Fiduciary/Trust Accounting: A Comprehensive Practice Guide

This new comprehensive trust accounting practice guide, based principally on the Uniform Principal and Income Act, includes guidance, tools, and best practices to provide you with a better understanding of the ever-evolving fiduciary accounting services area.

Written and reviewed by experts from the AICPA Tax Section, the guide outlines the significant differences between fiduciary accounting income (FAI) and federal taxable income and DNI. It describes best practices for tax advisers undertaking an engagement with a fiduciary and clarifies fiduciary responsibilities to both income and remainder beneficiaries, which must be considered when preparing any accounting service. The guide provides pertinent examples and case studies, as well as

• A trust instrument provisions checklist
• A matrix of applicable laws by state
• Adjusting journal entry and trust agreement templates
• Many references

The guide also gives the practitioner an understanding of some of the challenges posed when dealing with the act’s power to adjust and the unitrust provisions adopted by several states and covers relevant reporting requirements.

Note: This product is an electronic download file that will be accessible immediately after completing your purchase. Access to this file – from the My Download page – expires 90 days from purchase date.

Please note this product purchase is non-refundable. For more information about this product or service concerns, please contact the AICPA Service Center at service@aicpa.org or call 888-777-7077.