Normal view MARC view ISBD view

Accounting for trusts by Ian Masson

By: Masson, Ian.
Series: Professional Development course paper.Publisher: Wellington, New Zealand Institute of Chartered Accountants of New Zealand (ICANZ) 2000Description: 134 p.ISSN: 0113-986X.Subject(s): TRUSTS | TRUSTEES | Trust accounts
Contents:
PRELIMINARY: Requirement to account ; What form must the financial statements take? ; Contracting out of the requirement to account ; Consequences of getting it wrong? ; Who can access the accounting records and what records can they access? ; ACCOUNTING FOR THE BIRTH OF A TRUST: Trustees obligations and duties ; The initial settlement ; Resettlement of assets from another trust ; Financial Transactions Reporting Act 1996 ; ACCOUNTING FOR SPECIFIC EVENTS DURING THE LIFE OF A TRUST: Leases for life/licenses to occupy ; Corporate trustees/trading trusts ; Settlors advance accounts ; Residential properties occupied by beneficiaries ; Beneficiaries accounts ; Memoranda/letters of wishes ; Trustee investment ; Trustee meetings and resolutions ; Variation of trust ; Audit ; Income tax ; Related party disclosure ; Traps for chartered accountants acting as trustees ; Directors fees/management fees received by trustees ; ACCOUNTING FOR THE DEATH OF A TRUST: resettlement ; Vesting day/trust wind-up ; Exhaustion of trust fund ; PRECEDENTS: Quality control procedures for chartered accountants accepting trustee roles for clients ; Trustee obligations/duties checklist ; Letter to beneficiaries outlining information available ; Letter accepting trustee position ; Minute - trust start-up ; Minute - acquiring assets ; Minute - borrowing money ; Minute - approving financial statements and beneficiaries distributions ; Minute - beneficiaries/settlors using trust residential property ; Deed of resettlement ; Lease for life ; Memorandum of wishes ; Trust investment strategy ; Deed of variation ; Deed of acknowledgement of debt ; Deed of forgiveness of debt ; Minute - trust wind up/vesting day ; Marshall clause ; Pre-approval of beneficiaries distributions ; MODEL FINANCIAL STATEMENTS: Trust ; Corporate trustee - trust liabilities disclosed by note ; Corporate trustee - trust liabilities accounted for in financial statements ; CASE STUDY QUESTIONS
Summary: Explores the correct accounting treatment for a discretionary family trust.
Item type Home library Call number Vol info Copy number Status Notes Date due Barcode Item reserves
CA Course/Conference Paper - NZ CA Course/Conference Paper - NZ New Zealand
S.627 (Browse shelf) S.627 1 Not For Loan Historical collection: If you would like to borrow this publication please email us. CA004501
CA Course/Conference Paper - NZ CA Course/Conference Paper - NZ New Zealand
S.627 (Browse shelf) S.627 2 Not For Loan Historical collection: If you would like to borrow this publication please email us. CA004466
Total reserves: 0

PRELIMINARY: Requirement to account ; What form must the financial statements take? ; Contracting out of the requirement to account ; Consequences of getting it wrong? ; Who can access the accounting records and what records can they access? ; ACCOUNTING FOR THE BIRTH OF A TRUST: Trustees obligations and duties ; The initial settlement ; Resettlement of assets from another trust ; Financial Transactions Reporting Act 1996 ; ACCOUNTING FOR SPECIFIC EVENTS DURING THE LIFE OF A TRUST: Leases for life/licenses to occupy ; Corporate trustees/trading trusts ; Settlors advance accounts ; Residential properties occupied by beneficiaries ; Beneficiaries accounts ; Memoranda/letters of wishes ; Trustee investment ; Trustee meetings and resolutions ; Variation of trust ; Audit ; Income tax ; Related party disclosure ; Traps for chartered accountants acting as trustees ; Directors fees/management fees received by trustees ; ACCOUNTING FOR THE DEATH OF A TRUST: resettlement ; Vesting day/trust wind-up ; Exhaustion of trust fund ; PRECEDENTS: Quality control procedures for chartered accountants accepting trustee roles for clients ; Trustee obligations/duties checklist ; Letter to beneficiaries outlining information available ; Letter accepting trustee position ; Minute - trust start-up ; Minute - acquiring assets ; Minute - borrowing money ; Minute - approving financial statements and beneficiaries distributions ; Minute - beneficiaries/settlors using trust residential property ; Deed of resettlement ; Lease for life ; Memorandum of wishes ; Trust investment strategy ; Deed of variation ; Deed of acknowledgement of debt ; Deed of forgiveness of debt ; Minute - trust wind up/vesting day ; Marshall clause ; Pre-approval of beneficiaries distributions ; MODEL FINANCIAL STATEMENTS: Trust ; Corporate trustee - trust liabilities disclosed by note ; Corporate trustee - trust liabilities accounted for in financial statements ; CASE STUDY QUESTIONS

Explores the correct accounting treatment for a discretionary family trust.

© 2017 Chartered Accountants Australia and New Zealand ABN 50 084 642 571 (CA ANZ).
Formed in Australia. Members of CA ANZ are not liable for the debts and liabilities of CA ANZ

Powered by Koha

Powered by Koha