Fiduciary Accounting and Reporting - Everything You Need To Know

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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
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Director of Financial Reporting
Young CPA

Course Qualification

Webinar Qualifies For

2 CPE Credit for Certified Internal Auditors (CIA)
2 CPE Credit 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)

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

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