# ASC 842-50-05: Leases — Leveraged Lease Arrangements — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 842-50-05: 05 Overview and Background

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##### [842-50-05-1](https://asc.understandingaccounting.org/asc/842/50/#842-50-05-1)

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This Subtopic addresses accounting for [leases](https://asc.understandingaccounting.org/glossary/l/#lease "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.") that meet the definition of a [leveraged lease](https://asc.understandingaccounting.org/glossary/l/#leveraged-lease "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.").