Published: November, -0001
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:
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.