Grant Thornton LLP appreciates the opportunity to comment on proposed Accounting Standards Update (ASU), Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, which is designed to enhance not-for-profit entity (NFP) disclosures about nonfinancial assets received as contributions (that is, gifts-in-kind). In general, we believe the amendments would provide additional transparency in accounting for this type of contribution in the financial statements. However, we note that the proposed guidance does not address contributed collection items that NFPs may choose to recognize.
The letter also includes responses to specific questions posed by the FASB.
Read our full comment letter