lease classification

Broad Transactions2

1. 840-10Overall840 Leases

   ASC 840-10 was the "Overall" subtopic of the legacy U.S. GAAP lease model, containing the scope, lease classification criteria (capital vs. operating), lease term and minimum lease payment definitions, and related implementation guidance for both lessees and lessors. Every substantive paragraph in this subtopic has been superseded by Accounting Standards Update No. 2016-02 (and one paragraph, 840-10-60-3, by ASU 2014-09), which replaced Topic 840 with Topic 842. As currently codified, 840-10 contains no operative guidance.

2. 840-978Real Estate—Time-Sharing Activities840 Leases

   ASC 840-978 was the intersection subtopic applying the old lease accounting model (Topic 840) to real estate time-sharing activities (Topic 978). Every paragraph in its Overview, Scope, and Recognition sections has been superseded by ASU 2016-02, the standard that replaced Topic 840 with Topic 842. As a result, the subtopic contains no remaining substantive guidance.