The Financial Accounting Standards Board (“FASB”) recently issued the proposed Accounting Standards Update (“ASU”) 2012-16, Accounting by Not-For-Profit Entities for Personnel Services Received from an Affiliate (Topic 958) in July 2012. The Proposed Accounting Standards Update would require that all personnel services received by a not-for-profit entity from an affiliate, including from an affiliate not seeking compensation in return, be recognized as revenue.
Access the article here: Full Article
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.