On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). This edition of "A Closer Look" examines the accounting and financial reporting for leases as amended by ASU 2016-02.
Current U.S. GAAP requires lessees and lessors to classify leases as either capital leases or opereating leases.
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