Many types of attorneys need to understand the basics of how to read a financial statement – from criminal law attorneys to family law practitioners. However, we are attorneys and not accountants, so it’s not always easy to understand where to look and how to break down the important financial information in your case.
If you need help in this area join forensic accountants Richard Holstrom and Joshua Vannetti for an attorney’s refresher on financial records and financial statements. The main subjects covered include using financial data to tell the story, understanding the various forms of financial statements and the use of income statements in analysis. Further topics addressed include accounting language, the different forms of financial statements, accounting basics, accrual accounting, cash basis accounting, accounting systems, the accounting process, the purposes of financial statements, published financials, types of financial information & statements, the balance sheet, income statement data & sources, the statement of shareholder’s equity, statement of cash flows, other sources of financial information, what to ask for and the “so what” moment.
Richard Holstrom currently works at RGL Forensics and has been involved in the field of Forensic Accounting exclusively since 1980. He has worked extensively with insurance companies and attorneys focusing his career on forensic accounting, measurement of damages and litigation support. Mr. Holstrom has been designated as an accounting expert in State Courts of California and Nevada and Federal Courts in California, Arizona and Hawaii. He has provided expert testimony in both depositions and at trial in excess of 100 times in the past 10 years. Joshua Vannetti also works at RGL Forensics and specializes in litigation support and claims evaluation. He has worked with attorneys and insurance professionals by performing damage calculations for disputes involving breach of contract, business interruption, employee dishonesty, and similar matters of economic loss. Mr. Vannetti’s previous background in financial institutions lends itself well to forensic accounting as he understands what records are available at the financial institution level, and knows what to look for related to negotiable instrument fraud and embezzlement.