Anchin university - Continuing Education Opportunities

The Financial Statement as a Tool for Understanding the Construction Industry

Overview
Understanding a construction company’s financial statements can be a critically important tool to a successful attorney with a construction specialty. Financial statements are necessary sources of information about businesses for a wide variety of users. Those who use financial statement information include banks, company management teams, investors, creditors, governmental oversight agencies and the Internal Revenue Service.

Users of financial statement information do not necessarily need to know everything about accounting to use the information in basic statements. However, to effectively use financial statement information, it is helpful to know a few simple concepts and to be familiar with some of the fundamental characteristics of basic financial statements.

Construction company management requires a flow of information to make informed, intelligent decisions affecting the success or failure of its operations. Investors need statements to analyze investment potential. Lenders require financial statements to make credit decisions, and many businesses need statements to ascertain the risk involved in doing business with their customers and suppliers. Client financial statements can help an attorney identify client issues which require legal advice and attention.

This program serves as an introduction to financial statements and financial statement concepts. Some of the concepts covered are the accounting equation, types of accountants’ opinions, and typical footnote disclosures. Two basic financial statements—the balance sheet and the income statement are introduced.

Program Objectives

• Identify key business information on income statements and balance sheets.
• Review of footnote disclosures to identify client issues requiring legal advice and attention.

Who Should Attend?
This program is targeted specifically for attorneys with a construction industry specialty who has the need to understand financial statements.

CLE Credit
This course has been approved in accordance with the requirements of the New York State Continuing Legal Education Board for a maximum of 2 CLE credit hours which can be applied toward the skills requirement and is approved for both transitional and non transitional credit.