Accounting for the Cost of Compensated Personal Absences â FAR reference 31.205-6 â CAS 412. Composition and Measurement of Pension Cost â FAR reference 31.205-12 â CAS 413. Adjustment and Allocation of Pension Cost â FAR reference 31.205-12 â CAS 415. Accounting for the Cost of Deferred Compensation â FAR reference 31.205-6
A fiduciary duty is the obligation to act in the best interests of another party in financial matters. The members of a company board, for example, should act in the interests of the shareholders, whom they represent. The manager of a family trust has the obligation to work in the best interests of the family, who as clients are trusting him to carry out needed transactions and legal obligations.
Answer Wiki. A breach of fiduciary duty is, put simply, putting personal desires before the trust that has been placed in you. Typically, when a company executive or board places short-term gains over long-term consequences, there is a breach of fiduciary duty as their duty is to the company and its shareholders.