Financial accounting for trusts and estates is one of the least understood branches of accounting. Fiduciary accounting is not particularly concerned with recording income and expenses but is obsessed with determining whether receipts and expenditures are assigned to income or principal/corpus. Only after that is known can the trustee begin to make their required and discretionary distributions to beneficiaries. However, very few noncorporate trustees have any idea of what is required for proper trust accounting and reports. This course will dive into this tricky area and provide a reporting guide for fiduciary accounting.