Fiduciary Accounting
/ˌfɪdʒɪˈʃɛri əˈkaʊntɪŋ/
Definitions
- (n.) The process of recording, analyzing, and reporting financial transactions and assets managed by a fiduciary on behalf of a principal or beneficiary.
The trustee provided fiduciary accounting to the beneficiaries to detail the estate’s income and expenses during administration.
Forms
- fiduciary accounting
Related terms
See also
Commentary
Fiduciary accounting is distinct in its focus on fiduciary responsibility and transparency to beneficiaries, and it must adhere to specific statutory and trust instrument requirements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.