NYC Bar Expired

How to Read Financial Statements


Understanding how to read financial statements will help you evaluate the financial health of a company, make better business and investing decisions, and help you identify current and potential problems that can save your clients time and money. When properly prepared, financial statements not only tell you a company’s financial history, but provide insight to where a company is going.

The presenters of this course discuss many aspects of the financial statement process including the quality and reliability of financial statements based upon the opinion issued; the importance of the statement of cash flows; balance sheet components; transactions required to be recorded versus disclosed; tax reporting in financial statements and the differences compared to IRS compliance; and looking at valuations and forecasting and whether earnings affect the results. They step through various examples to reinforce the importance of analyzing financial statement ratios when understanding the financial health of a company.  

**iPad Compatible

I. How to Read Financial Statements
    A. Introduction
    B. Financial Statement Users
    C. Types of Financial Statements

    D. Levels of Reliability
    E. Qualified and Unqualified Opinions
    F. Financial Statement Rules
    G. Other Accounting Bases
    H. Lease Liability
     I. Disclosures
        1. Revenue Recognition
        2. Disclosures in Reviewed Financial Statements
    J. Balance Statements
        1. Assets
        2. Liabilities and Shareholder's Equity
    K. Statement of Cash Flows
        1. Operating, Investing, and Financing Activities
        2. Cash Flow Statement Order
        3. Analyzing Financial Statements for Fraud
        4. Important Financial Statement Ratios
    L. Return on Assets
    M. Calculating Average Equity
    N. Leverage Ratios
    O. The Altman Z-Score
    P. Credit Risk Assessment Ratios
    Q. What Ratios do Banks Focus on?
    R. Directional Risk
    S. Analytical Review
    T. Financial Statement Examination
    U. Income Statement Examination
    V. What Kind of Performance Matters Most?
   W. Defined Contribution Plans
    X. Fair-Value Reporting
    Y. Indentifiable Assets
    Z. Credit Risk Analysis

Content Provided


The Association of the Bar of the City of New York

The years following the Civil War were tumultuous ones for New York City, offering many opportunities to the dishonest. Unsavory politicians and errant members of the bench and bar were among those who took advantage of those troubled times. In December 1869, a letter was circulated among some of the city’s lawyers addressing those improprieties. It called for the creation of a new bar association to “sustain the profession in its proper position in the community, and thereby enable it ... to promote the interests of the public ....” More than 200 lawyers responded by signing a declaration of organization and in 1870 The Association of the Bar of the City of New York was born. The young organization quickly made its presence felt. Among its first activities was a campaign to defeat corrupt politicians and judges at the polls and to establish standards of conduct for those in the legal profession.

The association continues to work at political, legal and social reform, and maintaining high ethical standards for the legal profession. The association also continues to implement innovative means by which the disadvantaged may be helped. Much of this work is accomplished through the Association's more than 160 committees, each charged to consider a specific area of law or the profession.

The association has grown to more than 23,000 members. To serve them, the association strives to move ahead in many areas. The library is the largest member-funded law library in the country, and provides members with a “gateway” to online services, including free use of LexisNexis and WestLaw, while continuing to provide more traditional library services. The Small Law Firm Center, Career Management Program and other benefits are constantly evolving to serve members’ needs. More than 150 continuing legal education programs are presented annually.

The public good remains one of the association’s highest priorities. The Legal Referral Service, jointly sponsored by the association and the New York County Lawyers’ Association, provides an array of services directly aimed at serving the needs of the public. The City Bar Justice Center identifies the most pressing legal concerns of New York’s neediest and uses novel approaches to address them, often involving community participation.

Speakers / Authors:

Photo of Harold L. Deiters III

Harold L. Deiters III

Harold L. Deiters III, is a partner in the Litigation and Valuation Services Group in the New York regional offices of Baker Tilly Virchow Krause, LLP. Mr. Deiters is a professional in business appraisal and forensic accounting. His experience covers valuations for matrimonial settlements, estate tax purposes, gift planning, shareholder disputes, buy/sell agreements, and complex forensic accounting projects. Mr. Deiters has combined audit and investigatory skills resulting in meaningful solutions to economic damage and lost profit problems. He has extensive experience in accounting and auditing in both public and privately-held companies, including manufacturing, wholesale and retail distribution, professional service organizations, and not-for-profit organizations.

Mr. Deiters has trial experience in the New York State Supreme Court. He has his Accredited in Business Valuation (ABV) and Certification in Financial Forensics (CFF) from the American Institute of CPAs (AICPA). He also obtained the Certified Fraud Examiner (CFE) credential from the Association of Certified Fraud Examiners and the Master Analyst in Financial Forensics (MAFF) credential from the National Association of Certified Valuation Analysts. Mr. Deiters is qualified to serve as Accountant to Receiver, pursuant to NYS Part 36.

Mr. Deiters is a member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants (NYSSCPA), and NYSSCPA Statewide Board of Directors. He is the past president of the Suffolk Chapter NYSSCPA and served on as a chairperson of the NYSSCPA Suffolk Cooperation with Attorneys Committee. He is a Member, NYSSCPA Suffolk Accounting and Auditing Committee. Mr. Deiters is the Co-founder and past president of the Accountants-Attorney Networking Group. Mr. Deiters was awarded "40 Under 40" upand-comers in business, Long Island Business News.

Mr. Deiters received his B.S. from St. John's University.

Photo of Randi A. Schuster

Randi A. Schuster

Randi A. Schuster is the principal in charge of the Trust and Estate Group in the New York regional offices of Baker Tilly Virchow Krause, LLP. She helps set firm policy with regard to compliance issues involved in the preparation of gift, trust and estate tax returns. She has over 25 years of experience in federal and state taxation of individuals, trusts and estates, organization and taxation of private foundations, public charities, and estate planning for individuals with inherited wealth and who are owners of closely-held businesses. With extensive experience in the international estate and trust area, she has assisted clients with complicated cross-border estate planning issues.

Ms. Schuster has been directly involved with the dissemination of information to the firm and its clients with regard to changes in the estate and gift area. Ms. Schuster is a member of The New York City Bar; The American Bar Association; U.S. Tax Court and was formerly on the Editorial Advisory Board of Tax Adviser magazine.

Ms. Schuster received her J.D. from Brooklyn Law School, her B.S. from the State University of New York at Albany, her LL.M. from New York University School of Law.

Photo of Meredith L. Verona

Meredith L. Verona

Meredith L. Verona has over 10 years of experience, a majority of which consists exclusively on litigation-related matters. Her specialties include business valuation and forensics accounting for purposes such as matrimonial, gift and estate, and shareholder disputes. She has been involved in complex cases in multiple industries including medical, professional firms, retail, and restaurant services for small to mid-size companies that are predominately located in the New York-Tri State area.

Ms. Verona’s previous experience includes calculating or auditing business interruption and property damage insurance claims. She is a member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants (NYSSCPA), and National Association of Certified Valuation Analysts (NACVA). Meredith was the past Treasurer of Shoreview Condominiums Association.

Ms. Verona went to Monmouth University where she obtained a Masters of Business Administration specialized in Accounting and she is a graduate of Rutgers College where she received a Bachelor’s Degree in Economics.

Price (USD)

Standard Rate: $248.00
Metro State Univ: $248.00

Course Code : 773119

Length : 2hr 10min
Recorded Date : 11/15/2013

Format Type : eLearning
Mobile Compatible

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