|Abstract||This paper discusses the current United States not-for-profit entity financial reporting and disclosure practices for accounting for artwork. U.S. financial reporting standards known as Generally Accepted Accounting Principles (GAAP) are set by the U.S. Financial Accounting Standards Board (FASB). On the FASB website, it states that the FASB "establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP)". Since the establishment of the FASB in 1973, many additions and amendments to the reporting standards have been made to U.S. GAAP. The last time a FASB exposure draft was released for the public to comment on about not-for-profit accounting for contributions and collections of art was in 1992. At the time, many of the comment letters argued against recognition and greater disclosure of artwork collections on financial statements due to the complexity of proof of existence and valuation. Twenty-six years later, with enhanced technology and more dependence on private donors, opinions on reporting and disclosure of artwork may have changed because of the benefit that artwork provides to the public. This paper discusses the previous research on the topic of not-for-profit accounting for artwork, current practices in the U.S. and internationally, perspectives of varying users of not-for-profit financial statements, and methods for valuation of artwork. Ultimately, this paper aims to reopen conversations regarding not-for-profit entities, reporting and disclosure of artwork on financial statements.