Today I facilitated a web seminar of Color Accounting for legal professionals. Although I traditionally prefer live sessions for the ability to create a didactic conversation around finance, today went very well. Legal professionals earned 2 MCLE credits without disrupting their schedule by attending this 2 hour seminar right from their computer.
Our ability to discuss technical accounting concepts by focusing on the language is ideal for lawyers as they are experts in language already. Giving them the distinguishing characteristics of the accounts and explaining their individual natures allows lawyers to get accounting and immediately put it to use in litigations involving valuations. We also discussed "poking holes" in financial statements by focusing on how each account type can be exploited either purposefully or inadvertently through the bookkeeping entries.