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Fin Literacy Lawyers Directors&Investors

Fin Literacy Lawyers Directors&Investors

ISBN 9780864606839
Publication Date
Publisher Thomson Reuters
**THE CENTRO CASE REINFORCES THE NEED FOR DIRECTORS TO BE FINANCIALLY LITERATE** The strong imperative for company directors to be financially literate has been unequivocally reinforced by the Federal Court's decision in the Centro case handed down on 27 June. The Court found that the defendant directors of Centro had failed in the performance of their duties to properly read and understand the financial statements and to apply the knowledge they had or should have acquired to perform that task. Although the Court found that they had not acted dishonestly, each director was aware or should have been aware of the relevant accounting principles which would have alerted each director to the apparent error in the financial statements relating to short-term debt. It was simply not enough for the directors to rely solely on management and their advisors. It is this very issue that Thomson Reuters' book Financial Literacy for Lawyers, Directors and Investors is designed to address. The book deals with how Financial Statements are put together, the key Financial Statements (what they reveal and can't reveal), the balance sheet, profit and loss account, analysis of cash flow and key accounting concepts. It also covers the difficult area of "cosmetic accounting" with descriptions of many common approaches taken to present company results in the best possible light and suggestions of where and how to search for the "unknown unknowns." The book is essential for all directors, particularly those without an accounting background. The authors are Andrew McRobert, who has been teaching and writing on financial statements for more than 30 years, and Ronnie Hoffman, a journalist experienced in the areas of finance, business and management. Published in September 2010, the book deals with the Australian standards and requirements. Lawyers and Directors will not usually prepare their company's financial statement, but they do need to understand them. Investors also need to be able to understand financial statements in order to be able to invest wisely. Financial Literacy for Lawyers, Directors and Investors will give them this knowledge. Financial Literacy for Lawyers, Directors and Investors addresses the following: The three key financial statements: their interdependence, what they reveal and what they cannot reveal Historic financial statements, and their reliability as estimates of a company's future performance and position  The key accounting concepts, which are the bedrock of financial statements, explained in accessible terms and their relevance made clear to lawyers  Creating reality from the bedrock statement: a. the role of accounting policies b. how and why they vary, c. how directors and lawyers need to understand the reasoning behind specific accounting policies d. how alternative policies can present a completely different picture of a company's financial position and performance Notes to the accounts: why they are equally crucial in the presentation of a complete picture of a company's health and prospects Cash flow analysis: why is it so much more important than profit-and-loss analysis in understanding a company's true financial performance and position  Cosmetic accounting: how to detect deliberate attempts to mislead, and how to combat deceptive and misleading accounting. The lessons from the Centro decision, couched in terms accessible to company directors and non-accountants, are explained in another Thomson Reuters' book, Financial Literacy: Lessons from Centro, authored by Andrew McRobert and Ronnie Hoffman. Financial Literacy for Lawyers, Directors & Investors can be purchased as a single book, or you can purchase it with Financial Literacy: Lessons from Centro as a value bundle, Financial Literacy Package _____________________________________________________________________________ Need to create legal documents? Cleardocs is an additional service that Thomson Reuters provides for creating legal documents. Completely online and simple to follow, Cleardocs enables you to create automated Company Services documents which are available within minutes. Choose from the selection below: Company Registration Registration Documents Only Sole Director Document Package Partnership Agreement Change to Constitution Division 7A Loan Agreement Company Name Reservation

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