Discuss developments in U.S. GAAP that are important for not-for-profits. Focus primarily on the FASB's new standard (ASU 2020-07) on reporting gifts-in-kind (contributed nonfinancial assets), effective for FY 2022. We'll also discuss implementation matters on grants and contracts, leases, credit losses, FASB projects-in-process and the efforts underway by the FASB to set its future agenda, including feedback on the Invitation to Comment issued in June 2021.