Fiduciary accounting for trusts and estates is one of the least understood branches of accounting. Fiduciary accounting is not particularly concerned with recording income and expenses, but is obsessed with determining when receipts and expenditures are assigned to income or principal/corpus.
Practitioners and members in industry seeking to gain a better understanding of fiduciary accounting of estates and trusts issues.
To provide a working knowledge of the financial accounting rules for estates and trusts.
Discuss planning and potential pitfalls.
- Examine provisions of the Uniform Principal and Income Act.
- Mandatory and discretionary allocations and adjustments.
- Trustees ability to override the fallback rules.
- Review the contents of a proper set of trust accounting statements.