Fiduciary Accounting ON DEMAND
Available Until
Your Desk
1.0 Credits
Member Price $29.00
Non-Member Price $33.00
Overview
Fiduciaries need to properly account for an estate or trust, which can be a complex undertaking. It is governed by the rules of the applicable will or trust agreement, as well as the guidelines stated in the Uniform Principal and Income Act. In Fiduciary Accounting, we discuss the nature of income and principal, as well as the many rules for allocating receipts and disbursements to them. The course also addresses the rules governing transfers between income and principal, the total return concept, the handling of administration charges, fiduciary accounting schedules, and much more.
Highlights
Fiduciary accounting. Initial and subsequent transactions. Carrying value. Asset topics. Undistributed income. Allocation topics. Administration charges. Cash accounts. The total return concept. The fiduciary’s power to adjust. Significant laws.
Prerequisites
None.
Designed For
CPA, CEO, CPF, and other financial managers.
Objectives
Recognize the different types of trusts. Describe the different schedules that may be included in a fiduciary accounting. Cite the rule involving possible substitutes for a fiduciary accounting. Specify the calculation for net income in an estate or trust. Describe the situations in which the carrying value of an asset can be reset. Recognize the differing allocation treatments for periodic and non-periodic receipts. Specify the situations in which one may validly make a transfer between income and principal. Recognize which expenses are specifically chargeable to income and to principal.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $33.00
Member Price $29.00