Summary of GIK exposure draft

Image courtesy of Adobe Stock.

FASB has provided an explanatory article and video for the exposure draft on gifts-in-kind disclosures.

The ED would require presenting GIK on a separate line of the statement of activity and additional disclosures in the notes. Most significant new disclosure would be the valuation techniques and inputs used for calculating value of the GIK.

The proposal would apply to all donated nonfinancial assets. The driving force behind the ED is donated pharmaceuticals. The draft also applies to items such as land, buildings, equipment, food, intangibles, cars, and contributed services.

Summary of the draft document:

Contributed Nonfinancial Assets (Gifts-in-Kind)


A two minute video – FASB Gifts-in-Kind Proposal:


Video link:

Video repeats the point that the ED does not address valuation.

Leave a Reply

Your email address will not be published. Required fields are marked *