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.

Learning Objectives
  • Discover and 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.
Last updated/reviewed: November 21, 2024
1 Review (6 ratings)

Reviews

5
Anonymous Author
Enjoyable review of accounting for contingent liabilities topics.
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
COURSE MATERIAL
  Accounting for Litigation and Legal Contingencies (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam