FASB Issues Proposed ASU on Not-for-Profit Entities’ Presentation of and Disclosures About Contributed Nonfinancial Assets

The FASB has issued a proposed Accounting Standards Update (ASU), Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.

The proposed ASU would 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 or other financial assets,” and (2) “disclose contributed nonfinancial assets, also known as gifts-in-kind.” Comments on the proposed ASU are due by April 10, 2020.

For more information, see the press release and FASB in Focus overview on the FASB’s Web site.