In September 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-07 – Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (“ASU 2020-07”). The FASB issued the update to increase the transparency of contributed nonfinancial assets through enhancements to presentation and disclosure. Prior to ASU 2020-07, Generally Accepted Accounting Principles did not contain specific presentation requirements for contributed nonfinancial assets or specific disclosures for contributed nonfinancial assets other than contributed services.
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