NONPROFIT ORGANIZATION FINANCIAL REPORTING-RECOGNITION OF SERVICES RECEIVED FROM PERSONNEL OF AN AFFILIATE
Under ASU 2013-06, recipient nonprofit organizations are required to recognize personnel services received from an affiliate for which the affiliate doesn’t charge them.
Provisions of this Accounting Standards Update include:
- Services should generally be measured at cost
- If cost significantly overstates or understates the value of services received, then services should be measured at fair value
- There is no change to the accounting for the organization providing such services
Effective Date: Annual reporting periods beginning after June 15, 2014 with modified retrospective application.
For questions or additional information, contact firstname.lastname@example.org.