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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
Section A—Summary and Amendments to the Accounting Standards Codification
Section B—Conforming Amendments to Other Topics and Subtopics in the Codification and Status Tables
Section C—Background Information and Basis for Conclusions
Issued: February 25, 2016
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