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.
September 22, 2011. Fiduciary derives from a Latin word meaning trust.. This word plays an important role in the duties of a trustee. The modern concepts of a trustee and fiduciary are interchangeable and often describe aspects of the legal relationship a trustee has with an estate's beneficiary. In acting on behalf of a beneficiary, a trustee is occupying a fiduciary position or a position of trust.