Defining Issues | September 2020
KPMG reports on enhanced presentation and disclosure for not-for-profits that receive contributed nonfinancial assets.
ASU 2020-07 addresses stakeholders’ concerns regarding lack of transparency about how certain gifts-in-kind are valued and used in an NFP’s programs and activities.
Effective | |
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Annual periods – Fiscal years beginning after | June 15, 2021 |
Interim periods – In fiscal years beginning after | June 15, 2022 |
Early adoption allowed? | Yes |
FASB enhances presentation and disclosure requirements for NFP gifts-in-kind
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