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Leases (Topic 842)
No. 2021-05
July 2021
Lessors—Certain Leases with Variable Lease Payments
An Amendment of the FASB Accounting Standards Codification®
The FASB Accounting Standards Codification® is the source of authoritative
generally accepted accounting principles (GAAP) recognized by the FASB to be
applied by nongovernmental entities. An Accounting Standards Update is not
authoritative; rather, it is a document that communicates how the Accounting
Standards Codification is being amended. It also provides other information to help
a user of GAAP understand how and why GAAP is changing and when the
changes will be effective.
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An Amendment of the FASB Accounting Standards Codification®
No. 2021-05
July 2021
Leases (Topic 842)
Lessors—Certain Leases with Variable Lease Payments
Accounting Standards Update
Financial Accounting Standards Board
Accounting Standards Update 2021-05
Leases (Topic 842)
Lessors—Certain Leases with Variable Lease Payments
July 2021
CONTENTS
Page
Numbers
Summary …………………………………………………………………………………………….. 1–3
Amendments to the FASB Accounting Standards Codification® ………………… 5–16
Background Information and Basis for Conclusions ……………………………….. 17–25
Amendments to the GAAP Taxonomy ……………………………………………………….. 26
1
Summary
Why Is the FASB Issuing This Accounting Standards
Update (Update)?
On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-
02, Leases (Topic 842), to increa
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