On Demand Audio

Understanding Financial Statements

(701 reviews)

Produced on July 16, 2015

Taught by
$ 79 Business, Corporate, & Securities In Stock
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Course Information

Time 89 minutes
Difficulty Beginner

Course Description

Understanding financial statements is an integral part of an attorney’s practice from advising a client in a divorce to running your own practice. This course, presented by attorney Steve Pipenger, explores three aspects of accounting and bookkeeping for you and your clients.


First, Steve discusses basic accounting and bookkeeping to understand where financial statements come from, basing the inquiry on the "magical" Assets = Liabilities + Equity equation.


Mr. Pipenger then offers an in-depth analysis at the three main financial statements: the balance sheet, the income statement and the cash flow statement (often called the P/L or profit and loss statement). Steve explores the differences between them, what a person can learn from them, and the variations in how the creator of the financial statements can present the information.


In addition, Steve looks at ways to analyze and interpret these statements and the numbers therein, including a discussion on ratio analyses.


Learning Objectives:

I.    Explore financial flows

II.   Identify the basic differences in financial statements

III.  Summarize what to look for when analyzing statements

IV.  Recognize each aspect of the statement

V.   Understand certain types of financial ratios within their proper context 



Credit Information

After completing this course, Lawline will report your attendance information to {{ accredMasterState.state.name }}. Please ensure your license number is filled out in your profile to ensure timely reporting. For more information, see our {{ accredMasterState.state.name }} CLE Requirements page . After completing this course, {{ accredMasterState.state.name }} attorneys self-report their attendance and CLE compliance. For more information on how to report your CLE courses, see our {{ accredMasterState.state.name }} CLE Requirements FAQ .


Steve Pipenger

Pipenger and Partners, LLP

Hello. My name is Steve Pipenger. I came to the New York area about 18 years ago after having spent nearly 10 years in Washington, DC (including 4 years of business school at George Washington University) and a few years in New Jersey during and after law school. Specifically, I have lived in New York for going on 13 years.

I have practiced law for nearly 15 years. In that time I have litigated a myriad of cases such as contract disputes, real estate disputes, labor and employment matters (from plaintiff and defendant side), intellectual property disputes, and others. In addition to litigation, have practiced in the corporate/transaction realm assisting clients with issues of formation, corporate compliance, raising equity and debt, drafting master service agreements, and other contracts.

When I lived in Washington, I gained some unique experience. I worked on a congressman’s staff in 1996 (he lost his reelection after serving just one term); I was also a policy writer for the Dole/Kepm campaign (no longer a GOPartisan). Just before I moved to the area, I worked for MCI in its government markets group where I worked on some interesting contracts that were related to air traffic control. I worked for some great people, and it was very difficult to leave when I went back to school.

This hybrid background informs how I practice law. I tend to be rather informal and curious. Having a diverse background has allowed me the ability to look at issues from a number of perspectives.

There is one more thing that is important to me, and that's the plight of victims of mountain top removal in Appalachia. The coal companies are poisoning our fellow Americans. There is a way to stop this: Support the ACHE Campaign at www.acheact.org. You can also find all you need to know at Coal River Mountain Watch www.crmw.net. The people of Appalachia need you.

Let me know if you have questions about me and how I might be able to help you.

Thanks for reading.



Gregory E. M.

Strong effort for his first time presenting CLE course.

Jared A.

Good for his first CLE.

Lisa P.

WOW! Great course. But I need to watch again to digest all the information.

Evan S.

useful course

Patrick O.

Excellent job. I learned a great deal.

Claire C.

Fantastic presenter - you could really tell he cared about the subject and that made me care too.

Karen M.

Made a boring and alien/complex subject interesting and understandable. Very well prepared presentation. Thank you

Iris G.

This was an excellent course, with loads of important information. I plan to listen to it a second time.

Richard K.

Great presentation!!!

Sergio V.

The presenter is one of the best in your service. He should be a full time member of the faculty. If there is no such position, it should be created for him. Best ever!

Albert L.

Seemed to have a single message which was line items on a financial statement can mean almost anything.

Philip S.

The speaker was knowledgeable but not that effective. He was all over the place and it was difficult to follow him.

Kile T.

The instructor was great. Very informative and engaging.

Rochelle S.

Good presentation

John S.

I liked the way he related the various financial statements to what is really happening with the business. I have not seen this before and it is very helpful.

William S.

Thank you

Elisa P.

Speaker was pleasant to listen to, knowledgeable, clear and explained material well and simply.

Louise B.

very informative

William M.

Good presentation.

Thomas J.

Important facts

Janet M.

Very interesting

S Margaret P.

This would be great as a 2-hr program.


Great seminar on basic accounting principles.

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