In this handbook, KPMG explains the new leasing standard (ASC 842) in detail. We provide detailed Q&As, examples and observations, and comparisons to legacy US GAAP, updated for recent amendments to the standard and continuing developments in practice.
ASC Topic 842 (ASU 2016-02, ASU 2018-01, ASU 2018-10, ASU 2018-11)
Mandatory effective dates and early adoption provisions:
Annual periods –
Fiscal years beginning after
December 15, 2018
December 15, 2019
Interim periods –In fiscal years beginning after
Dec. 15, 2018
Dec. 15, 2019
Early adoption allowed?
* (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.