Fiduciary Accounting and Reporting - Everything You Need to Know

Learning Objectives

• To know the latest information about Fiduciary Accounting and Reporting.
• To explain the overall guidance for Fiduciary Accounting and Reporting.
• To apply presentation rules and exceptions.
• To review the recognition, measurement, and presentation constraints.
• To look at disclosure and presentation requirements.
• To write the appropriate Notes.
• To know the unique disclosure and presentation requirements of Fiduciary Accounting and Reporting.
• To discuss the obligations of the accountant as a fiduciary.
• To explain parts of the Uniform Principal and Income Act.
• To examine the trustee’s obligations.
• To review the contents of fiduciary accounting statements.
• To know fiduciary accounting rules for estates and trusts.
• To explore the nature of income and principal.
• To know the rules for allocating receipts and disbursements.
• To identify the differences related to fiduciary accounting.
• To review the requirements for fiduciary accounting financial statements.

Course Description

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. 

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.

Major Topics Covered:

• Basic concepts, scope, and applicability of Fiduciary Accounting and Reporting
• Planning the approach: Fiduciary Accounting and Reporting.
• Sizing up the impacts of Fiduciary Accounting and Reporting: questions you need to ask.
• Specific rules and unique provisions for Fiduciary Accounting and Reporting. 
• Disclosure and presentation requirements.
• Notes to financial statements.

Overview

• Income or principal decision

  5 mins
• Report contents

  16 mins
• Detailed documentation

  26 mins
• Types of fiduciary funds

  35 mins
• Proceeds from property insurance

  49 mins
• Enough details but not too much

  58 mins
• Fiduciary (trust) accounting

  69 mins