ASC 840-10
Overall
840 Leases
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ASC 840-10 was the "Overall" subtopic of the legacy U.S. GAAP lease model, containing the scope, lease classification criteria (capital vs. operating), lease term and minimum lease payment definitions, and related implementation guidance for both lessees and lessors. Every substantive paragraph in this subtopic has been superseded by Accounting Standards Update No. 2016-02 (and one paragraph, 840-10-60-3, by ASU 2014-09), which replaced Topic 840 with Topic 842. As currently codified, 840-10 contains no operative guidance.
Key points (5)
- All guidance in Sections 05 through 60 of 840-10 is marked 'Paragraph superseded by Accounting Standards Update No. 2016-02,' meaning Topic 840 no longer applies to entities that have adopted Topic 842.
- One cross-reference paragraph, 840-10-60-3, was superseded earlier by ASU 2014-09 (Topic 606, Revenue from Contracts with Customers).
- The transition paragraph 840-10-65-1, which implemented EITF Issue No. 08-3 on lessee accounting for maintenance deposits, was superseded on 07/01/2010 after the end of its transition period.
- Paragraphs 840-10-55-11 and 840-10-60-7 are designated 'not used' and never carried guidance.
- Because 840-10 is fully superseded, current lease recognition, measurement, presentation, and disclosure requirements must be located in Topic 842 (Leases); 840 remains only as historical/comparative-period reference.
For students. Know that Topic 840's capital/operating lease framework is dead letter under Topic 842 — the common mistake is citing 840-10 classification tests (the 75%/90% bright lines) as current GAAP; they survive only in modified form as 842-10 classification criteria and in comparative financial statements of entities using the transition relief.
Machine-generated study aid for ASC 840-10. Check the source paragraphs below.
840-10-00Status
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840-10-05Overview and Background
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Lessees
Lessors
840-10-10Objectives
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840-10-15Scope and Scope Exceptions
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Lessees
Lessors
840-10-20Glossary
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840-10-25Recognition
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Lessees
Lessors
840-10-30Initial Measurement
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Lessees
Lessors
840-10-35Subsequent Measurement
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Lessors
840-10-40Derecognition
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Lessees
Lessors
840-10-45Other Presentation Matters
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Lessors
840-10-50Disclosure
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Lessees
Lessors
840-10-55Implementation Guidance and Illustrations
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Lessees
Lessors
840-10-60Relationships
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Lessees
840-10-65Transition and Open Effective Date Information
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