For companies that have not yet adopted the new standard, we highlight key accounting changes and organizational impacts for lessors applying ASC 842.
Lessors in the scope of ASC 842 (ASU 2016-02, ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20, ASU 2019-01, ASU 2019-10, ASU 2020-02, ASU 2020-05).
Effective date | Public entities and certain other entities* | Public NFPs** | All other entities |
---|---|---|---|
Annual periods – In fiscal years beginning after |
Dec 15, 2018 |
Dec 15, 2019 |
Dec 15, 2021 |
Interim periods – In fiscal years beginning after |
Dec 15, 2018 |
Dec 15, 2019 |
Dec 15, 2022 |
Early adoption allowed in fiscal years beginning after |
N/A |
Yes |
Yes |
* Includes (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 (‘Public NFPs’); and (3) employee benefit plans that file financial statements with the SEC. ** That had not issued GAAP-compliant financial statements reflecting the adoption of ASC 842 before June 3, 2020. |
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