CPE: 8 hours
Advanced prep: None
Who should attend: CPAs, attorneys, trustees and trust administrators.
Trustees and executors typically must account annually, while conservators and guardians must account every two years. Yet very few attorneys and CPAs who represent fiduciaries understand how to prepare and present fiduciary accountings. This course will explore the differences between fiduciary accounting and tax and financial accounting; use real-world examples to move from basic concepts of fiduciary accounting to more complicated aspects of the Uniform Principal and Income Act; and discuss techniques for highlighting the fiduciary's good deeds, while mitigating the bad. You'll also explore fiduciary fees and the challenges CPAs face when they serve as trustees.
- Determine how to produce the summary of account and each supporting schedule.
- Recognize California's Uniform Principal and Income Act.
- Recognize when the fiduciary's records reveal a breach of trust.
- Determine how to get the records you need to do the job you were hired to do.
- Accountant's responsibility when preparing a fiduciary accounting
- Record keeping and accounting duties of executors, trustees, agents, etc.
- Depreciation and depletion in trust and estate accounting
- Weird assets: Options, derivatives, timber, IRAs
- Court vs. noncourt accountings