- published: 03 Jul 2015
- views: 857
An overview of accounting for fiduciary funds of state and local governments
Get your free trial of Wiley CPAexcel today http://ow.ly/ICCtm In this free CPA Exam Deep Dive from Wiley CPAexcel, Prof. Donald Deis of Texas A&M University - Corpus Christi provides an in-depth look at how a Tax Agency Fund (TAF) works. This is part of the overall Wiley CPAexcel lesson on Fiduciary Funds, which are covered in the FAR section of the CPA Exam.
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Four types of Fiduciary funds are Pension Trust funds, Investment Trust funds, Private Purpose Trust funds and Agency funds. Pension trust funds are funds held in trust for payment of employee retirement and benefits. Investment trust funds are funds held in a trust when government is trustee. Private purpose trust funds are trust arrangements where principal remains intact and income generated is used for the benefits. Agency funds are funds held by government in a purely custodial capacity. Audio - Video by SSK Advisory Our Website : http://www.sskadvisory.com/ Subscribe to us YouTube on https://www.youtube.com/channel/UCAnTXIXnZH5vlnfxbbl47OQ?sub_confirmation=1 Like us on Facebook at https://www.facebook.com/SSKAdvisory Follow us on Twitter at https://twitter.com/AdvisorySsk
Used to account for funds held by Govt entity as a Trustee or Agent Uses Accrual basis of accounting and Economic Resources measurement focus (2 Exceptions) Only Fund Statements are prepared by Fund Type Statement of Net Assets Statement of Changes in Fiduciary Net Assets Combining Statements
Please like our Facebook page at https://www.facebook.com/rutgersweb To watch the entire video, go to https://www.youtube.com/watch?v=ThRGdw2NiR4 Video Summary: After giving a brief overview of the learning objectives of the chapter, the measurement focus is outlined (including the difference between operational and fiscal accountability). The modified accrual basis of accounting and accrual basis of accounting are also compared and contrasted. Following that, the primary activities of the government are discussed as well as the two basic sets of financial statements involved (government-wide and fund financial statements). Funds are also defined, as well as the different categories of funds (governmental funds, proprietary funds, and fiduciary funds) - however, governmental funds are fo...
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There are two types of proprietary funds in government accounting – internal service funds, and enterprise funds. These funds operate on the accrual basis. Governmental funds operate on the modified accrual basis. Fiduciary and proprietary on the accrual basis. You are going to use a proprietary fund when the entity in question operates like a business. A business wants to turn a profit. A government does not have to turn a profit, they have to use their resources efficiently. Some questions are aimed at that distinction so look for terms like “net income” to tell you that they are talking about proprietary funds.
Government & Non-Profit Accounting: Accounting for Fiduciary Activities - Agencies and Trust Funds (Chapter 8) April 3rd, 2013 by Professor Irfan Bora This lecture is begin with an explanation of how trust funds and agency funds are used to report on the fiduciary activities of a government. Agency funds and trust funds are also compared and contrasted (for trust funds, when they are used privately, for investing, or for pensions). The purpose and applications of agency funds is also discussed, as well as the standard activities and proper financial reporting for agency funds. The purposes, proper accounting, and proper financial reporting methods for cash, investment pools, investment trust funds, private purpose trust funds, and pension trust funds. Lastly, the proper accounting ...
INVESTOR ALERT: Many fee-BASED fiduciary advisors cannot resist the urge to push high-commission index annuities and other crap financial products. Make sure you are working with a fee-only fiduciary on a one-time or one-task basis, memorialized in writing. This video is not intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy, hold or sell, or as an endorsement, of any company, security, fund, product or other offering.
Annex Wealth Management's Dave Spano and Mark Oswald answer a caller's question about his investment, which he thought was a mutual fund. Dave and Mark discussed active vs. passive management, and asked the caller more questions. After some further probing, the caller realized it wasn't a mutual fund at all... (Part 1 of 2)
https://goo.gl/QPCkqk - Start earning with binary options like millions of traders do The impending fiduciary rule may translate into a huge windfall for exchange-traded funds (ETFs) and exchange-traded notes (ETNs), and some experts predict that these instruments could hold as much as $10 trillion in assets by 2020. The Department of Labor’s new fiduciary rule is already expected to have a substantial impact on the retirement planning industry. Advisors who previously used products and services that paid them a high commission will now be required to start using more lower-cost alternatives, such as exchange-traded products (ETPs). The new rules will officially go into effect on April 10 of next year, and some say this could triple the amount of assets that are invested in ETFs and ETNs w...
Broker Edward Jones made headlines last year with the announcement of the firm’s decision to stop offering mutual funds and ETFs in IRA’s and other retirement accounts that charge investors a commission. The firm said this move is needed in order to adhere to the compliance restrictions imposed by the new DOL Fiduciary Rule that saw it’s first implementation take place in June 2017. According to The Wall Street Journal, Edward Jones was among the first of the major brokerage firms to lay out its plans for compliance with the new rules. LPL Financial announced shortly after that it would begin to standardize commission paid to brokers, eliminating the advantage of choosing one fund family or share class over another. More announcements from other major players followed soon after even as un...
Investors are taking a hard look at the people managing their money. Elliot S. Weissbluth, the CEO of HighTower, has been a visionary on this issue for over a decade. In this whiteboard video, Elliot cleverly explains the difference between brokers and fiduciaries and sheds light on the issues surrounding the industry. http://hightoweradvisors.com/ Securities offered through HighTower Securities, LLC, Member FINRA/SIPC/MSRB, HighTower Advisors, LLC is a SEC registered investment adviser.
An "#OfficeHours with Michael Kitces" Periscope, looking at the impending fiduciary Armageddon of (most) mutual fund share classes. For further details, see https://www.kitces.com/blog/variable-annuity-mutual-fund-share-classes-ending-under-dol-fiduciary/
An interview with John C. Bogle, the founder and former CEO of The Vanguard Group. In this interview John discusses actively managed funds and index, arguing why index are superior. John also covers what the non professional should do with his money to get the best investment. 📚 Books by John Bogle and his favourite books are located at the bottom of the description❗ Like if you enjoyed Subscribe for more:http://bit.ly/InvestorsArchive Follow us on twitter:http://bit.ly/TwitterIA Video Segments: 0:00 Introduction 0:24 What was Vanguard like in 1974? 4:23 Are there people trying to confuse others? 5:26 Diminishment of long term investing 6:36 Anything good about trading? 7:09 What motivating high turnover in portfolio? 8:23 Any active managers doing the right thing? 10:53 How does...