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
|Item type||Home library||Call number||Vol info||Copy number||Status||Notes||Date due||Barcode||Item reserves|
|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||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|
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.