Accounting for Not-for-Profit Entities for Personnel Services Received from an Affiliate

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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.

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Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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