The economic and financial markets effects of the COVID-19 outbreak may have a number of impacts on companies’ lease accounting under ASC 842. This article follows our recent Hot Topics on accounting for rent concessions resulting from the COVID-19 outbreak.
Effective date: | Public entities | All other entities |
---|---|---|
Annual periods – Fiscal years beginning after |
December 15, 2018 |
December 15, 2020 |
Interim periods – In fiscal years beginning after |
December 15, 2018 |
December 15, 2021 |
Early adoption allowed |
N/A |
Immediately |
The economic and financial markets effects of the COVID-19 outbreak may have one or more of the following impacts on a company’s lease accounting:
Receive timely updates on accounting and financial reporting topics from KPMG.
Receive timely updates on accounting and financial reporting topics from KPMG.
Use our Accounting Research Online for financial reporting resources.
Use our Accounting Research Online for financial reporting resources.