Implementing ASU 2020-07: Presentation & disclosure examples

ASU 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets, is effective for fiscal years ending on June 30, 2022, and calendar years ending on December 31, 2022 . This is a major standard affecting the presentation and disclosure of gifts-in-kind (GIKs) and CPEA members have been contacting us with requests for illustrative examples and questions about its implementation. Presented in this report are excerpts from recently prepared financial statements, illustrating the adoption of ASU 2020-07. This report also provides answers to some common implementation questions.