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of <h1>Understanding AS 19: Accounting for Finance and Operating Leases, Exclusions, and Sale-Leaseback Transactions</h1> Accounting Standard (AS) 19 outlines the accounting policies and disclosures for finance and operating leases for both lessees and lessors. It excludes leases for natural resources, licensing agreements, and land use. A finance lease transfers most ownership risks and rewards to the lessee, while an operating lease does not. Lessees must recognize leased assets and liabilities on their balance sheets, depreciating them over the lease term. Lessors must record assets under finance leases as receivables. Sale and leaseback transactions are treated based on whether they result in finance or operating leases, with specific rules for recognizing profits or losses.
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