811 Accounting & Law, Fall 2016

Categories: Law Practice Skills

Section 001, Accounting & Law - Linsmeier, Thomas

Course Page for Fall 2016 - Linsmeier, Thomas

During his/her career, virtually every practicing lawyer will represent various stakeholders of businesses (owners, management, directors, creditors, customers etc.), each with adverse legal interests. Accordingly, almost every practicing lawyer should understand financial accounting, which long has been referred to as “the language of business.” This course will introduce you to basic financial accounting principles and their most common legal applications.

Most broadly, this course aspires to empower you to develop the skills:
• To understand the double-entry bookkeeping process that produces financial statements;
• To read, analyze, and apply financial statements (and the notes that accompany those statements) in legal contexts;
• To recognize and understand financial accounting issues important to every lawyer;
• To understand and negotiate agreements or other legal documents containing accounting terminology or concepts;
• To recognize potential “red flags” that suggest financial difficulties--or even financial fraud; and
• To understand the opportunities to obtain accounting-related information about an underlying lawsuit and then to use or defend against that information during litigation.