<p>This course will be an overview of:</p> <ul> <li>ASU 2020-07, Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, provides new guidance for nonprofits on how they present and disclose their gifts in kind.</li> <li>The new standard does not change recognition or measurement. GIKs will still be presented at fair value.</li> <li>The new standard focuses on providing transparency on the use of the nonfinancial assets by nonprofits as well as how fair value was measured.</li> <li>ASU 2020-07 is effective for annual periods beginning after June 15, 2021. Early implementation is permitted.</li> </ul>