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.
A fiduciary is someone in a position to handle on or more issues on the behalf of someone else. A trustee must set aside his personal feelings and goals and act in a way that's in the best interests of his client, such as an accountant or attorney. A trustee must act in the best interests of the trust's beneficiaries.