With the adoption of ASU 2016-14 behind us and revenue recognition including specialty guidance for grants and contracts most solved, the FASB is not quite yet done with nonprofit guidance. In September, FASB issued ASU 2020-07 which addresses new gift in kind presentation and disclosure requirements. We’ll review some of the discussed that happened at the September Not For Profit Advisory meeting with FASB including lessons learned from the implementation of ASU 2016-14, leases and the future of international standard setting for nonprofit entities. We’ll also quickly look at some COVID impacts for nonprofits.
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