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of <h1>Understanding Leases: AS 19 Outlines Policies for Finance and Operating Leases, Excluding Natural Resources and Licensing Agreements.</h1> The Accounting Standard (AS) 19 on Leases prescribes accounting policies and disclosures for finance and operating leases. It applies to all leases except those concerning natural resources, certain licensing agreements, and land use. Leases are categorized based on the transfer of risks and rewards; finance leases transfer substantially all ownership risks and rewards, while operating leases do not. Lessees must recognize finance leases as assets and liabilities, while lessors record them as receivables. Sale and leaseback transactions are treated based on the lease type, with specific guidelines for recognizing profits or losses. Disclosure requirements vary for lessees and lessors.
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