The amendments in this Update create Topic 842, Leases, and supersede the leases requirements
in Topic 840, Leases. Topic 842
specifies the accounting for leases. The objective of Topic 842 is
to establish the principles that lessees and lessors shall apply to
report useful information to users of financial statements about the
amount, timing, and uncertainty of cash flows arising from a lease.
This Accounting Standards Update is the final
version of Proposed Accounting Standards Update (Revised) 2013-270—Leases
(Topic 842), which has been deleted.
Accounting Standards Update 2016-02
—Summary and Amendments to the Accounting
—Conforming Amendments to Other Topics
and Subtopics in the Codification and Status Tables
—Background Information and Basis for
Issued: February 25, 2016