Description: This course covers the major revisions to the Principal and Income Act passed by the 2012 Florida Legislature; changes that become effective January 1, 2013. If you are interested in accounting and reporting for estates and trusts or if you need to be familiar with Florida's Principal and Income Act, you need this course. Learn to handle fiduciary accounting engagements, including consideration of Florida law with respect to fiduciary accounting.
• Is there GAAP for estates and trusts?
• Basic Estate and Trust Administration
• Setting up accounting system
• Florida's Principal and Income Act: Florida Statute 738, will be explored in-depth and applied in computing fiduciary accounting income
• Relationship between taxable income and Fiduciary Accounting will be explored in-depth