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This publication provides an overview of how to determine the lease payments, initially and subsequently. We hope it will help you as you prepare to adopt the new standard. Kimber Bascom Ramon Jubels Sylvie Leger Brian O'Donovan KPMG's global IFRS leases leadership team KPMG International Standards Group 2 | Lease payments Complete a thorough impact assessment Compile a complete inventory of the Company's leases Perform contract reviews by asset classes and analyze areas where embedded lease arrangements may exist Review lease reporting and policies, disclosure gaps, and tax policies Understand practical expedients that are available both during and after transition See section 6.4 in KPMG Handbook Real estate leases. Under US GAAP, we believe the accounting for non-refundable VAT by a lessee depends on (1) which party (the lessee or the lessor) is the primary obligor for the tax and (2) whether the tax is incurred at or before lease commencement or over the lease term. of the lease liability at each reporting date. Unamortized initial direct costs Prepaid/ (accrued) lease payments Unamortized balance of lease incentives received Lease liability carrying amount Method 2 amortizes the right-of-use asset, and the periodic amortization is a balancing figure. Beginning balance Accumulated ROU asset amortization 1 Topics Leases. Publications Financial Reporting Developments. Link copied Overview. Our FRD publication on accounting for leases under ASC 842 has been updated to reflect recent standard-setting activity and to clarify and enhance our interpretive guidance. Refer to Appendix E of the publication for a summary of the updates. The new accounting standard for leases (IFRS 16 - "Leases)" becomes applicable for reporting periods beginning on or after 1 January 2019. The attached IFRS 16 In-depth publication includes detail discussions of the new lease accounting requirements for lessees' and lessors. While lessors are not much impacted by the new requirements, the IFRS 16 - Leases handbook - KPMG Global The new leases standard - IFRS 16 - will require companies to bring most leases on-balance sheet from 2019. At that time, the accounting treatment of leases by lessees will change fundamentally. For some, the new standard will have a significant impact on their financial KPIs and their systems and An executive overview of the lease accounting standard from a lessor's perspective. Key impacts: Lessor accounting is not fundamentally changed, but important differences from ASC 840 exist. Segment reporting under US GAAP ASC 280 KPMG Handbook 2021 ; KPMG US GAAP Publications Tags: ASC 606, ASC 840, ASC 842, leases, US GAAP. Post Acquisitions of assets are accounted for using the cost accumulation and allocation model, rather than the fair value model that applies to business combinations. In this Handbook, which supplements KPMG Handbook, Business combinations, KPMG provides additional information to help entities understand the accounting for asset acquisitions. KPMG Handbook: Derivatives and hedging. This comprehensive update from KPMG adds guidance on the scope of ASC 815, the definition of derivative, accounting for derivatives and presentation to existing guidance on qualifying criteria and models to apply hedge accounting. This in-depth guide has also been updated for amendments to ASU 2017-12 and (PDF 1.7 MB) and further in-depth