PODCAST

KPMG Financial Reporting Podcast: Leases

Implications of COVID-19 on leases, including concessions being seen in practice and the FASB’s relief.

Brian Fields

Brian Fields

Partner, Dept. of Professional Practice, KPMG US

+1 212-872-3397

Halie Creps

Halie Creps

Partner, Audit, KPMG US

+1 212-954-3622

Scott Muir

Scott Muir

Partner, Dept. of Professional Practice, KPMG US

+1 212-909-5073

Landon Westerlund

Landon Westerlund

Partner, Dept. of Professional Practice, KPMG US

+1 212-909-5553

Podcast overview

In this 30-minute podcast, specialists from KPMG’s Department of Professional Practice discuss the implications of COVID-19 on lease arrangements, including concessions being seen in practice and the FASB’s relief.

Applicability

  • All companies that are lessees and/or lessors

Relevant dates

  • Effective immediately

Podcast contents

  • 01:20 – Overview of what’s happening to leases in the current economy, including changes in management plans and related processes and controls
  • 05:00 – Rent concessions being seen in practice, and the FASB’s relief
  • 09:20 – Navigating the approaches in the FASB’s relief for COVID-19 related rent concessions
  • 16:20 – Other issues affecting leases, including idle property, lease short-payments without lessor agreement, and the implications of ongoing uncertainty
  • 21:00 – Practical tips for CFOs and controllers, including scenario mapping and communication
  • 22:50 – Other considerations for quarterly reporting, including the importance of good disclosure