Surgent's Accounting for Litigation and Legal Contingencies

Overview

This course provides an overview of the accounting and financial reporting requirements with respect to litigation. This includes distinguishing between probable, reasonably possible, and remote litigation outcomes as well as how to evaluate, recognize, measure, and disclose litigation-related contingencies.

Prerequisites

None

Objectives

• Differentiate between probable, reasonably possible, and remote litigation outcomes
• Identify when to accrue a liability for litigation-related contingencies under ASC 450-20
• Recognize the role of legal counsel in the litigation process
• Identify the appropriate financial statement disclosures for litigation-related contingencies

Highlights

• Recognition and measurement of legal contigencies
• Impact from new information
• Events after the date of the financial statements
• Recognized subsequent events