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Secure Transaction Fiduciary Accounting
Format
Self-Study
Course Level
Overview
CPE Credits
1 Credits: Accounting
Course Description
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.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- 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.
Course Specifics
SS124374090
February 21, 2024
There are no prerequisites.
None
42
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 300 business books and courses. 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 …
QAS Self-Study
