A new FASB accounting standard issued Thursday, Sept. 17, requires not-for-profits to provide additional information on the contributions of nonfinancial assets they receive.
Also known as gifts-in-kind, contributed nonfinancial assets can include fixed assets like land, buildings, equipment; the use of fixed assets or utilities, materials and supplies, intangible assets and recognized contributed services.
The new Accounting Standards Update (ASU) requires a not-for-profit to present contributed nonfinancial assets as a separate line item in the statement of activities, apart from contributions of cash or other financial assets. Learn more.