Transcription of Leases (Topic 842) - FASB
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Leases (Topic 842) - FASB
Leases (Topic 842) No. 2018-11 July 2018 Targeted Improvements An Amendment of the FASB Accounting standards Codification The FASB Accounting standards Codification is the source of authoritative generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities. An Accounting standards Update is not authoritative; rather, it is a document that communicates how the Accounting standards Codification is being amended. It also provides other information to help a user of GAAP understand how and why GAAP is changing and when the changes will be effective.
applies the new leases standard (subject to specific transition requirements and optional practical expedients) at the beginning of the earliest period presented in the financial statements (which is January 1, 2017, for calendar-year-end public business entities that adopt the new leases standard on January 1, 2019). This
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