This course discusses trust accounting, which is a fundamental obligation of a trustee in the administration of a trust. This is an area that requires a thorough understanding of multiple authorities. Rigorous accounting methods for trusts are required by statute or the governing document in order to provide competent fiduciary accounting services. This course focuses on changes in the law for trust accounting that have occurred in the past few years and the clarification and coordination of state statutes and federal income tax law. Upon completion of this course you should be able to: Obtain a comprehensive basic understanding of trust accounting and its relationship to fiduciary taxation; Determine the underlying authority in the governing instrument or state law; Understand how to allocate receipts and disbursements between income and principal; Distinguish fiduciary accounting from GAAP accounting or tax accounting; Identify the adjustments necessary to calculate fiduciary accounting income (FAI), trust taxable income (TTI), and distributable net income (DNI) ;Understand the special rules regarding distributions from entities and the "power to adjust."