ASC 840, Leases, provides the authoritative guidance for accounting and reporting by both lessees and lessors.
New guidance
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance includes a new leasing model with implications for all leases. ASU 2016-02 is effective for most public business entities for fiscal years beginning after December 15, 2018 (including interim periods). On October 16, 2019, the FASB voted to defer the effective date for all other entities to fiscal years beginning after December 15, 2020. Early adoption is permitted.
The requirements of ASC 842 are covered in PwC's Leases guide, and are not discussed in this guide. This chapter discusses lease-related presentation and disclosure requirements prior to adoption of ASC 842.

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