1. 1. An account must include:

   1. (a) A statement indicating the accounting period;

   2. (b) With respect to the trust principal:

      1. (1) The trust principal held at the beginning of the accounting period, and in what form held, and the approximate market value thereof at the beginning of the accounting period;
      2. (2) Additions to the trust principal during the accounting period, with the dates and sources of acquisition;
      3. (3) Investments collected, sold or charged off during the accounting period;
      4. (4) Investments made during the accounting period, with the date, source and cost of each investment;
      5. (5) Any deductions from the trust principal during the accounting period, with the date and purpose of each deduction; and
      6. (6) The trust principal, invested or uninvested, on hand at the end of the accounting period, reflecting the approximate market value thereof at that time;

   3. (c) With respect to trust income, the trust income:

      1. (1) On hand at the beginning of the accounting period, and in what form held;
      2. (2) Received during the accounting period, when and from what source;
      3. (3) Paid out during the accounting period, when, to whom and for what purpose; and
      4. (4) On hand at the end of the accounting period and how invested;
   4. (d) A statement of unpaid claims with the reason for failure to pay them; and

   5. (e) A brief summary of the account, which must include:

      1. (1) The beginning value of the trust estate:

         1. (I) For the first accounting, the beginning value of the trust estate shall consist of the total of all original assets contained in the beginning inventory.
         2. (II) For accountings other than the first account, the beginning value of the trust estate for the applicable accounting period must be the ending value of the prior accounting.
      2. (2) The total of all receipts received during the accounting period, excluding capital items.
      3. (3) The total of all gains on sales or other disposition of assets, if any, during the accounting period.
      4. (4) The total of disbursements and distributions during the accounting period.
      5. (5) The total of all losses on sales or other disposition of assets, if any, during the accounting period.
      6. (6) The total value of the trust assets remaining on hand at the end of the accounting period.

2. 2. A summary of the account pursuant to paragraph (e) of subsection 1 must be in substantially the following form:

   CHARGES

   [Add one of the following alternatives]

   [Alternative 1: First, or first and final account]

   Amount of inventory and appraisal $.............................

   Amount of supplemental inventories $.............................

   [Alternative 2: Subsequent account]

   Property on hand at beginning of account $.............................

   Additional property received $.............................

   [Continue]

   Receipts (Schedule _____) $.............................

   Gains on sale or other disposition (Schedule _____) $.............................

   Net income from trade or business (Schedule _____) ............................ $

   Total Charges: $.............................

   CREDITS

   Disbursements during account period (Schedule _____)........................ $

   [If applicable, add the following option]

   [Option: Distributions to testamentary trust]

   Principal Income (Schedule _____) $.............................

   Losses on sale or other disposition (Schedule ______) .......................... $

   Net loss from trade or business (Schedule _____) $.............................

   Distributions (Schedule _____) $.............................

   Property on hand at close of account (Schedule _____) ........................ $

   Total Credits: $.............................

3. 3. In lieu of segregating the report on income and principal pursuant to subsection 1, the trustee may combine income and principal activity in the account so long as the combined report on income and principal does not materially impede a beneficiary’s ability to evaluate the charges to or credits against the beneficiary’s interest.

4. 4. Notwithstanding the provisions of subsections 1, 2 and 3, an account may instead consist of:

   1. (a) A statement indicating the accounting period and a financial report, which must consist of a compilation or financial statement of the trust prepared by a certified public accountant and include summaries of the information required by subsection 1; or

   2. (b) A statement prepared by the trustee, the contents of which are agreed to by the trustee and the person receiving such report as sufficient to serve as an account.

      An account prepared pursuant to this subsection must be in a writing, signed by the person receiving the information and documentation, delivered to the trustee, and may include a waiver of account pursuant to NRS 165.121.

(Added to NRS by 1967, 360; A 1991, 821; 1999, 2384; 2011, 1477; 2015, 3560)