FASB has issued a proposed ASU titled Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets. Gifts in kind have received a lot of attention for pharmaceutical donations but the proposal addresses all contributions on nonfinancial assets. The proposal includes unique presentation for these contributions as well as additional disclosures. Comments are due by April 10th.
Office of Management and Budget has issued the new Data Collection Form for use in years 2019 through 2021. There are a quite a few changes auditors (and auditees) should be aware of including customizable SEFAs, an auditee EIN edit check, as well as more text...
In March 2019, the FASB issued an ASU changing the definition of a collection to allow proceeds of a sale of a collection item to be used for the “direct care” of existing collection items. However, ASU 2019-03, did not address the definition of direct care leaving it...
