Overview
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Income or principal decision
3 mins
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Understandable and comprehensive layout
21 mins
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Reporting fiduciary actions
33 mins
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The uniform principal and income act
41 mins
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Reporting to beneficiaries
56 mins
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Assumption of basic understanding
64 mins
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Fiduciary vs. financial advisor
82 mins
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 vary 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 concerned with determining whether receipts and expenditures are assigned to income or principal/corpus.
This online CPE course will highlight the differences between fiduciary accounting and corporate accounting.
Key topics covered in this online CPE webinar are:
- The obligations of an 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.
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