FASB has issued a proposed Auditing Standards Update titled “Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets.” Gifts in kind have received a lot of attention for pharmaceutical donations, but this proposal addresses all contributions on nonfinancial assets.

The proposal includes unique presentation for these contributions as well as additional disclosures. Comments are due by April 10.

Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets: https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176174168241&acceptedDisclaimer=true

FASB invites comments on all matters in this Exposure Draft until April 10, 2020. Interested parties may submit comments in one of three ways:

  • Using the electronic feedback form available on the FASB website at Exposure Documents Open for Comment
  • Emailing comments to director@fasb.org, File Reference No. 2020-100
  • Sending a letter to “Technical Director, File Reference No. 2020-100, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116.”

All comments received are part of the FASB’s public file and are available at https://www.fasb.org/home.

What questions do you have? Send your questions to melisa@galassolearningsolutions.com.

Tune in to Melisa Galasso’s SCACPA YouTube playlist here. You can also click and subscribe to the SCACPA YouTube channel here.

SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2019 Fall Fest and Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.

With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

You can read SCACPA’s Q&A with Melisa conducted during some break time at the 2019 Spring Splash in North Charleston here.