Understanding Trust Accounting

Authored by Jacqueline A. Patterson, JD, CPA , MBT
About this Course
This course discusses critical issues and key considerations in fiduciary trust accounting. It focuses on recent changes in the law for trust accounting and the clarification and coordination of state statutes and federal income tax law. Upon completion of this course, you will be able to: 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”
$ 65.00
Course is unavailable for purchase.
NASBA Field of Study
Accounting
Level
Intermediate
CPE Credits
2.0
Prerequisites
Basic understanding of fiduciary accounting
Last Updated
01/10/2018
CCHL_M_UnderstandTrustAcctg