{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/842/974/#00-status","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":"842-974","subtopic_title":"Real Estate—Real Estate Investment Trusts","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"842-974-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" id=\"SL77937447-209985\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><strong class=\"ph b\">Accounting Standards Update</strong></td><td class=\"entry\"><strong class=\"ph b\">Date</strong></td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/glossary/c/#contract\" class=\"term\" title=\"An agreement between two or more parties that creates enforceable rights and obligations.\"><span>Contract</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/i/#initial-direct-costs\" class=\"term\" title=\"Incremental costs of a lease that would not have been incurred if the lease had not been obtained.\"><span>Initial Direct Costs</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><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>Lease</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/r/#real-estate-investment-trust\" class=\"term\" title=\"Real estate investment trusts generally are formed as trusts, associations, or corporations. They employ equity capital, coupled with substantial amounts of debt financing, in making real estate loans and investments. Real estate investment trusts must distribute substantially all of their taxable income to their shareholders annually in order to retain their favorable tax status (that is, dividends paid are treated as deductions in arriving at taxable income).\"><span>Real Estate Investment Trust</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/s/#service-corporation\" class=\"term\" title=\"A real estate investment trust may establish a service corporation to perform services for the real estate investment trust or for third parties. Service corporations may provide property management and leasing services, as well as services to acquire, develop, construct, finance, or sell real estate projects.\"><span>Service Corporation</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/asc/842/974/#842-974-05-1\" class=\"xref\">974-842-05-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/842/974/#842-974-15-1\" class=\"xref\">974-842-15-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/842/974/#842-974-25-1\" class=\"xref\">974-842-25-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nContract | Added | Accounting Standards Update No. 2016-02 | 02/25/2016 |\nInitial Direct…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ceed2e6e9588a0f7c1e0317a482e68098437bf06a963c085c5286536be2f5ce1","downloaded_from":"2026-09-10T01:58:41.636Z","last_downloaded_at":"2026-09-10T01:58:41.636Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478276","source_sha256":"bd4629a18850ea80549eadf845363a5466fc2fb7ed92ac50e3c80c652f6c2911"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:170cef3bdd69d877b02fb3ebabede4f4ce9f0380d5e6cdf233d8552d0273df2e","downloaded_from":"2026-09-10T01:58:41.636Z","last_downloaded_at":"2026-09-10T01:58:41.636Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478276","source_sha256":"bd4629a18850ea80549eadf845363a5466fc2fb7ed92ac50e3c80c652f6c2911"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:06743285200cfa1b8af5f401e77550a0e72713954d29943ae02f21600300ef19","downloaded_from":"2026-09-10T01:58:41.636Z","last_downloaded_at":"2026-09-10T01:58:41.636Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478276","source_sha256":"bd4629a18850ea80549eadf845363a5466fc2fb7ed92ac50e3c80c652f6c2911"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:06743285200cfa1b8af5f401e77550a0e72713954d29943ae02f21600300ef19","downloaded_from":"2026-09-10T01:58:41.636Z","last_downloaded_at":"2026-09-10T01:58:41.636Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478276","source_sha256":"bd4629a18850ea80549eadf845363a5466fc2fb7ed92ac50e3c80c652f6c2911"}}