The lease term is the noncancelable period for which a lessee has the right to use an underlying asset, modified by any renewal or termination options that are “reasonably certain” to be exercised, or not exercised. Options whose exercise is under the control of the lessor are automatically included. The FASB Accounting Standards Codification® represents the single source of authoritative U.S. generally accepted accounting principles. 

Required: 

1. Access the FASB’s Codification Research System at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that describes the guidelines for determining when the lessee should reassess the term of the lease. 

2. List the disclosure requirements.