KPMG Executive View | June 2018
Lease process and controls: Lessees
Download print-ready version
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
Related content
- 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.
Receive timely updates on accounting and financial reporting topics from KPMG.
Receive timely updates on accounting and financial reporting topics from KPMG.
Sign up now