Course Description
Fiduciary
accounting for trusts and estates is one of the least understood branches of
accounting.
Fiduciary
accounting for trusts and estates that meets minimum guidelines can be an
intricate task. The applicable rules are set out in the Uniform Principal and
Income Act (UPIA). 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. In
addition, the Act sets out how assets are to be dispersed. Most states have
adopted the Act (sometimes with some changes along the way.
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.
Fiduciary
accounting is not particularly concerned with recording income and expenses,
but is obsessed with determining whether receipts and expenditures are assigned
to income or principal/corpus.
This
online CPE/CE course will highlight the differences between fiduciary
accounting and corporate accounting.
Major topics covered in this online CPE webinar:
- The
obligations of the accountant as a fiduciary.
- Parts
of the Uniform Principal and Income Act.
- The
trustee’s obligations.
- The
contents of fiduciary accounting statements.
- Fiduciary
Accounting rules for estates and trusts.
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Learning Objectives
- To
discuss the nature of income and principal.
- To
discuss the rules for allocating receipts and disbursements.
- To
discuss the differences related to fiduciary accounting.
- To
review the requirements for fiduciary accounting financial statements.
- To
discuss the presentation and disclosure requirements of fiduciary accounting.
Recommended For
- This
online CPE webinar is recommended for CPA, CMA, CIA, and Other Practitioners and
members in industry seeking to gain a better understanding of fiduciary
accounting for estate and trust.
Who Should Attend?
- Accountant
- Accounting and audit managers/practitioners
- Accounting Firm
- Auditors
- Bookkeepers & Accountants & Tax Preparers
- Certified Management Accountant (CMA)
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Director of Financial Reporting
- Young CPA
