[Guest post by Pramod Rao, General Counsel at Citibank India]
Many aspects of law and the accounting world coincide and converge especially in commercial enterprises. These are of immense relevance to the enterprise, the general counsel, the chief financial officer, the external/statutory auditors and business units or to control or support functions of the enterprise.
Among the aspects where the convergence of law and accounting occurs is around legal claims or cases against an enterprise. Such claims and cases against an enterprise arise from time to time - be it claims or cases filed by customers, vendors and suppliers, employees / ex-employees, investors or shareholders, government authorities, etc.
In an article posted on LinkedIn, I examine these issues as well as the accounting implications thereof and matters beyond, all of which represent my personal views on the topic.
- Pramod Rao