Home / Events / Not-for-Profit Reporting of Gifts-in-Kind – Accounting Standards Update No. 2020-07

In September 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) to increase the transparency of the valuation of contributed nonfinancial assets by nonprofits,  and the presentation of contributed nonfinancial assets in the financial statements of nonprofit organizations. Contributed nonfinancial assets include land, buildings, and equipment, materials and supplies, and intangible assets. The ASU also requires increased qualitative information about the valuation methods and inputs used, any donor-imposed restrictions, and. If utilized, more transparency relating to the use of contributed nonfinancial assets in the programs of the organization. The ASU is effective for annual reporting periods beginning after June 15, 2021. Early adoption is permitted.

Please join our nonprofit audit experts Ricardo Trujillo, CPA, and Omid Mohebbi, CPA, for a comprehensive webinar on this critical ASU affecting those nonprofits that receive contributed nonfinancial assets. The effective date for the ASU is fast approaching and nonprofits should be fully prepared for the changes and the additional records they will need to keep. Participants will gain invaluable information about the tools they need to successfully prepare for the ASU implementation.

Key Takeaways

• A comprehensive understanding of the fundamentals of the new ASU
• Examples of contributed nonfinancial assets
• A description of alternative valuation methods and inputs
• Quantitative and qualitative changes in nonprofit financial statements
• Be fully prepared for the upcoming ASU to facilitate implementation and audit preparation

Additional Program Details

• Learning Objective: To provide participants with a better understanding of ASU No. 2020-07 including best practices for implementation and audit preparation.
• Instructional Delivery Methods: Group Internet-based
• Recommended CPE: 1.0 CPE
• Recommended Fields of Study: Auditing – Nonprofit
• Prerequisites: None Required
• Advance Preparation: None
• Program Level: Basic
• Course Registration Requirements: None
• Refund Policy: No fee is required to participate in this session.
• Cancellation Policy: In the event that the presentation is cancelled or rescheduled, participants will be contacted immediately with details.
• Complaint Resolution Policy: GRF CPAs & Advisors is committed to our participants’ 100% satisfaction and will make every reasonable effort to resolve complaints as quickly as possible. Please contact kdavis@grfcpa.com with any concerns

GRF CPAs & Advisors is a CAE Approved Provider. This program meets the requirements for fulfilling the professional development requirements to earn or maintain the Certified Association Executive credential and may be applied for 1 (one) credit toward your CAE application or renewal professional development requirements. Every program that we offer which qualifies for CAE credit will clearly identify the number of CAE credits granted for full participation, and we will maintain records of your participation in accord with CAE policies. For more information about the CAE credential or Approved Provider program, please visit www.asaecenter.org/cae.