Fiduciary Accounting Part 1: Fiduciary Duty Basics & Authority-UPIA (UFIPA) 2024

Advisors who represent fiduciaries must understand the tax laws and the accounting rules that apply when a fiduciary accepts title to fiduciary assets. Because a trustee or personal representative exercises authority over the management and investments of fiduciary assets for the benefit of the named beneficiaries, the fiduciary is held to a very high standard of "fiduciary duty." In this webinar series, we'll review the concept and requirements of fiduciary duty and the duty to account to the beneficiaries. We'll also cover crucial fiduciary accounting concepts that differ from financial accounting or tax law, including the distinction between principal and income and state statutory accounting rules. Finally, we'll analyze the differences and similarities to fiduciary taxation.

Presenters - Jacqueline A. Patterson

Designed For: CPAs and financial professionals

Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director; Sole Practitioner

• Recognize the importance of understanding fiduciary accounting and its relationship to fiduciary taxation
• Determine how to calculate fiduciary accounting income
• Identify the difference between income and principal
• Recognize fiduciary accounting as responsibility accounting
• Recognize the difference between probate accounting and trust accounting

• What is fiduciary duty, and how does it apply to a trustee or personal representative?
• What are the state statutory accounting rules, and where can you find them?
• What is fiduciary accounting income?
• What is fiduciary account principal?
• How does fiduciary accounting impact fiduciary taxation?

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