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FASB Proposes Improvements to Accounting for Contributed Nonfinancial Assets by Not-for-Profit Organizations

Feb 10, 2020 - Business Wire

The Financial Accounting Standards Board ( FASB ) today issued a proposed Accounting Standards Update (   ASU ) intended to improve transparency around how not-for-profit organizations present and disclose contributed nonfinancial assets, also known as gifts-in-kind.

Examples of contributed nonfinancial assets include fixed assets such as land, buildings, and equipment; the use of fixed assets or utilities; materials and supplies, such as food, clothing, or pharmaceuticals; intan...