{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/842/10/#05-overview-and-background","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","topic":"842","topic_title":"Leases","subtopic":"842-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"842-10-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_E1004403-6E92-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The <a href=\"/glossary/l/#lease\" class=\"term\" title=\"A contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration.\"><span>Leases</span></a> Topic includes the following Subtopics:</span></span> <ol class=\"ol-norm\"> <li class=\"li-norm\"><span class=\"linum\">a</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_E10044F7-6E92-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Overall</span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">b</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_E10045BE-6E92-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <a href=\"/glossary/l/#lessee\" class=\"term\" title=\"An entity that enters into a contract to obtain the right to use an underlying asset for a period of time in exchange for consideration.\"><span>Lessee</span></a> </span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">c</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_E100468B-6E92-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <a href=\"/glossary/l/#lessor\" class=\"term\" title=\"An entity that enters into a contract to provide the right to use an underlying asset for a period of time in exchange for consideration.\"><span>Lessor</span></a> </span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">d</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_E100476D-6E92-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Sale and Leaseback Transactions</span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">e</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_E100482E-6E92-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> <a href=\"/glossary/l/#leveraged-lease\" class=\"term\" title=\"From the perspective of a lessor, a lease that was classified as a leveraged lease in accordance with the leases guidance in effect before the effective date and for which the commencement date is before the effective date.\"><span>Leveraged Lease</span></a> Arrangements</span></span> </div> </li> </ol> </div> </div>","snippet":"The Leases Topic includes the following Subtopics:\n(a) Overall\n(b) Lessee\n(c) Lessor\n(d) Sale and Leaseback Transactions\n(e) Leveraged Lease Arrangements","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b2da4aacb696b5378acfe2d490a76608a660d881d84ec9a2a5e0961ace98980c","downloaded_from":"2026-09-10T01:55:47.728Z","last_downloaded_at":"2026-09-10T01:55:47.728Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479186","source_sha256":"2e616324f41c0cebd84d745bc12ad05366f747a47c1c1963e28b9431c80906df"}},{"citation":"842-10-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_E10048E0-6E92-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The Subtopics listed in paragraph <a href=\"/asc/842/10/#842-10-05-1\" class=\"xref\">842-10-05-1</a> establish the requirements of financial accounting and reporting for lessees and lessors.</span></span> </div> </div>","snippet":"The Subtopics listed in paragraph 842-10-05-1 establish the requirements of financial accounting and reporting for lessees and lessors.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:640bf024db63ec3fd0b45d6399350799810c9a6ecc91127cac93d2d9e7b91c8e","downloaded_from":"2026-09-10T01:55:47.728Z","last_downloaded_at":"2026-09-10T01:55:47.728Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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