---
title: Accounting and Financial Reporting of Leases
description: On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its new lease accounting guidance in Accounting Standards Update.
---

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Accounting and Finacial Reporting of Leases

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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.

To access the whitepaper, simply fill out the form. 

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