(a)    Contents. A fiduciary accounting, other than a guardian accounting, shall include:

(1)    all cash and property transactions since the date of the last accounting or, if none, from the commencement of administration, and

(2)    a schedule of assets at the end of the accounting period.

(b)    Accounting Standards. The following standards are required for the accounting of all transactions occurring on or after January 1, 1994:

(1)    Accountings shall be stated in a manner that is understandable to persons who are not familiar with practices and terminology peculiar to the administration of estates and trusts.

(2)    The accounting shall begin with a concise summary of its purpose and content.

(3)    The accounting shall contain sufficient information to put interested persons on notice as to all significant transactions affecting administration during the accounting period.

(4)    The accounting shall contain 2 values in the schedule of assets at the end of the accounting period, the asset acquisition value or carrying value, and estimated current value.

(5)    Gains and losses incurred during the accounting period shall be shown separately in the same schedule.

(6)    The accounting shall show significant transactions that do not affect the amount for which the fiduciary is accountable.

(c)    Accounting Format. A model format for an accounting is attached to this rule as Appendix A.

(d)    Verification. All accountings shall be verified by the fiduciary filing the accounting.