October 2022
The Financial Accounting Standards Board (FASB) issued the Accounting Standards Update (ASU) 2020-07 in September 2020. While the ASU did not change how an asset was recorded, it did change disclosure requirements related to what the asset is and how it was used within an organization. So, why does ASU 2020-07 matter for non-profits? There will be some reporting requirement changes related to disclosure for most entities. We address the highlights in this article.
