Latest edition: In this handbook, KPMG explains the new leases standard (ASC 842) in detail. We provide detailed Q&As, examples and observations, as well as comparisons to legacy US GAAP.
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, ASU 2021-05, ASU 2021-09)
Effective date | Public business entities and certain other entities* | Public NFPs** | All other entities |
---|---|---|---|
Annual periods – Fiscal years beginning after |
December 15, 2018 |
December 15, 2019 |
December 15, 2021 |
Interim periods – In fiscal years beginning after |
December 15, 2018 |
December 15, 2019 |
December 15, 2022 |
Early adoption allowed in fiscal years beginning after |
N/A |
Yes
|
Yes |
* (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; 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. |
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.