KPMG Executive View | June 2018

Lease process and controls: Lessees

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KPMG’s interactive publication helps you understand and assess internal control over financial reporting for leases accounted for under ASC 842. This publication includes example risks and controls based on a hypothetical lease accounting process for a lessee.


ASU 2018-07

  • All companies applying ASC 842

Relevant dates

Mandatory effective dates and early adoption provisions

Effective date:

Annual periods – Fiscal years beginning after

Interim periods – In fiscal years beginning after

Public business*

Dec. 15, 2018

Dec. 15, 2018

All other entities

Dec. 15, 2019

Dec. 15, 2020

Early adoption allowed? Immediately

* (1) Public business and certain other 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.

Key impacts

  • Example risks and controls based on a hypothetical lease accounting process for a lessee
  • Most useful in combination with KPMG’s ICFR Reference Guide, which incorporates elements of the COSO 2013 Framework

Report Contents

Note **

If the interactive PDF does not work on your web browser, please download the print-ready version.



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