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ISBN: 9781552213247

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Understanding Financial Statements

It is important for lawyers who deal with commercial, corporate, family, estate, and even criminal practices to understand the rudimentary concepts of accounting and finance. Generally, legal professionals fear financial statements. This book uses clear, concise explanations of what lawyers need to know in order to understand financial statements.

Contributors

Vern Krishna

Vern Krishna, CM, QC, FRSC, FCGA, MCIArb, earned a B Comm (Manchester), MBA, LLB (Alberta), DCL (Cambridge) and LLM (Harvard). He is a professor at the University of Ottawa Faculty of Law. He is also of Counsel, Borden Ladner Gervais LLP and Executive Director of the Tax Research Centre at the University of Ottawa. Professor Krishna is a member of the Order of Canada and a Fellow of the Royal Society. He has been a Bencher of the Law Society of Upper Canada since 1991 and served as its Treasurer from 2001–03.

Chapter Title Abstract Contributors Pages Year Price

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Introduces many important concepts of accounting such as business cycles, finance, the regulators, as well as the three Cs of accounting, which are characterization, classification and communication. 14 $1.40

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Outlines fundamental financial concepts, focusing on money measurement, annual reporting, time and allocation, conservatism, revenue recognition, misconceptions about accounting, the time value … 33 $3.30

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Discusses generally accepted accounting principles (GAAP) and reporting standards, focusing specifically on the hierarchy of GAAP sources, GAAP and tax law, auditing and professional standards, … 11 $1.10

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Provides an overview of financial statements, explaining illustrative financial statements, notes to the financial statements, the balance sheet, the income statement, statements of comprehensive … 29 $2.90

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Looks at the major and most common business balance sheets and the common characteristics and principles they share. Assets, liabilities and equity are specifically discussed. 55 $5.50

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Discusses the measurement of income, focusing on account principles, net income, measurement and timing, revenue realization, revenue recognition, Canadian GAAP, accrual, matching, conservatism, … 29 $2.90

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Considers reports on financial statements, focusing on auditors’ reports, general representation letters, the structure of audit reports, qualified reports, review engagements and notice to … 19 $1.90

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Discusses the interpretation of financial statements, focusing on measuring financial success, returns on equity, profitability ratios, liquidity ratios, solvency ratios, financial leverage and … 25 $2.50

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Discusses accounting and the law, considering general principles such as the privity of relationships, foreseeability and duty of care. 11 $1.10

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Explores tax aspects of equity, focusing on paid-up capital, the classes of shares, stock dividends, the conversion of shares, adjustments to paid-up capital and share redemptions. 8 $0.80

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Concludes by discussing law and accounting, focusing on business contracts, employment contracts, negligent misrepresentation, income tax, drafting agreements, IFRS and GAAP, balance sheet … 36 $3.60