This course offers an overview of the accounting and financial reporting obligations related to litigation. It covers the classification of litigation outcomes as probable, reasonably possible, or remote, along with guidance on evaluating, recognizing, measuring, and disclosing litigation-related contingencies.

Learning Objectives
  • Identify when to accrue a liability for litigation-related contingencies under ASC 450-20.
  • Discover and differentiate between probable, reasonably possible, and remote litigation outcomes.
  • Recognize the role of legal counsel in the litigation process.
  • Identify the appropriate financial statement disclosures for litigation-related contingencies.
Last updated/reviewed: January 17, 2025
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
Course Syllabus
COURSE MATERIAL
  The Impact of Litigation on Financial Statements (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam