LAW 7001 - Accounting For Lawyers

Institution:

Villanova University

Subject:

Description:

Description: RESTRICTIONS ON ENROLLMENT: Students with an undergraduate major in Accounting or current JD/MBA students are not permitted to enroll in this class. This course provides those entering the legal profession with the fundamental knowledge of financial accounting and reporting needed to address the increasingly complex transactions that characterize the global and technology focused economics of the 21st century. This course is unique in that a "contracting perspective" will drive topical selection and content delivery. Students will be introduced to contemporary accounting issues as they relate to a firm's contractual obligations. Such an approach is particularly appropriate for law students, since today's organizations are simply a "nexus" of contracts. Firms engage in contracts with investors (shareholders and creditors), employees, managers, suppliers, customers, regulators, and a variety of other parties. Accounting information is used by all of these parties to monitor contract compliance. Therefore, a contractual contest is ideal for motivating the importance of financial accounting and reporting to law students. Technology has automated data processing in most firms and reduced the need for non-accountants to fully understand how transactions are captured and processed by a system. Therefore, this course will not teach bookkeeping or transaction processing. Instead, students will develop an appreciation for the increasing amount of judgment inherent in the accounting and financial reporting process as they struggle with asset valuation issues, income recognition questions, and financial disclosure problems. Contemporary issues such as earnings management, incentives, and ethics (both accounting and legal) will be integrated into the course where appropriate. 3.00credit(s) Restrictions: Must be enrolled in one of the following Levels: Law School

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.villanova.edu

Phone Number:

(610) 519-4500

Regional Accreditation:

Middle States Association of Colleges and Schools

Calendar System:

Semester

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