C5 - Accounting for Non-financial Assets - Charlotte Henry, CPA

Churches and ministries rely on contributions to conduct their mission- related activities. A recent Accounting Standards Update requires additional transparency around contributed nonfinancial assets received—including on how those assets are used and valued. Examples of contributed non-financial assets include land, buildings, and equipment; the use of facilities; materials and supplies, food, clothing, or pharmaceuticals; and recognized contributed services. The presentation will review the specific required disclosures and provide examples relevant to Churches and ministries.