Status of Statement No. 98

Accounting for Leases

• Sale-Leaseback Transactions Involving Real Estate
• Sales-Type Leases of Real Estate
• Definition of the Lease Term
• Initial Direct Costs of Direct Financing Leases

an amendment of FASB Statements No. 13, 66, and 91 and a rescission of FASB Statement No. 26 and Technical Bulletin No. 79-11

Status

Issued: May 1988

Effective Date:

For transactions entered into after June 30, 1988

Affects:

Amends FAS 13, paragraphs 5, 6(b)(i), 7(a), 8, 17(a), 19, 25, and 26(b)(ii)(b)

Replaces FAS 13, paragraphs 5(f), 6(b)(iv), 8(a), 18(a), 18(b), 26(a)(ii), and 26(b)(i)(b)

Supersedes FAS 26

Amends FAS 29, paragraph 13

Replaces FAS 66, paragraph 40

Deletes FAS 91, paragraphs 25(a) through 25(c)

Supersedes FTB 79-11

Affected by:

No other pronouncements

AICPA Accounting Standards Executive Committee (AcSEC)

Related Pronouncement: SOP 01-6

Issues Discussed by FASB Emerging Issues Task Force (EITF)

Affects:

Resolves EITF Topic No. D-9

Interpreted by:

Paragraph 10 interpreted by EITF Issues No. 90-14 and 90-20 and Topic No. D-24

Paragraph 11 interpreted by EITF Issues No. 90-14, 90-20, and 97-1 and Topic No. D-24

Paragraphs 12 and 13 interpreted by EITF Issues No. 90-14 and 90-20 and Topic No. D-24

Related Issues:

EITF Issues No. 87-7, 88-21, 89-16, 96-21, 97-10, 99-13, 00-11, 00-13, and 01-4

Abbreviations for Accounting Pronouncements

FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides