FASB issues new rules for reporting gifts-in-kind
Abstract: More information will be required from nonprofits that use GAAP and receive nonfinancial assistance ― also known as gifts-in-kind ― than in the past as the result of a new FASB rule. ASU No. 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, is intended to expand the transparency around such gifts. This article highlights key components of the rule.