PwC comments on NFP gifts-in-kind exposure draft

Start adding items to your reading lists:
or
Save this item to:
This item has been saved to your reading list.

Comment letter , PwC US Apr 09, 2020

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:

  1. qualitative information about whether the contributed nonfinancial assets were or are intended to be monetized or utilized,
  2. if utilized, a description of the programs in which those assets are intended to be used,
  3. a description of any donor restrictions associated with the contributed nonfinancial assets, and
  4. the valuation techniques and inputs used to arrive at a fair value measure.

 

Contact us

David Schmid

David Schmid

International Accounting Leader, National Professional Services Group, PwC US

Ashleigh Pierce

Ashleigh Pierce

Director, National Professional Services Group, PwC US

Follow us