KPMG reports on ASC 842, which ends off-balance sheet lease treatment. The new leases standard may substantially increase reported assets and liabilities in accounting for leases across all industries.
Mandatory effective dates and early adoption provisions:
Effective date: |
Public business entities |
All other entities |
Annual periods – Fiscal years beginning after | Dec. 15, 2018 |
Dec. 15, 2019 |
Interim periods – In fiscal years beginning after |
Dec. 15, 2018 |
Dec. 15, 2020 |
Early adoption allowed? |
Immediately |
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