FASB Webcast and Webinar Series

IN FOCUS:  FASB’s New Standard on the Presentation and Disclosures by Not-For-Profit Organizations for Contributed Nonfinancial Assets (Gifts-in-Kind)

Date: Thursday, June 3, 2021

Time: 1:00–2:15 p.m. Eastern Daylight Time

The Financial Accounting Standards Board (FASB) is pleased to announce an educational webcast on Accounting Standards Update No. 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. The areas covered will include:
  1. The objective and scope of the guidance
  2. Overview of the presentation and disclosure requirements and illustrations
  3. Transition, effective date, and implementation resources
  4. Key considerations in fair value measurement of gifts-in-kind
  5. Participant question-and-answer session. 
Speakers: FASB Member Susan Cosper; FASB Assistant Director—Nonpublic Entities Jeff Mechanick; FASB Supervising Project Manager Elizabeth Gagnon; and ASB Postgraduate Technical Assistants Rachel Daniel and Steven Whitman.
Learning Objectives: At the end of this program, participants will be able to:
  1. Broadly understand the presentation and disclosure requirements for contributed nonfinancial assets (also known as “gifts-in-kind”) received by not-for-profit (NFP) organizations as well as how to apply the guidance in practice
  2. Understand the implementation resources, transition requirements, and effective date of the final guidance, and
  3. Understand some key considerations in applying Topic 820 (Fair Value Measurement) to gifts-in-kind.
Participants will have the opportunity to submit questions to the panelists during the event.
Field of Study: Accounting

Delivery Method:  Group-internet based (via video webcast)

Program Level: Overview

Program Prerequisites: None

Advanced Preparation Needed: None.

Recommended CPE: 1.5 hours; final CPE earned will be determined based on the length of participation in the program, polling questions as described in CPE Eligibility, and completion of a course survey. Credit is provided only to participants in the live broadcast of this course. Please note that credit is not provided for group viewing. Each participant must be registered separately and meet both polling and duration requirements as per NASBA.

Refund/Cancellation Policy: There is no cost for this course and there is no cancellation penalty. Participants will be notified by email as soon as possible if the course is cancelled for any reason.

Complaint Policy: To register complaints about course content or delivery method and to inquire about the timeliness and accuracy of CPE credit posting for this event, contact CPEDirector@fasb.org.

Official National Registry of CPE Sponsors' Statement

The Financial Accounting Foundation/FASB/GASB is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/cpas/complaints.

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