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An Essential Introduction to Accounting for Lawyers with Ed Adams

Explore the foundation of financial accounting, the “big three” financial statements—the balance sheet, the income statement, and the statement of cash flows—and basic accounting concepts such as revenue recognition and the process and meaning of audits and audit opinion.  This succinct, yet knowledge-packed introduction to accounting for practicing attorneys provides a high-level working knowledge of practical accounting principles, statements and concepts.  Learning the language of business is a crucial step in expanding opportunities for your clients and yourself!
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Information

Category:
Factual Investigation |  Legal Analysis & Reasoning |  Legal Research |  Edward S. Adams
Faculty:
Edward S. Adams
Duration:
1 Hour
Format:
Audio and Video

Description

Explore the foundation of financial accounting, the “big three” financial statements—the balance sheet, the income statement, and the statement of cash flows—and basic accounting concepts such as revenue recognition and the process and meaning of audits and audit opinion.  This succinct, yet knowledge-packed introduction to accounting for practicing attorneys provides a high-level working knowledge of practical accounting principles, statements and concepts.  Learning the language of business is a crucial step in expanding opportunities for your clients and yourself!

 

Outline

 

I.Accounting Principles

a.GAAP

b.Accrual Versus Cash Accounting

c.Materiality and Objectivity

II.“Big Three”

a.Balance Sheet (or Statement of Financial Position)

b.Income Statement (or Statement of Earnings)

c.Statement of Cash Flows

III. Accounting Concepts

a.Revenue Recognition

b.Depreciation

c.LIFO and FIFO

d.Audits, Auditors and Audit Opinions

 

Handouts

Faculty

An Essential Introduction to Accounting for Lawyers with Ed Adams

Edward S. Adams Related seminars and products: 10


*15

The number of years that Ed Adams has been a faculty member with P.E.G.

145

The total number of programs presented by Ed.

8,580

Attorneys who have attended an Ed Adams presentation.

Edward S. Adams is the Howard E. Buhse professor of finance and law, co-director of the Kommerstad Center for Business Law And Entrepreneurship, and director of CLE Programs at the University of Minnesota Law School, where he specializes in corporate law, corporate finance, secured transactions, commercial paper and bankruptcy.

Following graduation cum laude from the University of Chicago Law School (where he served as managing editor of the law review), Adams clerked for Judge J. Harvie Wilkinson III of the United States Court of Appeals for the Fourth Circuit and worked in the Chicago office of Latham and Watkins.

Author & Scholar

He is the author of 15 books and more than 30 articles on business-related issues, the two-time recipient of the University of Minnesota Law School’s Stanley V. Kinyon Teacher of the Year Award, a 1997 M.B.A. graduate of the Carlson School of Management at the University of Minnesota, and a 1998 Vance K. Opperman Research Scholar, and a co-holder of the 1999 Julius E. Davis Chair in Law.

Practitioner

As an attorney, business advisor and consultant, Adams has more than $1 billion in transactional experience in public and private offerings of equity and debt, mergers and acquisitions of public and closely held corporations, loan restructurings, receivables financing, structured finance, commercial transactions, and bankruptcy liquidations and reorganizations.

Board Member

Adams has served on numerous private and public company boards of directors and acted as chairman of the Noteholders Committee of one of the largest steel industry bankruptcy reorganizations in American history, as well as a legal adviser to a group which sought to acquire one of America’s largest textile manufacturers.

Giving Back

Adams co-founded a project to provide free legal services to members of the community in New York, was a founding member of a project to provide free legal services to families of servicepersons serving in the Persian Gulf, and created a program at the University of Minnesota Law School to introduce disadvantaged high school students to potential career opportunities in the legal field. He is a prolific lecturer who has spoken to legal, business and community groups throughout the United States and the world on a variety of legal and business topics.