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.
Applicability
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