Accounting for Not-for-Profit Entities for Personnel Services Received from an Affiliate
Posted on 08.07.12
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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