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.
Applicability
- 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
- KPMG’s Handbook: Leases
- KPMG’s Handbook: ICFR reference guide
Note **
If the interactive PDF does not work on your web browser, please download the print-ready version.