PwC comments on NFP gifts-in-kind exposure draft
PwC commented on the FASB proposal to change the presentation and disclosure requirements for nonfinancial assets contributed to a not-for-profit entity.
Overview
PwC has responded to a FASB exposure draft on the accounting for gifts in kind. The FASB’s proposal would require the presentation of contributed nonfinancial assets as a separate line item in the statement of activities. For each category of contributed nonfinancial assets, the FASB proposed a requirement to disclose:
- qualitative information about whether the contributed nonfinancial assets were or are intended to be monetized or utilized,
- if utilized, a description of the programs in which those assets are intended to be used,
- a description of any donor restrictions associated with the contributed nonfinancial assets, and
- the valuation techniques and inputs used to arrive at a fair value measure.
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