Lawyers' Use of Financial Statements 2014

Course Date: March 6, 2014

Total: 4h 47min

7:45 am – 8:45 am
OPTIONAL ETHICS SESSION: "CLE-TV: Procrastination 2013

Derek C. LaCroix, QC Executive Director, Lawyers Assistance Program, Vancouver
Allison Wolf — Certified Executive Coach, Shift Works Strategic Inc., Vancouver

Introduction to Financial Statements and GAAP

  • learn about basic accounting concepts and principles
  • accounting as it relates to financial statements
  • learn what reliance you should place on audited, reviewed, and compiled financial statements


Networking Break

Reading and Using Financial Statements

  • understand the difference between the various financial statements
    • balance sheet
    • income statement
    • statement of cash flow
  • what information can be obtained from the notes to the financial statements?
  • determine what financial statements tell you about a business including its performance and financial position
  • learn what financial statements do not tell you, including how to “read between the lines”

Public Accountant Reports

Lunch (on your own)

Financial Statement Fraud

  • examples of how financial statements are falsified
  • consider how much reliance to put on financial statements in a litigation setting

Networking Break

Financial Statement Analysis

  • understand the various methods commonly used to analyze financial statements, including ratio analyses and comparisons to industry standards

Business Valuations

  • find out how to value a business
  • learn and understand basic valuation concepts
  • learn the different approaches used in valuing a business
  • understand the term “goodwill” and how it is determined