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Book review

Gary Hicks reads STEP Accounting Guidelines (second edition)

14 February 2014

When the first edition of the STEP Accounting Guidelines was published in 2005, I thought it was exactly what the trusts and estates profession required. The guidelines offered clear and concise explanations for preparing trusts and estates accounts, with template examples of the estates inheritance tax returns, estates accounts and differing types of trusts accounts.

As an accountant, I had been dismayed by the variety and quality of paperwork being produced before then that purported to be trusts and estates accounts.

Moving forward, the second edition of the guidelines builds on the foundations of the first edition, but takes on a much more educational and informative role. This is particularly evident in chapter 2, which runs through the double-entry bookkeeping system at some length and introduces the concept of an extended trial balance, which some practitioners, particularly non-accountants working...

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