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Paragraph Action Accounting Standards Update Date
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Phase-In Plan Superseded Accounting Standards Update No. 2016-02 02/25/2016
980-840-05-1 Superseded Accounting Standards Update No. 2016-02 02/25/2016
980-840-15-1 Superseded Accounting Standards Update No. 2016-02 02/25/2016
980-840-25-1 through 25-3
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980-840-35-1 Superseded Accounting Standards Update No. 2016-02 02/25/2016
980-840-35-2 Superseded Accounting Standards Update No. 2016-02 02/25/2016
980-840-45-1 through 45-4
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980-840-55-1 Amended Maintenance Update 2016-11 (PDF) 06/27/2016
980-840-55-1 Superseded Accounting Standards Update No. 2016-02 02/25/2016
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Every paragraph in every section (05, 15, 25, 35, 45, 55) has been superseded by ASU 2016-02 (Leases (Topic 842)), so the subtopic contains no operative guidance. Lessees and lessors in regulated operations now apply ASC 842, together with the regulated-operations guidance in ASC 980 (including ASC 842-10 and 980-340/980-405 concepts on regulatory assets and liabilities).","key_points":["All paragraphs of 840-980 (840-980-05-1, 15-1, 25-1 through 25-3, 35-1 and 35-2, 45-1 through 45-4, and 55-1) are marked 'superseded by Accounting Standards Update No. 2016-02,' leaving no effective guidance in the subtopic.","ASU 2016-02 replaced Topic 840 with Topic 842, so lease transactions of rate-regulated entities are analyzed under ASC 842's right-of-use asset/lease liability model rather than the former capital/operating lease distinction.","Entities that have adopted ASC 842 should not cite 840-980; it is retained in the Codification only as a historical marker of superseded text.","Rate-regulated entities continue to consider whether the difference between GAAP lease cost and amounts allowed for rate-making purposes gives rise to a regulatory asset or regulatory liability under Topic 980.","Because Topic 840 remains relevant only for periods before adoption of ASU 2016-02, this subtopic can matter for comparative or legacy-period financial statements and transition analysis."],"categories":["Leases","Industry-specific","Transition and effective dates"],"audience_level":"intermediate","student_note":"Exam-wise, the only thing to know here is that this subtopic is fully superseded by ASU 2016-02 — the common mistake is citing 840-980 for a utility lease question instead of ASC 842 plus the regulatory asset/liability guidance in Topic 980.","related_topics":["842","842-10","980","980-340","980-405","840"],"key_concepts":["superseded guidance","regulated operations","rate-regulated utility","capital lease","right-of-use asset","regulatory asset","lease 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timestamps"}},{"number":"840-958","title":"Not-for-Profit Entities","topic_title":"Leases","score":0.8602,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:13ffb157d2fb43f00e98fd12c2f12bc4dc8431da7d7e9eee48430e7b5f46bd20","downloaded_from":"2026-09-10T01:54:34.340Z","last_downloaded_at":"2026-09-10T01:54:46.899Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"840-40","title":"Sale-Leaseback Transactions","topic_title":"Leases","score":0.8466,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8dc30f51a5429d7a4e9b8b09e23aaeffdaa067030eec9a8c54815c0b707ba4f9","downloaded_from":"2026-09-10T01:53:55.811Z","last_downloaded_at":"2026-09-10T01:54:30.575Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"840-30","title":"Capital Leases","topic_title":"Leases","score":0.8359,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5d006b651d334b6619cf31e29b083d86f6cf1e8109ff54778b334825efbe82f8","downloaded_from":"2026-09-10T01:53:10.688Z","last_downloaded_at":"2026-09-10T01:53:53.488Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not 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