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

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

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