In September 2020, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) to increase the transparency of the valuation of contributed nonfinancial assets by nonprofits, and the presentation of contributed nonfinancial assets in the financial statements of nonprofit organizations. Contributed nonfinancial assets include land, buildings, and equipment, materials and supplies, and intangible assets. The ASU also requires increased qualitative information about the valuation methods and inputs used, any donor-imposed restrictions, and. If utilized, more transparency relating to the use of contributed nonfinancial assets in the programs of the organization. The ASU is effective for annual reporting periods beginning after June 15, 2021. Early adoption is permitted.
Please join our nonprofit audit experts Ricardo Trujillo, CPA, and Omid Mohebbi, CPA, for a comprehensive webinar on this critical ASU affecting those nonprofits that receive contributed nonfinancial assets. The effective date for the ASU is fast approaching and nonprofits should be fully prepared for the changes and the additional records they will need to keep. Participants will gain invaluable information about the tools they need to successfully prepare for the ASU implementation.
GRF CPAs & Advisors is a CAE Approved Provider. This program meets the requirements for fulfilling the professional development requirements to earn or maintain the Certified Association Executive credential and may be applied for 1 (one) credit toward your CAE application or renewal professional development requirements. Every program that we offer which qualifies for CAE credit will clearly identify the number of CAE credits granted for full participation, and we will maintain records of your participation in accord with CAE policies. For more information about the CAE credential or Approved Provider program, please visit www.asaecenter.org/cae.