ASU No. 2016-02 Leases Issued by FASB
Accounting Standards Update No. 2016-02, Leases (Topic 842) was issued on February 25, 2016.
For a public entity, the amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, for a calendar year-end public entity, the changes take effect beginning January 1, 2019).
For this purpose, a public entity is any one of the following:
- A public business entity
- A not-for-profit entity that has issued, or is a conduit bond obligor for, securities that are traded, listed, or quoted on an exchange or an over-the-counter market
- An employee benefit plan that files or furnishes financial statements with the SEC.
For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020.
Early application of the amendments is permitted for all entities.
To see the new standard, click here.