What is statement 13 of FASB?

Statement 13 of the Financial Accounting Standards Board (FASB), titled "Accounting for Leases," provides guidance on the accounting treatment for lease transactions. It establishes criteria for classifying leases as either operating leases or capital leases, impacting how lessees and lessors recognize lease-related assets and liabilities in their financial statements. The statement aims to improve the transparency and comparability of financial reporting related to leases.