Introduction to Financial Reporting for Lawyers

Singapore University of Social Sciences

Introduction to Financial Reporting for Lawyers (LAW251)

Synopsis

LAW251 Introduction to Financial Reporting for Lawyers enables students to become comfortable and confident with interpreting financial statements and reports, through familiarity with accounting processes and terminology. Students are introduced to the financial reporting framework in Singapore and its key components, along with the roles and responsibilities of key players in the financial process. Students will learn key financial ratios, evaluating a company’s performance as well as basic valuation principles. This course will improve financial literacy, a skill useful both in dealing with crime, as well as in matrimonial settlements.

Level: 2
Credit Units: 5
Presentation Pattern: EVERY JULY

Topics

The accounting environment
Underlying concepts of financial reporting
Auditors and reporting accountants – types of engagement
The balance sheet
Off-balance sheet items
The income statement
The cash flow statement
Statement of shareholders equity
Notes to the financial statements
Analysing and interpreting financial statements
Business transactions
Business valuations

Learning Outcome

Comment on the various stages of the accounting process and the role of the auditor under the law
Describe the concepts, values, principles of generally accepted accounting principles and explain the general meaning of the main headings in a set of financial statements
Analyse financial information to evaluate the performance of an entity
Respond to pertinent issues, identifying the relevant rules of substantive law, procedure or evidence
Apply relevant results to come to a conclusion on pertinent issues
Formulate an opinion and provide advice based on the conclusions
Discuss critically, competing arguments in literature or in a group situation and make a reasoned choice between alternatives
Express ideas, concepts and arguments in the English language and legal terminology with care and accuracy
Employ information technology in an office environment for the search for information, the preparation of documents and presentations