The Impact of Litigation on Financial Statements - 2025 (Text Based)

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:

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

Instructional Method: Self-Study

Review Date: 02/13/2025

Required Components: Written Materials

CPE Final Exam Required Passage Grade: 70%

Please Note: This course must be completed within 1 year of the date of receipt of this course for CPE Credit

Prerequisites: None

Level: Beginner

NASBA Category: Accounting

Recommended CPE:  1

For more information regarding administrative policies such as refunds, cancellations, and complaints, please contact FurtherEd at (912) 666-6282.

FurtherEd is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.