Newbery and Hickert Talk Accounting

Photograph: David Newberry (left) and B.J. Hickert.On Friday, November 15, 2019, the Business and Transactional Law Center (BTLC) held the final presentation in the fall 2019 Financial Literacy for Lawyers series, hosting David Newbery (left in photo) and B.J. Hickert.

Newbery and Hickert are partners at the Topeka law firm Newberry, Ungerer & Hickert LLP. In addition to being a licensed attorney, Newbery is a Certified Public Accountant. After completing his law degree, Hickert obtained an LL.M. in taxation.

Newbery provided an introduction to accounting and explained the significant variations based on the type and size of an entity. There are many types of accounting, which each fulfill a particular purpose, and Newbery explained the differences between financial accounting, tax accounting, cost accounting, managerial accounting, financial analysis, and valuations.

Hickert expanded on this information. One of the important points he stressed is that, contrary to what many people believe, financial statements are not intended to show a financial position as accurately as possible. For example, the way an asset is depreciated on a financial statement is likely not the most accurate reflection of the true value of that asset.

Newbery and Hickert emphasized the importance for a lawyer to understand accounting and financial information in order to best represent their clients.

Washburn Law is grateful to David Newbery and B.J. Hickert for taking the time out of their busy schedules to share their experience and insight with students.