Accounting for leases in the United States regulated by the Financial Accounting Standards Board (FASB) by the Financial Accounting Standards Number 13. These standards were effective as of January 1, 1977. These standards are currently under discussion for changes in FASB Topic 840, and finalization of new standards is not expected before late 2012.
Read more about Accounting For Leases In The United States: Introduction, Accounting For Leases By The Lessee, Lessee Accounting, Lessor Accounting, Calculation, Lease Accounting Rule Changes
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—Michel de Montaigne (1533–1592)
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