Insights

Fresh thinking and actionable insights that address critical issues your organization faces.

Learn more

Resources

Services

KPMG's multi-disciplinary approach and deep, practical industry knowledge help clients meet challenges and respond to opportunities.

Services to meet your business goals

Technology Alliances

KPMG has market-leading alliances with many of the world's leading software and services vendors.

View all Alliances

Industries

Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more
Relevant Results
Sorry, there are no results matching your search.
Autocomplete suggestions are available. Use up and down arrows to review and enter to select.
See more results

FASB finalizes scope and effective date of the credit losses standard

Defining Issues | November 2018

In ASU 2018-19, the FASB clarifies the scope of the standard and the effective date for non-public business entities.

The FASB has issued ASU 2018-19 related to credit losses. The amendment addresses the effective date for nonpublic business entities and whether operating lease receivables are in scope.

Applicability

  • Companies with operating lease receivables accounted for under Topic 842
  • Non-public business entities

Key Impacts:

  • Operating lease receivables are not in the scope of the credit losses standard
  • Effective date for non-public business entities is annual and interim periods for fiscal years beginning after December 15, 2021

Relevant dates

Mandatory effective dates and early adoption provisions:

Effective date:

Public business entities that are SEC filers

Public business entities that are not SEC filers

All other entities

Annual periods – Fiscal years beginning after

December 15, 2019

December 15, 2020

December 15, 2020

Interim periods – In fiscal years beginning after

December 15, 2019


December 15, 2020
December 15, 2021

Explore more

Resource
Webcast Replay Webcast Upcoming Listen Now

Handbook: Credit impairment

Latest edition: Our updated guide to CECL, with Q&As, interpretive guidance and examples.

Read more

Financial reporting impacts of COVID-19

Guidance, updates and news covering financial reporting impacts of COVID-19

Read more

Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

Access ARO

KPMG. Make the Difference.


Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

© 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Search now!

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Submit

Office locations

View locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Learn more

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Contact

Headline