The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. You will complete research during this collaboration to find the specific citation that describes one of the following:

Definition of initial direct costs

When a modification to a contract is reported as a seperate contract (that is, separate from the original contract)

The disclosures required in the notes to the financial statements for a lessor

The classification criteria for when a lessee classifies a lease as a finance lease and a lessor classifies a lease as a sales-type lease

Within your initial post, you will provide the Requirement, Topic, Subtopic, Section, and Paragraph numbers. Additionally, upon reading the information, you will discuss how this impacts financial statement reporting.

REQUIREMENTS:

Your initial post should answer the questions above with a minimum of 150 words

Please document any sources you utilized from outside the textbook