Recent Generally Accepted Accounting Principles (GAAP) updates announced by the Not-for-Profit Advisory Committee of the Financial Accounting Standards Board (FASB) will have an impact on nonprofit organizations that accept gifts-in-kind and other non-cash contributions from donors. The Accounting Standards Update seeks to increase transparency by requiring nonprofits to disclose additional information regarding any contributed nonfinancial assets. The amendment goes into effect over the course of 2022 and 2023. Click here to learn more from The NonProfit Times.
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