This course explores the intersection between legal and financial reporting and focuses on how attorneys and accountants collaborate to evaluate, recognize, and disclose legal risks in financial statements. The course addresses key issues such as probable losses, contingent liabilities, asserted and unasserted claims, and how each discipline contributes to accurate and compliant financial reporting.

Learning Objectives
  • Recognize roles of legal counsel and accountants in identifying, assessing, and reporting legal risks.
  • Identify key concepts surrounding contingent liabilities and loss contingencies.
  • Discover and differentiate between asserted and unasserted claims and their impact on financial reporting.
  • Identify communication and collaboration best practices between legal and accounting teams.
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
  Managing Legal Risks: The Intersection of Legal and Financial Reporting (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam