Download KPMG's New Leases Handbook, where KPMG explains the new standard (ASC 842) in detail. Participants of the live webinar will be eligible for 1.5 free CPE credit. IFRS 16 and ASC 842). These focused Hot Topics are intended for practitioners with an interest in the detailed application of ASC 842. The new FASB and IFRS lease accounting standards (ASC 842 and IFRS 16) will take effect in 2019 for public companies and in 2021 for private companies. KPMG On Discount Rates . ASC 842) was issued by the Financial Accounting Standards Board (FASB) in 2016. Handbook: Leases - KPMG The topics noted here are already available, with more coming out over the coming months. KPMG Executive Education has developed and delivered over 1,000 internal and external programs on trending topics and emerging issues in the accounting and finance industry, taught by KPMG leaders, industry specialists, and highly regarded academics from prestigious universities. Agenda. For other entities, ASC 842 goes into effect for fiscal years beginning after December 15, 2021 (i.e., will be effective for calendar year-end companies on January 1, 2022.) ASC 842—Lease accounting. See our article, Leases: Top differences between IFRS 16 and ASC 842 published in IFRS Perspectives – August 2017. Wie unter IFRS 16 muss der Leasingnehmer zu Beginn der Nutzungsüberlassung nach ASC Topic 842 in seinem Abschluss ein Nutzungsrecht sowie eine Leasingverbindlichkeit erfassen. The new leases standard, IFRS 16, is now effective and its US GAAP equivalent, ASC 842, is effective for public business entities in 2019. Delivering insights to financial reporting professionals. The new guidance could have broad implications for entities’ finances and operations. FASB ASC 842 has redefined accounting for leases. Understand the impact of the new leases standard, ASC 842, read KPMG's overviews of the leases guidance. underlying assets with a value ≤ $5,000 when new, even if they are material in aggregate. Under ASC 842, however, only the amounts expected to be owed at the end of the lease term should be included as lease payments when determining the lease liability. The FASB has been assisting stakeholders with implementation questions and issues as organizations prepare to adopt the new leases standard. The standards bring many leases onto the balance sheet and could significantly impact a business’ financial statements. In September 2018, KPMG International conducted a survey ‘ 2018 Global Lease Accounting Survey ’ around the world to assess key challenges, companies are facing when preparing to implement and comply with the new leases standards (i.e. This guide was fully updated in … All US GAAP resources on lease accounting under ASC 842, including amendments and the latest proposals: Financial Reporting View. Latest edition: Our in-depth guide to ASC 842, with Q&As, interpretive guidance and examples. The IFRS IC’s conclusion is consistent with the explicit definition of ‘penalty’ in ASC 842. The overall approach on transition was one of the significant differences between IFRS 16 and ASC 842. Together, they form our handbook on accounting for leases … Receive timely updates on accounting and financial reporting topics from KPMG. Updated: FASB proposes targeted amendments to ASC 842 and adds narrow-scope projects to its technical agenda. 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