By Diana Miller
On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.
Nonprofits have been challenged to measure the value of the multitude of contributions they receive (which is not always easy) and are often scrutinized by watchdog agencies, donors, or other regulators.
The reason for this update is to improve transparency...