith, CPA
presented by
The South Carolina Bar-Continuing Legal Education Division
 
Live at the
Pawleys Island Golf & Country Club
70 Tanglewood Dr.
Pawleys Island, SC
 
 
About the Seminar
This program qualifies for 6.0 MCLE credit hours.
 
This six-hour course is designed for lawyers with little to no accounting background, and also to provide a “big picture” to those with more sophisticated financial knowledge that is narrowly focused on a particular type of law. The seminar begins with the basic concepts underlying financial reporting. These are the principles that a lawyer must grasp in order to understand a financial statement, formulate effective inquiries and communicate effectively with business and financial people. This section prepares lawyers with limited accounting and financial background to comprehend topics covered later in the day. Participants will then see how analytical procedures are applied to financial reports, emphasizing quick techniques to isolate items needing further investigation, such as leverage, efficiency and changes in profitability. This includes recognizing the type of situations where risk of deception is greatest and how to spot warning signs. This is critical in the discovery process as well as in more informal situations.

Take your career to the next level and register today!


Program Agenda

8:30 a.m.         Registration
 
9 a.m.              Basic Concepts Underlying Financial Reporting
  • Generally accepted accounting principles (GAAP) and non-GAAP accounting
  • Levels of assurance provided in a financial statement
  • Net income v. cash flow
  • Depreciable assets
  • Capitalizing v. expensing
  • Inventory
  • Other fundamental concepts
10:30 a.m.       Morning break
 
10:45 a.m.       Overview of Financial Statements
  • Accountants’ report
  • Balance sheet
  • Income statement
  • Statement of cash flows
  • Notes to the financial statement
12:15 p.m.       Lunch (on your own)
 
1:30 p.m.         Understanding and Analyzing Financial Statements
  •  Short-term liquidity
  • Long-term solvency and planning
  • Profitability
  • Return on investment
  • Commonly used ratios
3 p.m.              Afternoon break
 
3:15 p.m.         Common Manipulative Techniques
  • How a financial statement can follow the rules and still be deceptive
  • Circumstances where you are most at risk of being misled
  • Tactics to protect yourself, clients and your firm
4:45 p.m.         Adjourn