Leases - understanding the impact of the new ... - KPMG | US
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Sharlene Wilson
Partner, Accounting Advisory Services
? 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
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? Highlights of new standard ? Impact on financial results ? Lease definition ? Sale and leaseback transactions ? Transition rules ? How do we get started? ? Questions
? 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Highlights of new standard
IFRS 16 and US GAAP Topic 842 largely converged FFoorr LLeesssseeeess::
All major leases recognized on balance sheet
New criteria for identifying a lease
Sale leaseback accounting has changed
Single model (IFRS) Dual model (US) "Right-of-use" asset, lease liability Practical expedients
Complex area Differences may arise
Significant implications to financial results, processes
? 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Highlights of new standard
For Lessors:
Lessor accounting remains similar to current practice
But lacks consistency with new lessee accounting model
Lease classification test
Finance leases and operating leases
Consistent accounting model for lessors and lessees
? 2016 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
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