Industries

Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more

Handbook: Leases

Handbooks | September 2024

Latest edition: Our in-depth guide to ASC 842 – with Q&As, interpretive guidance and examples.

In this handbook, we explain the leases standard in detail. We provide detailed Q&As, examples and observations.

Applicability

  • All companies with leases in the scope of ASC 842

Relevant dates

  • Effective immediately

Key impacts

Almost all entities are lessees; therefore, ASC 842 affects almost all organizations, public and private, across all industries. The assets they lease encompass a wide range, including real estate, equipment, fleet and automobiles, among many others. They, along with lessors, must navigate new transaction types and economic events as they arise.

Successfully applying ASC 842 can present challenges and complexities. It frequently requires careful judgment and estimation. It also requires an understanding of how changes in business practices and contractual arrangements, as well as economic events, affect an entity’s lease accounting. As a result of these changes, economic events and new transaction types, entities may need to apply aspects of the guidance they have not previously utilized or applied.

Organized in a Q&A format, this handbook is intended to help you focus effectively and efficiently on the accounting requirements of ASC 842 and answers those key questions that continue to arise in practice about their application. 

Report contents

  • Scope and definition of a lease
  • Identifying and separating components of a contract
  • Concepts and definitions applicable to lessees and lessors
  • Lessee accounting model
  • Lessor accounting model
  • Subleases
  • Sale-leaseback accounting
  • Income tax effects
  • Leases acquired in a business combination or asset acquisition
  • Disclosures, effective dates and transition

Download the document:

Explore more

Meet our team

Image of Scott Muir
Scott Muir
Partner, Dept. of Professional Practice, KPMG US
Image of Amy Luchkovich
Amy Luchkovich
Partner, Dept. of Professional Practice, KPMG US

Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline