Fiduciary Accounting and Reporting - Everything You Need To Know

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: November, -0001

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Income or principal decision
    3 mins
  • Understandable and comprehensive layout
    21 mins
  • Reporting fiduciary actions
    33 mins
  • The uniform principal and income act
    41 mins
  • Reporting to beneficiaries
    56 mins
  • Assumption of basic understanding
    64 mins
  • 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

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 2 CPE Credit for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Internal Audit Practitioner (IAP)
  • 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
  • 2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
  • 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
  • 2 PL Credit for Chartered Financial Analyst (CFA)
  • 2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 2 CRE Credit for Certified Corporate FP&A Professional (FPAC)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

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.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

3.9

8 Ratings

Excellent

2

Very Good

3

Average

3

Poor

0

Terrible

0

DH

Don Hough, CPA (US)

Jul 11th, 2022

Instructor's slow speaking cadence and monotone weakened effectiveness

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