New disclosures are required upon implementation of Accounting Standard Update (ASU) 2020-07, which was issued by the Financial Accounting Standards Board (FASB) to increase transparency of contributed nonfinancial assets through enhancements to presentation and disclosure.
Contributed nonfinancial assets are also known as, and may be labeled as, gifts in kind, donated goods and services, and in-kind contributions.
Donated securities are not considered contributed nonfinancial assets.
Cryptocurrencies are considered nonfinancial assets.
