Heads Up — FASB issues guidance on not-for-profit entities presentation of and disclosures about contributed nonfinancial assets

Published on: 04 Dec 2020

This Heads Up discusses FASB Accounting Standards Update (ASU) No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The ASU amends ASC 958-605 to require not-for-profit entities to (1) “present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash and other financial assets” and (2) disclose contributed nonfinancial assets.

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