The FASB's lead staff member for NFP matters will discuss U.S. GAAP developments important for the sector. Focus on the FASB's new standard (ASU 2020-07) on reporting of gifts-in-kind (contributed nonfinancial assets), which is effective for FY 2022, and on implementation matters concerning grants and contracts (ASU 2018-08, especially regarding CARES Act and other COVID-19-related government assistance), revenue recognition (Topic 606), and leases (Topic 842).  Also, discuss additional recent ASUs and FASB projects-in-process and efforts underway by the FASB to set its future agenda, including an Invitation to comment expected to be issued in June 2021. Time will be available at the end for your questions.