Presentation and Disclosures by Not-for-Profit Entities Receiving Contributed Nonfinancial Assets
Share On September 17, 2020, the Financial Accounting Standards Board (FASB) issued accounting standards Update 2020-07, Not-for-Profit Entities (Topic 958) – Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. This ASU was issued to address concerns about the lack of transparency in the financial statements regarding the amount of gifts-in-kind (GIK) received and…
