By Helena Bouron, CPA, Assurance & Advisory Director
In September 2020, the Financial Accounting Standards Board (FASB) issued accounting guidance focused on the presentation and disclosure requirements for contributed nonfinancial assets made to a nonprofit organization (NFP). This new guidance is effective for annual reporting periods beginning after June 15, 2021. This guidance does not change the accounting and recognition of nonfinancial assets, but rather enhances the presentation to increase transparency and comparability. Below, I have provided a summary of the new reporting and disclosure requirements your auditors will need for upcoming audits, and should help you understand the anticipated changes required in your financial statements. (more…)