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The story that the fiduciary accounting tells begins with assets on hand at the beginning and one of the most common mistakes is for fiduciaries to account for assets for which they don't actually bear any responsibility for example a conservator might account for assets that are held in trust and administered by somebody else another very common mistake that we see at the beginning of a fiduciary accounting is the person preparing the accounting confuses the notion of responsibility with the notion of value so the fiduciary assumes responsibility for a house with a very large mortgage and the accountant feels compelled to state the existence of the mortgage somewhere on that beginning asset schedule and so you find the house described the fair market value of the house identified and then the mortgage is stated as a negative number in a fiduciary accounting is almost always a mistake to use a negative number there are lots of mistakes that arise from the accountants confusing the story told by the fiduciary accounting with the story told by different types of accounting the tax accounting is an argument about how much tax is owed those principles have almost nothing to do with the fiduciary accounting fiduciary accounting czar arguments about the discharge of responsibility and when the person preparing the accounting confuses these two stories you end up with all kinds of mistakes on the receipt schedule we will sometimes see people accounting for receipts from an asset when they haven't identified the asset as being on hand in the first place an example of this might be in a decedent's estate if the decedent owns an underwater condominium in Florida but the condominium has been rented to a tenant and the paying rent the fiduciary thinks of that condo as worthless because the mortgage is larger than the fair market value and so the fiduciary doesn't identify the condominium as an asset on hand but then reports the rents that are coming in from the asset another common mistake is the accountant can't balance the accounting and so just uses a line-item to make an adjustment to bring the accounting into balance the courts won't tolerate it when an account is out of balance by $0.10 it might mean that you you've lost track of a ten-cent receipt but it might mean you've lost track of a $1,000,000 and $0.10 receipt and you've done something on the other side in your charges to the tune of a million dollars and so in fact you have a two million dollar problem that's showing up as a ten-cent out of balance so the courts won't tolerate accounts that are out of balance and they don't tolerate adjusting entries one of the big problems that we see on the schedule of gains and losses is that it the the irresistible urge to show the economic value of the transaction and accountants who make this mistake have a tendency to state the.