Filed Under: Leases, Presentation
KPMG illustrates SAB 74 example transition disclosures for adopting ASC 842. SEC Staff Accounting Bulletin 74 requires SEC registrants to evaluate new ASUs that they have not yet adopted to determine what financial statement disclosures to make about the potential material effects of adopting those ASUs.
ASU 2016-02 and SEC Staff Accounting Bulletin 74
Mandatory effective dates and early adoption provisions:
Effective date:
Annual periods – Fiscal years beginning after
Interim periods – In fiscal years beginning after
Public business and certain other entities*
December 15, 2018
December 15, 2018
All other entities
December 15, 2019
December 15, 2020
Early adoption allowed?
Yes, immediately
* (1) public business entities; (2) not-for-profits that have issued, or are conduit bond obligors for, securities that are traded, listed or quoted on an exchange or an over-the-counter market; and (3) employee benefit plans that file financial statements with the SEC.
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