Fiduciary Accounting and Reporting - Everything You Need to Know 2 Credits
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Financial accounting for trusts and estates is not necessarily concerned with keeping track of income and expenses. Usually, it is determining whether receipts and expenditures are related to income or principal.
This CPE Webinar describes the standard of the Financial Accounting Standards Board (FASB) for Fiduciary Accounting and Reporting. Fiduciary accounting is the technique by which the fiduciary informs beneficiaries about the assets in the fiduciary's custody. Because there is an obligation to keep records. Although many of the principles and rules of fiduciary accounting fluctuate from state to state, there are basic rules that apply to the accounting procedures expected of all fiduciaries.
The standard for Fiduciary Accounting and Reporting has the primary objective to improve financial reporting by addressing issues related to Fiduciary Accounting and Reporting as set out in the Uniform Principal and Income Act (UPIA). Fiduciary accounting for an estate or trust that meets minimum guidelines can be an intricate task.Â
Because the UPIA tries to synchronize the laws at the State level, the Act spells out the rules of engagement for fiduciary accounting and reporting by trusts and estates. It tries to carry out the intention of the person who created the trust. The Act sets out how assets are to be dispersed. Most states have adopted the Act (sometimes with some changes along the way.
Join this CPE Accounting Webinar it will highlight the difference between fiduciary accounting and corporate accounting. This course outlines an easy-to-understand step-by-step procedure for Fiduciary Accounting and Reporting.
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Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.
An entertaining and informative speaker and trainer, Mike is the author of:
“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
CD
Great overview of trust accounting
EW
Thank you
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