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Real estate lessor guide

Handbook | December 2023

Includes new and updated interpretations for ASC 842, with new material for ASU 2023-01 on common control arrangements.

Our in-depth guide features real estate focused Q&As based on our experience with companies implementing ASC 842 and discussions with industry and preparer groups, the FASB and SEC staffs. Now updated to include new and updated interpretations, with new material addressing ASU 2023-01 on common control arrangements.


Real estate lessors in scope of ASC 842 (ASU 2016-02ASU 2018-01ASU 2018-10ASU 2018-11ASU 2018-20ASU 2019-01ASU 2020-02ASU 2020-05ASU 2021-05ASU 2023-01).

Relevant dates

Effective date

Public business entities*

All other entities

Annual periods – Fiscal years beginning after                                           

December 15, 2018

December 15, 2021

Interim periods – In fiscal years beginning after

December 15, 2018

December 15, 2022

Early adoption allowed?



* This includes (1) ‘public’ not-for‑-profit entities (i.e. those 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), with the exception of those entities that have not yet issued financial statements under ASC ‑842 as described in the following paragraph, and (2) employee benefit plans that file or furnish financial statements with or to the SEC.

Public not-for-profit entities that have not issued (or made available for issuance) financial statements reflecting the adoption of ASC 842 as of June 3, 2020, must adopt ASC 842 for annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted.

Report contents:

  • Scope and definition of a lease
  • Separating components of a contract
  • Lessor accounting
  • Other considerations
  • Transition

Download the document:

Leases: Real estate lessors

Download PDF

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Angie Storm
Deputy Chief Accountant, Dept. of Professional Practice, KPMG US
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Robin Van Voorhies
Senior Director, Dept. of Professional Practice, KPMG US

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