NOT2124. Gifts-in-Kind: Gearing Up for Greater Transparency (ASU 2020-07)

The session will focus on FASB's ASU 2020-07 on contributed nonfinancial assets, which will require separate presentation and enhanced disclosures in this area, beginning with FY 2021-22, with comparative information for FY 2020-21. We will talk about the new requirements, give examples of how to satisfy those requirements and best "tell the story" of an organization's activities here (building upon current best practices), and provide implementation tips. We will also take the opportunity to reinforce key considerations in valuing GIKs, especially donated pharmaceuticals, focusing on current guidance/ best practices, as well as potential additional educational guidance the FASB staff will be working on in the coming months.

Learning Objectives: