Leases under US GAAP KPMG 2021 Handbook

KPMG’s in-depth guide to ASC 842, with Q&As, interpretive guidance and examples. In this handbook, KPMG explains the new leases standard (ASC 842) in detail. We provide detailed Q&As, examples and observations, as well as comparisons to legacy US GAAP, updated for continuing developments in practice.


All companies with leases in the scope of ASC 842

Key impacts

  • Updated for recent FASB activities, practice developments and evolving interpretations
  • Q&As that answer the questions being encountered in practice
  • Examples and observations to illustrate and explain key concepts
  • Changes from legacy US GAAP

Report contents

  • Scope and definition of a lease
  • Identifying and separating components of a contract
  • Concepts and definitions applicable to lessees and lessors
  • Lessee accounting model
  • Lessor accounting model
  • Subleases
  • Sale-leaseback accounting
  • Income tax effects
  • Leases acquired in a business combination or asset acquisition
  • Disclosures, effective dates and transition

Download from KPMG Financial Reporting View

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