October 2020
The Financial Accounting Standards Board (FASB) has released ASU 2020-07, Not-for-Profit Reporting of Gifts-in-Kind. The purpose of the ASU is to improve GAAP reporting by increasing the transparency of the presentation and disclosure of contributed nonfinancial assets.
In addition to cash contributions, many nonprofit organizations receive contributed nonfinancial assets, commonly known as gifts-in-kind. Both can help nonprofits support their operations and achieve their mission.
