Changes to NFP reporting of gifts-in-kind
There is a new emphasis and an upcoming required change in how your NFP financials will present and disclose gifts-in-kind. Accounting Standard ASU No. 2020-07 has mandated this change. It will be effective for annual periods beginning after June 15, 2021. This Accounting Standard improves transparency for gift-in-kind transactions by requiring the following:
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Changes to NFP reporting of gifts-in-kind