THE PROSPECTS AND CHALLENGES OF FIDUCIARY ACCOUNTING FOR NON-TRADITIONAL ASSETS
Abstract: Fiduciary accounting for non-traditional assets, such as intellectual property and environmental credits, presents both opportunities and challenges. This study aims to (1) explore the scope of fiduciary accounting for non-traditional assets, (2) assess the challenges fiduciary accountants face in valuing and managing these assets, and (3) identify best practices for incorporating non-traditional assets into fiduciary accounting frameworks. A survey research design was chosen to gather insights from fiduciary accountants experienced with non-traditional assets. The sample size, calculated using Taro Yamane’s formula, includes 180 fiduciary accountants, ensuring a robust and representative dataset with a 95% confidence level and a 5% margin of error. The case study centers on a renewable energy company in Ogun, known for its investments in environmental credits. The reliability coefficient score for the survey was 0.87, indicating high reliability. Findings indicate that while non-traditional assets offer significant potential for diversification and growth, they also require specialized knowledge and valuation techniques. The study recommends that fiduciary accounting firms develop specialized training programs and valuation methodologies for non-traditional assets to fully leverage their potential and manage associated risks effectively.
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