# ASC 840-974: Leases — Real Estate—Real Estate Investment Trusts Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/840/974/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T01:54:50.132Z to 2026-09-10T01:55:00.701Z Record version: sha256:ceb475bc5bc9658cc3cb2128ff342d6b6dfca705d9f1b80df712779515be2e24 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-974: Leases — Real Estate—Real Estate Investment Trusts ### Machine-generated study aids ```json { "summary": "This subtopic previously provided lease guidance specific to real estate investment trusts (REITs) within the legacy leases topic (ASC 840). All of its content — the overview (05-1), scope (15-1), and recognition (25-1) paragraphs — was superseded by ASU 2016-02, which replaced ASC 840 with ASC 842. There is accordingly no substantive guidance remaining here.", "key_points": [ "Every paragraph in this subtopic (840-974-05-1, 840-974-15-1, and 840-974-25-1) is marked 'Paragraph superseded by Accounting Standards Update No. 2016-02.'", "ASU 2016-02 (Leases) superseded ASC 840 in its entirety, including this REIT-specific lease guidance, and replaced it with ASC 842.", "Because no operative text remains, a REIT accounts for leases under ASC 842, with real-estate-specific considerations addressed in ASC 970 and 974 as applicable.", "The subtopic is retained in the Codification only as a historical shell; it may still be relevant when analyzing pre-adoption financial statements or transition disclosures." ], "categories": [ "Leases", "Industry-specific", "Transition and effective dates" ], "audience_level": "intermediate", "student_note": "Don't hunt for a special REIT lease rule here — the whole subtopic is superseded, and current REIT lease questions are answered by ASC 842. The common misunderstanding is assuming a superseded subtopic still carries industry-specific exceptions; it does not, though it can matter for comparative pre-adoption periods.", "related_topics": [ "842", "840", "974", "970", "842-10" ], "key_concepts": [ "superseded guidance", "real estate investment trust", "legacy lease accounting", "leases transition", "codification shell subtopic" ] } ``` Source downloaded (UTC): 2026-09-10T01:54:50.132Z to 2026-09-10T01:54:50.132Z Record version: sha256:5a5126905f0fe1a53f6c90837b071684ed37be31ee8d88b61fdf21bffab7deaa Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-974-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/840/974/#00-status) SEC content: no ##### [840-974-00-1](https://asc.understandingaccounting.org/asc/840/974/#840-974-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:54:50.132Z to 2026-09-10T01:54:50.132Z Record version: sha256:c94891f63ec06a6c4c94e44d049973f8a8d9744895791cadc2b08c6e2aa2773c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.

Paragraph	Action	Accounting Standards Update	Date

Real Estate Investment Trust	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
Service Corporation	Superseded	Accounting Standards Update No. 2016-02	02/25/2016

974-840-05-1	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
974-840-15-1	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
974-840-25-1	Superseded	Accounting Standards Update No. 2016-02	02/25/2016

Source downloaded (UTC): 2026-09-10T01:54:52.716Z to 2026-09-10T01:54:52.716Z Record version: sha256:dd72477f8b947e784370f06da8e7372d8376dc1e1093c7f9b651fbd72bf4fcdc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-974-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/840/974/#05-overview-and-background) SEC content: no ##### [840-974-05-1](https://asc.understandingaccounting.org/asc/840/974/#840-974-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:54:52.716Z to 2026-09-10T01:54:52.716Z Record version: sha256:a3ad65625d85a9e0e0b44ebb5938f61123481976de91a519a5c0317ecc557f73 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-02](https://asc.understandingaccounting.org/updates/asu-2016-02/) Source downloaded (UTC): 2026-09-10T01:54:55.948Z to 2026-09-10T01:54:55.948Z Record version: sha256:ef22e29ade7cd06f1c432873f175e630e76f87ccd2dc09f8f84f3a30a16fc700 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-974-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/840/974/#15-scope-and-scope-exceptions) SEC content: no ##### [840-974-15-1](https://asc.understandingaccounting.org/asc/840/974/#840-974-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:54:55.948Z to 2026-09-10T01:54:55.948Z Record version: sha256:e697f660ef00f13f7c5b999662df6251eb627e8286f1613f8ec0efc500e8de49 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-02](https://asc.understandingaccounting.org/updates/asu-2016-02/) Source downloaded (UTC): 2026-09-10T01:55:00.701Z to 2026-09-10T01:55:00.701Z Record version: sha256:d927d05b11ce4a21b30f5e5d7156e6da872b1396313ff119499634c395d52158 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-974-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/840/974/#25-recognition) SEC content: no ##### [840-974-25-1](https://asc.understandingaccounting.org/asc/840/974/#840-974-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:55:00.701Z to 2026-09-10T01:55:00.701Z Record version: sha256:1d91b0c8249f50045c803343eef4a14cf844a096fde5c33a477165d02695b253 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-02](https://asc.understandingaccounting.org/updates/asu-2016-02/)