To comply with ASU 2020-07:
Consider adopting a policy if your organization monetizes or uses its received contributed nonfinancial assets
Track in-kind donations and decide on appropriate categories
Ensure a process exists to determine if there are donor restrictions on contributed nonfinancial assets
Start early and evaluate in-kind gifts now to allow time for questions or consultation as needed; retrospective application is necessary
Effective Dates
The ASU is effective for annual periods beginning after June 15, 2021, and interim periods within annual periods beginning after June 15, 2022.
Apply them retrospectively. You may early adopt.