New NFP Gift-in-Kind Presentation & Disclosure Guidance

Thoughtware Article Published: Sep 25, 2020
People going over paperwork

On September 17, 2020, FASB released Accounting Standards Update 2020-07, Presentation and Disclosures for Not-for-Profit Entities for Contributed Nonfinancial Assets, which requires new presentation and disclosures for gift-in-kind donations to improve transparency on how those assets are used and valued. This article contains details on the new guidance.

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